Sound financial governance helps schools strengthen accountability, protect resources and provide governing bodies with reliable information for responsible decision-making.
Effective financial management is an important part of good school governance.
School Governing Bodies and management teams have responsibilities relating to the management, oversight and reporting of school finances. Clear processes and reliable financial records help those responsible for governance understand how funds are being managed.
Accurate Records Matter
Schools should maintain organised and complete financial records throughout the year rather than preparing information only when an audit is approaching.
Proper record keeping also makes it easier to understand income, expenditure and the school’s overall financial position.
Strong Financial Controls Support Accountability
Appropriate controls can help schools manage financial risks and strengthen accountability.
These may include clear approval procedures, supporting documentation, reconciliations and appropriate oversight of financial transactions.
The Role of an Independent Audit
An independent audit provides an objective assessment of a school’s annual financial statements and related financial information.
The process can also highlight areas where controls, record keeping or governance practices may require attention.
Supporting School Governing Bodies
Shiba & Associates provides independent school audit services and assists schools and governing bodies with financial accountability, controls and governance requirements.
