Voluntary fund audit
Schools Financial Services provide an independent assurance to governors that the fund is being correctly operated in accordance with the fund objectives.
This includes an audit of the financial statement, produced by the fund manager, to ensure it is correctly stated.
We will apply a programme of tests to the fund records to test:
- Income has been correctly accounted for
- Monetary balances reconcile
- Verification that stated monetary balances exist
- Expenditure is reasonable and in accordance with the fund objectives
- Funds have not been used for personal transactions
- Guidelines for record keeping have been followed
- Audit of stock records if applicable.
At the conclusion of the audit we will provide a certificate of audit and a written report with an assurance rating of control.
We carry out the audit in the office so you are requested to send us all the necessary records. On average, an audit is approximately three to four hours.