Advice on planning to achieve Academy status
Full Statutory Audits
Internal Audit Services/RFO
Training service available to Governors and other relevant personnel undertaking the Responsible Officer Role.
Arrow Accounting As Your Appointed Responsible Officer
Principal Finance Officer
The Principal Finance Officer would usually take the role of a Director of Finance or a Director of Finance and Administration (as deemed appropriate for each academy).
The governing body will need to consider how it monitors and checks the operation of the
financial management arrangements that have been established and are operated by officers of the academy. To assist in this they should appoint a person who will have specific responsibility for overseeing the financial arrangements on their behalf. The appointment of this Responsible Officer (RO) must be notified to the DfES.
The RO post is intended to provide an independent oversight of the academies financial affairs. The main duties of the RO are to provide the governing body with on-going independent assurance. Arrow Accounting would undertake the following in this regard:
- That the financial responsibilities of the governing body are being properly discharged.
- Resources are being managed in an efficient, economical and effective manner.
- Sound systems of internal financial control are being maintained.
- Financial considerations are fully taken into account in reaching decisions.
Arrow Accounting will report to the Finance & General Purposes Committee in an advisory capacity.
We will provide an Internal Audit programme to ensure compliance with expected controls relating to the Financial Systems and Governance.
The Department for Educations rules regarding the scope of the independent monitoring programme and the frequency of these checks are laid down within the Academies Financial Handbook.
Arrow Accounting has significant relevant experience within schools and charitable organisations in regard to financial reporting and examination, not least as an accredited assessor by the Department for Education to undertake examination and accreditation under the old Financial Management Standard In Schools as well as the formulation of Internal Audit programmes for nationwide colleges and schools.
A full explanation of how this role will be carried out together with an Internal Audit programme and costs is available on request. (Please either call or send an enquiry by e-mail). The e-mail link is available at the end of this page or on the Contact Us’ page of this Web-site.
The expected Acadamies Financial Handbook has not yet been produced. Arrow Accounting will therefore continue to make Internal Audit Visits 3 times a year to carry out system tests in order to ensure that key Financial Systems are Reliable, Effective and Support the statutory annual financial accounts statements.
We are now working on a total package for Academies which will include the following;
(1) External Audit
(2) Statutory Accounts Requirements and filing.
(3) Internal Audit system testing and assurance.
(4) Full legal services (Pre and Post conversion)
We can also offer quotations for the individual services listed above.
Please email us to obtain the full list of services provided and for an initial quote.