The Education Funding Agency (EFA) has published its Academies Accounts Direction for 2013 to 2014.
The 150-page document, issued in May, forms the guidance for academies and their auditors to use when preparing and auditing annual reports and financial statements.
The new accounts direction incorporates a number of changes, including:
- additional information on what the auditor’s management letter should include
- updated guidance to support the independent regularity report
- bringing forward the date by which academy trusts must publish accounts on their websites from 31 May 2015 to 31 January 2015 and confirmation that accounts should remain on the website for at least two years
- a requirement to include in trusts’ annual reports the names of trust members
- updating the list of funding streams that make up the General Annual Grant to assist in calculating amounts carried forward at year end
- guidance on the disclosure of operating leases, including lease payments.
Academies must submit their audited financial statements and management letter for the accounting period ending 31 August 2014 to the EFA by 31 December 2014.
At Nicklin, our academies team has extensive audit experience and is well-placed to support academies with audits and related issues. For more information, please contact us.