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
|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|