3. Annual Audit

Academy trusts must prepare statutory accounts on an annual basis and have them audited each year by an external auditor in accordance with the Companies Act 2006.

It is important to note that this process needs to be carefully managed because of the limited timescale for completion, so a suggested timetable for the preparation of accounts and the audit process is outlined below. However, we do understand that each academy is different and we are flexible to work around the dates which suit you.

In addition, the auditor must comment on the accounting officer’s ‘statement on regularity, propriety and compliance’. This statement confirms that the Academies Financial Handbook has been adhered to and the internal controls are adequate and effective.


Suggested Audit Timetable

Process Responsibility Expected Date
Interim audit visit Academy / Auditors Spring term
Pre year-end meeting Academy / Auditors July
Final Trial Balance supportive schedules and trustees report to auditors Academy 30 September
Audit planning Auditors Early October
Auditors testing on site Academy / Auditors Mid-October
Draft accounts to Audit Committee / Chief Finance Officer Auditors Early November
Meeting between Audit Committee / Chief Finance Officer and Auditors to review audit points Academy / Auditors / Trustees Mid-November
Final accounts to Trustees for consideration Academy / Auditors / Trustees Early December

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