No.
Specific Actions highlighted by EFA
Tasks Required
Deadline
Committee scrutinising Date of activity and evidence Committee (Committee) Meeting
Collection of data from schools Validation of year end data from schools Consolidation of year end data from schools with HO information Preparation of Financial Statements by HO Preparation of Trustees' report Review of Financial Statements External audit completed Sign off meeting with audit partner Financial Statements reviewed by Audit Committee Financial Statements reviewed and signed by Trustees Financial Statements submitted to EFA Preparation of VFM statement Approval of VFM statement VFM approved by audit committee VFM approved by trustees VFM statement submitted to EFA Audit management letter received from KPMG Audit management letter reviewed and action plan put in place Audit management letter reviewed by audit committee Audit management letter reviewed by trustees Audit management letter submitted to EFA Draft audit management letter received from KPMG Audit management letter reviewed and action plan put in place Action plan reviewed weekly Action plan reviewed by SROG All priority points cleared Period 2 accounts received from schools Period 2 accounts reviewed by Head Office Period 2 accounts cleared by Head Office Period 2 accounts submitted to EFA Period 3 accounts received from schools Period 3 accounts reviewed and cleared by Head Office Period 3 accounts cleared by Head Office Period 3 accounts submitted to EFA Period 4 accounts received from schools Period 4 accounts reviewed and cleared by Head Office Period 4 accounts cleared by Head Office Period 4 accounts submitted to EFA
19.9.14 26.9.14 3.10.14 10.11.14 10.11.14 17.11.14 30.11.14 17.11.14 26.11.14 15.12.14 31.12.14 17.11.14 19.11.14 26.11.14 15.12.14 31.12.14 10.12.14 17.12.14 26.11.14 15.12.14 31.12.14 30.11.14 17.12.14
SROG Finance
20.11.2014 26.11.2014
Audit & Risk Board
26.11.14 11.12.14
Finance
26.11.14
Audit & Risk
26.11.14
Audit & Risk
26.11.14
Finance
26.11.14
SROG Audit & Risk
20.11.2014 26.11.2014
1) Financial Statements and Management Letter A
Completion and submission of 2014 Financial Statements
B
Completion and submission of 2014 VFM statement
C
Agreed audit management letter from KPMG submitted to EFA
D
Priority Audit Management Letter points all addressed
E
Monthly management accounts sent to EFA
20.11.14 31.1.15 21.11.14 26.11.14 27.11.14 30.11.14 19.12.14 23.12.14 24.12.14 31.12.14 23.1.15 28.1.15 30.1.15 31.1.15
2) Financial Controls A
Management accounts returns received from schools (see E) above
B
Agree ACMF position with EFA
C
Complete the review of academy contracts registers
D
Use of consultants
E F
Head office loan Virgin Money Account
G
VAT
H Accurate information 3) Supplier / professional services A
Correct processes are followed and transparency maintained in the letting of contracts and procurement processes
B
Ensuring effective internal recording, oversight and management of contracts and procurement activity
C
Ensuring that consultancy contracts comply with Trust's procurement policy.
D
Strategy to minimise dependency on interim consultancy cover.
Submit to EFA the summary of expenditure between April 2014 to September 2014 Receive and review condition surveys from surveyors Submit to EFA a plan of future expenditure cased on condition surveys Meet EFA to agree action plan Receive notification from EFA of the 2014/15 ACMF allocation Allocate funding to projects on priority basis Academies to submit contracts registers to head office Contracts registers reviewed for reasonableness Completed contracts registers finalised Finance team staff structure agreed by trustees Office location(s) finalised and agreed by trustees Recruitment of specialist support commences Recruitment for permanent staff commences Interviews for permanent staff held Permanent staff appointed & contractors only used with a valid business case Repayment made to EFA New signatories' identification submitted to bank Signatories changed to current employees / trustees Virgin Money account closed VAT visit by HMRC VAT refunds released VAT refund received from HM Customs and Excise The quality and timeliness of information received to be monitored
30.9.14 26.9.14 30.9.14 3.10.14 10.10.14 17.10.14 19.9.14 26.9.14 30.11.14 15.9.14 2.10.14 16.9.14 20.9.14 20.10.14 31.12.14 3.10.14 19.9.14 November 31.12.14 20.8.14 9.9.14 16.9.14 Monthly
Audit & Risk
26.11.2014
Audit & Risk
26.11.2014
Audit & Risk
26.11.2014
Finance Finance
26.11.2014 26.11.2014
Finance
26.11.2014
Finance
26.11.2014
Replacement procurement officer to be recruited Specialist procurement expertise to be hired Presentation to finance directors on expectations Presentation to systems leaders on expectations Presentation to new chairs of governors Letter setting out expectations to FD's Principals, COGs & COFs Academy finance team to audit schools' practices during school visits Replacement procurement officer to be recruited Specialist procurement expertise to be hired Up to date contracts register submitted by schools as part of year end pack Training on the requirements for all school business managers Contracts register is part of the monthly returns required from schools Updated policy to be signed off by trustees Circulation of policy to schools Training on the requirements for all school business managers Current interim consultancy cover reviewed Office location(s) finalised and agreed by trustees Staffing structures finalised Business cases produced for the use of consultants were necessary
31.12.14 30.9.14 17.7.14 8.9.14 10.9.14 18.9.14 ongoing 31.12.14 30.9.14 25.9.14 31.10.14 15.11.14 2.10.14 3.10.14 30.11.14 30.9.14 2.10.14 8.10.14 30.10.14
SROG Audit & Risk
22.01.15 26.11.2014
Audit & Risk
26.11.2014
Audit & Risk
26.11.2014
Audit & Risk
26.11.2014
Procurement card policy agreed by trustees Webinar training session undertaken for card holders and line managers Updated policy approved by Finance Committee Updated policy circulated to schools
2.10.14 30.11.14 26.11.14 28.11.14
Audit & Risk
26.11.2014
Audit & Risk
26.11.14
4) Procurement card payments A
Cards are used in accordance with the Trust's policy.
B
Expense claims are made and authorised in accordance with the Trust's regulations.
B
Expense claims are made and authorised in accordance with the Trust's regulations. Webinar training session undertaken schools
30.11.14
Explanations submitted to EFA EFA questions answered EFA sign off redundancy claims Presentation to finance directors on expectations Presentation to systems leaders on expectations Presentation to new chairs of governors Letter setting out expectations to FD's Principals, COGs & COFs Ongoing discussion / reminders with every school Repayment made to EFA
2.9.14 30.9.14 17.10.14 17.7.14 8.9.14 10.9.14 18.9.14
Remuneration
20.11.14
Audit & Risk
26.11.14
3.10.14
Finance
26.11.14
5) Other Issues A
Satisfactory resolution of all outstanding redundancy claims
B
Compliance with the withdrawn delegated authorities as set out in the Academies Financial Handbook
C
Repayment of the loan made in May 2014