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<p>As companies and charitable trusts, academy trusts are required to appoint independent
auditors to report on their financial statements. It is for the academy trust to manage
the contract for their services.</p><p> </p><p>Auditors are qualified accountants
and regulated by their professional institutes. The institutes undertake a programme
of quality assurance visits to ensure firms are operating in accordance with expected
professional standards. The outcomes of these reviews are publically available.</p><p>
</p><p>The Education Funding Agency (EFA) supplements the various institute regulatory
regimes with:</p><p> </p><p>· reviews of academy trusts’ audited financial statements,
the associated audit reports on these and auditor management letters. The EFA follows
up significant issues with individual trusts and their auditors;</p><p>· regular attendance
at sector training events and delivery of online presentations/webinars for auditors
on the key issues arising from reviews, to help ensure they are aware of the requirements
expected of them and key risk areas; and</p><p>· responding to auditor queries received
through the academy questions mailbox. <br><br></p><p>Other professional services
provided to academy trusts will also be regulated by their relevant institute body,
e.g. the Law Society.</p><p> </p>
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