Voluntary Fund Audit
All school voluntary funds should be administered to the same standard as public funds. They should be audited and the audit should include not only an assessment as to whether the accounts are correct, but also a review as to whether the expenditure has been properly incurred. It is the responsibility of the school to ensure that procedures provide a safe and efficient system for the custody and control of their voluntary fund.
SFS provide an independent assurance to governors that the fund is being correctly operated in accordance with the fund objectives.
This includes an audit of the financial statement, produced by the fund manager, to ensure it is correctly stated.
We will apply a programme of tests to the fund records to test:
- Income has been correctly accounted for
- Monetary balances reconcile
- Verification that stated monetary balances exist
- Expenditure is reasonable and in accordance with the fund objectives
- Funds have not been used for personal transactions
- Guidelines for record keeping have been followed
- Audit of stock records if applicable
At the conclusion of the audit we will provide a certificate of audit and a written report with an assurance rating of control.
We carry out the audit in the office so you are requested to send us all the necessary records. On average, an audit is approximately three to four hours.