29
Accepted
Each academy trust as a charitable company is required to produce annually its own audited...
Conclusion
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
Government Response Summary
The government states that the primary responsibility for financial management rests with the academy trust and accountability is rigorous via audited accounts.
Government Response
Accepted
Government Response
Accepted
HM Government
Accepted
2.3 The primary responsibility for the financial management of academy schools rests with their academy trust, with a clear framework set out in academy trusts’ Funding Agreements, the Academy Trust Handbook and Academies Accounts Direction. Academy trusts’ accountability is rigorous, with trusts’ audited accounts providing information on the financial health of the trust and individual academy costs.
Source
Committee
Public Accounts Committee
Report
Forty-Seventh Report - Academies Sector Annual Report and Accounts 2019/20
25 Mar 2022
HC 994
Addressee Bodies
HM Treasury
Timeline
Recommendation age
4.2 yrs
Report published
25 Mar 2022