Annal Nayyar blogs How can you identify if you have a potentially toxic financial environment?

With 3,689 Academies now open in England (as of 1st March 2014) and a number of high profile weaknesses in financial regularity and propriety highlighted there is increasing focus on the Financial Governance structures and skill sets in place for Academy Governors and Accounting Officers to discharge their financial responsibilities.

Could it happen in your school…?…or worse, is it happening in your school……?

The following occurrences of poor financial stewardship have been identified at Academies; Accounting Officer failing in responsibility for prudent & economical administration, Inappropriate and personal use of school resources in school time and failure to reimburse the school budget, use of extravagant venues and refreshments to host senior leadership meetings, failure to declare business interests, favouritism towards family members for employment, undeclared gifts and hospitality from school suppliers, inaccurate financial management and governance self assessment, failure to reconcile bank statements, failure to reclaim VAT incurred, lack of supporting invoices for payments, failure to undertake competitive tendering, inappropriate use of petty cash, lack of effective internal control.

How can you identify if you have a potentially toxic financial environment?

FiS-EdSolutions Ltd have been working and supporting schools and academies in all aspects of financial management. Qualified Accountants with 25 years experience of schools finance they can help you by undertaking a financial health check of your financial governance and work with you to put things right. With a track record of success in improving schools financial management can you afford not to speak to them?

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