Each academy trust as a charitable company is required to produce annually its own audited accounts.77 External auditors are appointed by the local academy trust in accordance with the Academy Trust Handbook. Auditors are required to provide an opinion on ‘true and fair’ of the accounts in addition to a limited opinion on ‘regularity’ – this includes providing an opinion as to whether monies have been spent in accordance with the intentions of Parliament. Academy trust auditors are required to be independent and objective, must comply with auditing standards, ethical standards, and are regulated by the Financial Reporting Council.78