Internal Scrutiny Service
Following the issue of the FRC’s ‘Revised Ethical Standard 2019’, effective 15 March 2020, there has been a tightening of regulations to enhance credibility for users of audited information. Where, in the past, it was not unusual for one firm of auditors to provide both external audit and internal scrutiny services, from 15 March 2020 any new engagement is now prohibited.
The Academies team at Edmund Carr can provide an independent internal scrutiny service, giving assurance that financial and other controls and risk management procedures are operating effectively. We will carry out a variety of checks to test that internal systems are sound, effective and compliant, with the aim being to give assurance and to provide confidence that controls are robust and being adhered to. Weaknesses identified in the financial and other controls of the Trust will be reported to the board of Governors along with recommendations for improvement.
We do not operate a “one shoe fits all” approach. Each appointment will be undertaken to suit the particular needs of an Academy Trust. We will work with the audit to devise a work programme to sample test a variety of financial and non-financial controls at each visit. To remain independent, we will report our findings directly to the chair of the audit/finance committee.
As a registered auditor and member of ICAEW, we are suitably qualified and experienced to carry out internal and external audits of Academy Trusts. Our work is based on established audit disciplines, governed by a professional code of ethics and standards meaning independent external auditors may place reliance on our internal audit work.
Please contact Tom York for more information.