School Fund Independent Review Service
One of the questions within the Schools Financial Value Standard (SFVS) assessment asks whether the school has adequate arrangements for the audit of voluntary funds.
Voluntary funds are any funds from non-public sources which exist for the purposes of the school and are established under the authority of the school governors. They are also known as ‘unofficial or school private funds’.
These funds operate alongside public funds and there is a need for audit on both sides to guard against any misuse of public funds. Schools are required to produce accounting statements each year in respect of their voluntary/unofficial funds and to provide an audit report or independent examination certificate in respect of these funds. The Audit or Independent Review Certificate should be presented to Governors at the next meeting following the school fund year end, usually in the autumn term.
We help schools meet this requirement through our Independent Review Service. This will provide:
- A full independent examination of this year’s unofficial fund accounts
- An independent examiner’s certificate to present to the full Governing Body
- Recommendations for the improvement of financial controls
- Examination of prior year accounts where examinations have not been undertaken
Examinations can be carried out at your school and you will only pay for the time used to review the accounts and to provide the report.