Internal audits

Providing peace of mind – with precision

Audits with added insight

Whether you need a wide-ranging audit across different functions in your organisation, or an in-depth review of specific areas, our aim is always the same – to give you much more than compliance box-ticking.

With us, your internal audit will include:

  • practical advice to support your decision making
  • suggestions on making your processes and systems more efficient
  • an assessment of areas of risk, and guidance on improving them
  • a flexible approach to providing assurance on any areas of concern

Thorough and adaptable

One of the secrets of a successful internal audit is delving into the detail of your systems and processes. We don’t take anything at face value. We observe, ask questions, and test transactions, to ensure our advice is on well-informed foundations.

We also maintain continuity with your external auditors, communicating with all parties involved and reviewing your outgoing auditor’s work. This way, we ensure a smooth transition and avoid any duplications or omissions.

Flexibility is probably important to you, too. To meet your specific needs, we can act:

  • as your outsourced internal audit function, including unannounced spot checks, if appropriate
  • on a time basis, to fit with your budget
  • on a project basis, focusing on your areas of interest or concern.

The Academies Financial Handbook

The Academies Financial Handbook, published in September 2012, requires every academy trust (AT) to have a process for independently checking financial controls, systems, transactions, and risks.

The guidelines suggest different options to address the risks, inform the statement of internal control, and provide assurance to external auditors. These include:

  • an internal audit service (either in-house, bought in or provided by a sponsor)
  • a supplementary programme of work by external auditors
  • the appointment of a responsible officer (an unpaid and non-employed governor with an appropriate level of qualifications and experience)
  • a peer review service (the reviewer should be a qualified, experienced, independent member of another AT’s finance team).

We can help you decide which option is right for you, and provide a fully independent internal audit service for your academy school. We usually divide the process into the following stages:

  • reviewing key risks, and meeting governors and staff
  • formulating an annual plan to be agreed with your audit committee
  • arranging on-site visits (probably each term)
  • producing reports and, if required, making a formal presentation to your audit committee.

All schools are unique in their governance and objectives. This is why we tailor your internal audit to your specific circumstances and needs.

We can help

Contact us today to find out more about how we can help you

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Audit and assurance services