Academy trusts accounting officer letter published

19th September 2018

The Education and Skills Funding Agency (ESFA) has written to accounting officers in academy trusts to remind them that their budgets must be used as Parliament intended, asking them to apply a degree of curiosity and scepticism in their work.

The letter, dated 18 September 2018, sets out key issues in the Academies Financial Handbook where strong insight is needed.

Accounting officers and chief executives will need to bring the letter to a meeting with trustees to remind them of their obligations.

The four key areas addressed in the letter are:

  • Related party transactions
  • Controlling executive pay
  • Scrutinising the budget
  • Acting on audit findings

The letter is meant to ensure that there is no area for excuse of not knowing where strong oversight and robust financial management & governance should be.

It also covers late financial returns, the appointment or vacation of governance roles and a proposed future programme for better financial reporting.

If you would like to discuss the contents of the letter, please contact a member of our Academies team.

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