1) Compliance with EFSA Academies Financial Handbook
We understand that no recent review has been done to check compliance with the Handbook. As compliance is a condition of your EFSA funding agreement, we would like to assist you to ensure that you are meeting the requirements of the list of “musts” found in the Handbook.
2) Audit committee role in identification of risks and internal audit
The Handbook also requires the audit committee to review internal financial control risks and agree a programme of internal audit work to address those risks.
We understand that no recent internal audit work has been carried out and strongly recommend that a programme of work must be agreed and implemented as soon as possible. Using our experience of other academies, we would be pleased to advise the audit committee in fulfilling the EFSA requirements.
3) Management reporting/budgeting by key activities
We would be keen to discuss internal reporting with you, and, based on our experience of other academies, advise on any enhancements in reporting that might assist governors in the current financial climate