Annal Nayyar blogs that Academies need to ensure they meet the EFA academies external assurance

Annal Nayyar blogs that Academies need to ensure they meet the EFA academies external assurance

Academies are charitable companies and also classified by the Office for National Statistics as central government public sector bodies. Academies are therefore subject to public standards of accountability.

 

They are required to appoint an accounting officer (generally the principal) who will have personal responsibility to Parliament for regularity (spending money for the purposes intended by Parliament), propriety (handling money honestly and avoiding conflicts of interest) and value for money.

Also  new academies should be sensitive to the date that the academy opens as  they need to comply as:

• Each new academy is required to submit a budget forecast return six weeks after receiving their final funding letter.

• A financial management and governance self-assessment (FMGS) is due from all new academies within four months of opening.

Do you require assistance?

Annal Nayyar and Fis-Edsolutions can assist in the production of the EFA returns. We have in the past produced these in support of the managed contracts we have with our existing client base.

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