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Guidance is available for firms involved in academy engagements.
Since the Academies Act 2010 was introduced many schools have converted to academy status and government plans for schools seem likely to lead to many more academy trusts and multi-academy trusts over the coming years.
This will create an increase in specialist work for auditors and other accountants in areas such as academy trust budgets, teacher pensions, annual returns, plus audit and assurance. However, individual and multiple academy trust engagements can be complex.
Firms should be aware of the associated legal framework, familiar with the guidance issued by the Education Funding Agency (EFA) and aware of the support and guidance made available by ICAEW. Our library offers a helpful online resource with links to all of this and more.
For example, you will find links to ICAEW guidance such as Technical Release TECH08/12AAF Regularity reporting for academies 2011-2012: guidance. This covers the approach to a limited assurance engagement on regularity, the framework of authorities, assessing risk, materiality, plus testing and reporting on regularity.
This is an extract from an article in the June/July 2016 edition of Audit & Beyond, the magazine of the Audit and Assurance Faculty.
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