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Ensuring financial oversight

Ensuring financial oversight. William Simmonds FRSA HonFCoT Freeman Company of Educators. Accountability. Accountability Public Accounts Committee Report Securing value for money Local Authority and EFA responsibility for financial oversight Is there weakness in the system?

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Ensuring financial oversight

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  1. Ensuring financial oversight William Simmonds FRSA HonFCoT Freeman Company of Educators

  2. Accountability • Accountability • Public Accounts Committee Report • Securing value for money • Local Authority and EFA responsibility for financial oversight • Is there weakness in the system? • Local Authorities cutting back • National Audit Office survey – reduced internal audit coverage of schools

  3. Leasing • Recent leasing difficulties of some schools • Mainly supplier scams • Finance or Operating lease • NASBM lease checker – www.nasbm.co.uk • Lack of understanding of lease documentation • Deal or no deal?

  4. Fraud in Schools • Does it occur? • Why and how does this happen? • Governing Bodies lack of financial expertise? • 25% of Local Authorities thought so, more so in the Primary sector • Lack of an accountability framework? • Lack of spontaneous checks?

  5. Responsible Officer role • Should be a Governor but not the Chairman • Provide an ongoing independent oversight of financial affairs • Financial responsibilities of the Governing Body are being properly discharged • Resources are managed in an efficient, economical and effective manner • Sound systems of internal financial control are being maintained • Financial considerations are fully taken into account in reaching decisions

  6. Whose responsibility is it? • It is not mine! • The School Business Manager will become paramount as budgets reduce. • The SBM should be an integral part of the Leadership Team, as budgets reduce • Governors should expect the SBM to raise more money through sponsorship and available grants • Governors should encourage collaboration in purchasing with other schools

  7. SGOSS Survey 2012 • 96% of respondents believe that there is a demonstrable link between the effectiveness of the governing body and pupil performance • Good governing bodies make a material contribution to the performance of their schools ………………………………………………………………....... • It is absolutely clear to me that the most important decision-making group in any school is the governing body. We need to ensure that governing bodies have the best possible people, representing a range of different groups and with the right mix of skills. Lord Hill

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