Audit timetables under COVID19

Although the year end still feels some time away, it will be soon with us all and attention will turn to the year end audit. 

You will have already received your year end file request (can be accessed here) and this may be even more important to the audit this year depending on our ability to visit your premises. We have continued to work on audits throughout lockdown, and where our clients can access their own information this causes few issues for the audit. If you have been managing to work remotely, and can access all your information we will be well setup to complete the audit.

There is however, increased risk that due to COVID19, there could be unexpected audit issues that take longer to resolve. For example there may be specific regularity audit matters to be considered, or financial issues such as exceptional cost grants to review. For this reason, more so than ever, we would recommend that your audit and board meetings are scheduled to give all parties time to complete the work. We would therefore recommend that audit committee meetings are at the earliest in late November, with full board for approval following in December. 

This also gives more flexibility for your finance team, reducing the pressure to deliver documents quite so early.

It is also worth noting that the new Academies Financial Handbook, effective from September 2020, has a new section of requirements for the audit committee in respect of the annual audit. This can be found in section 4.17. One additional element is the requirement for the audit committee to prepare an annual report for the full board and members on the conclusions of their annual work, including recommendations for reappointment or dismissal of the auditor.

Should you have any queries please contact you usual Bishop Fleming contact.