Commencing September 2011, the Schools Financial Value Standard (SFVS) will be implemented in some schools. This will change the way in which schools financial management is audited and the individuals accountable for audit. School Governors will have increased responsibility to ensure that all expenditure represents good value and public money is safeguarded. Governors should also ensure that they have an affiliated representative with adequate financial experience and knowledge who can work closely with the Head Teacher or Bursar / School Business Manager.
The SFVS consultation asks: ‘Does the school have an accounting system that is adequate and properly run and delivers accurate reports, including the annual Consistent Financial Reporting return?’ and ‘Does the school have adequate arrangements for audit of voluntary funds?’