Annal Nayyar – reports there is a new FMGS The DFE have published an updated financial management and governance self-assessment (FMGS) for academies that are not preparing audited accounts at 31 August 2013.

Annal Nayyar – reports there is a new FMGS –

The DFE  have published an updated financial management and governance self-assessment (FMGS) for academies that are not preparing audited accounts at 31 August 2013.

The FMGS provides a simple way to gain assurance over the use of public funds until audited annual accounts are available.

Your self-assessment must be endorsed by your board of trustees, or an appropriate delegated committee, and sent to the email address on this page within 4 months of opening as an academy.

If you require assistance in completing this document please contact me.

Also:

The ‘Financial management and governance self-assessment’ (FMGS) is for new academies that are not preparing audited annual accounts at 31 August 2013. It is a short self-assessment based on the ‘Academies financial handbook’ and highlights the main requirements you must have in place soon after opening. It provides a simple way for you and the Education Funding Agency (EFA) to gain assurance that your financial management and governance arrangements meet these requirements.

Your self-assessment must be endorsed by your board of trustees, or an appropriate delegated committee, and emailed to us within 4 months of the date on which your academy opened. You only need to submit Annex A of the FMGS document, which is the self-assessment questionnaire.

Also:

Instead of the FMGS, you may contact the Dfe  to agree an alternative method of providing assurance. This may be relevant for example if:

• you are joining an existing multi-academy trust which is preparing audited accounts at 31 August 2013. In this case, your accounting officer may write to the dfe to confirm that your academy will adopt the financial management and governance arrangements that applied in the trust during the financial year ending 31 August 2013

• you appoint your auditor to assess compliance with mandatory financial management and governance requirements and the report is provided to EFA

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