Annal Nayyar Blogs key findings from our review of 2011-12 accounts,One of the main reasons for the qualification of academy financial statements was non-compliance with the disclosure requirements for staff trustees’ remuneration. Disclosure of trustee remuneration is a requirement of the Charity Commission and the EFA cannot waive it.

Key findings from our review of 2011-12 accounts

Only 2% of academy trusts received qualified financial statements and/or matters raised in their regularity assurance reports.

One of the main reasons for the qualification of academy financial statements was non-compliance with the disclosure requirements for staff trustees’ remuneration. Disclosure of trustee remuneration is a requirement of the Charity Commission and the EFA cannot waive it.

Auditor reports on regularity assess whether there is any indication that academy trusts have not applied funds for the purposes intended. This year, the main matters raised in regularity reports highlighted transactions requiring Secretary of State approval that had not been notified to the EFA, for example, ex-gratia and severance payments.

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