Internal Audit Service: Finance Consulting | HCSS Education

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Internal Audit service

Internal Audit service for Academies

In accordance with the Academies Financial Handbook 2014, “all academy trusts must have in place a process for checking its' financial systems, controls, transactions and risks”.

All academy trusts are expected to agree a programme of work which will review risks and financial control, to inform the annual Governance Statement and, so far as is possible, provide assurance to the external auditors.

One way that an academy trust can meet the above requirements is to commission the work of an internal audit service.

HCSS Education has developed a comprehensive Internal Audit programme which covers all key areas of financial management in an Academy. The programme is delivered by auditors that have a wealth of experience in providing independent reviews to Governors and Trustees within many educational establishments. The programme can be tailored to review risk identified by the audit committee and also tailored to meet the needs of Multi-Academy Trusts.

We appreciate that the greater freedom of choice and autonomy experienced by Academy Trusts also brings increased reporting requirements and greater scrutiny. As well as delivering a comprehensive Internal Audit programme, providing assurances to the Accounting Officer and Board of Trustees, our experienced auditors and practitioners can also advise Academy staff on best practice and achieving value for money.

Key features of our Internal Audit service

  • Delivery of a comprehensive Internal Audit programme including the review of all key financial systems and processes.

  • Programme delivered in four quarterly visits over the academic year.

  • Programme can be tailored for Multi-Academy Trusts (MATs) as well as delivered to independent Academies.

  • Each visit is followed up by a detailed report summarising the findings of the audit together with appropriate recommendations. Reports present a balanced view of the Academy’s financial management rather than just a list of errors/areas for improvement.

  • The Internal Audit service is not limited to on-site visits. Clients can contact their designated auditor or the Head of Service at any time, by email or telephone, for guidance or advice. 

Why choose HCSS Education?

  • All auditors have appropriate auditing/accounting qualifications and/or significant experience in the education sector. A number of auditors, including the Head of Service and the Managing Director, are former School/Academy practitioners.

  • All auditors have a friendly and helpful approach, providing a supportive role rather than just being critical.

  • Audit working papers and reports are thoroughly reviewed by the Head of Service before draft reports are issued. Clients are given the opportunity to comment on draft reports prior to the circulation to relevant stakeholders.

  • The comprehensive HCSS Education Internal Audit Programme should inform the external audit process, potentially minimising the burden and expense incurred by the Academy.

Suitable for

The Internal Audit service is suitable for individual Academies and Multi-Academy Trusts.

Programme length

The programme is delivered in four quarterly visits over the academic year.

Dates are agreed and scheduled in advance to ensure all four quarterly visits take place within an academic year.

FAQs

How much does this service cost?

If you are interested in finding out more about this service including pricing information please call us on 0845 345 3300 or make an enquiry using the online form.