Academies Financial Handbook 2020

Changes in requirements in the Academies Financial Handbook 2020

Following the Financial Reporting Council’s revised Ethical Standard published in December 2019, the Academies Financial Handbook for 2020 has also been updated to reflect that an Academy Trust’s external auditor can no longer also provide internal audit services. This change has been implemented to increase auditor independency and objectivity.

The Academies Financial Handbook for 2020 has also clarified that a Trust’s Internal Scrutiny Programme should include non-financial control audits, as well as the more familiar Internal Audit Review of Financial Controls.

We can help implement a full scope of internal scrutiny

Financial Controls – Our Internal Audit Service

Our expert team of experienced consultants provide an independent and highly professional Internal Scrutiny Service to support Trustees, Governors and Audit Committees in the review of Internal Controls in Academy Trusts. The Academy Trust’s Internal Audit Service is bespoke to the setup of your trust, and is guided by trustees.

We will conduct testing, including random sampling of financial transactions, to identify whether the internal controls and procedures are compliant with the Academies Financial Handbook, trust Financial Regulations and all other relevant regulations and guidance. At the end of each review a summary report will be issued detailing, where applicable, clear recommendations for improved controls.

Core Programme of Works

The following areas are part of a core programme of works that may be examined during the visits:

  • Financial Management & Governance
    (including financial reporting)
  • Banking
  • Income
  • Procurement
  • Fixed Assets
  • Payroll

Non-Financial Controls

Here at Juniper Education, we have a wide range of experts in various fields and as such can review the following non-financial control areas:

Single Central Record
Single Central Record
Statutory Information
Statutory information
Health and Safety
Health & Safety
ICT System Security
ICT system security
Financial Healthcheck
Financial Healthcheck
Integrated Curriculum Financial Planning
Integrated Curriculum Financial Planning
Pupil Premium Funding
Pupil Premium

We will discuss the scope of work with you at the start of the financial year, to ensure that we cover areas of highest risk, as set out in your risk register.

Internal Scrutiny Report

As we work as one team and from one platform, at the end of the year we can consolidate all of of our work with you throughout the year into a single Internal Scrutiny Report, suitable for submission with your annual accounts. The Internal Scrutiny report will be based on the recommended format published by the ESFA.

  • Contact Us

  • Contact us on our Financial Governance helpline 0345 200 8600 or complete the form below if you would like to discuss any of the changes further or if you would like to hear about our products and services.

We have used the Internal Audit service from Juniper for several years and have always been impressed with the way that the service is conducted. As an academy trust we are required to be suitably challenged to ensure that our procedures match our financial regulations and the academy financial handbook. The service provided does this professionally and in a way that supports and advises.