Source · Select Committees · Public Accounts Committee
Recommendation 29
29
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
Not Addressed
HM Government
Not Addressed
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.