Schools Financial Value Standard (SFVS) Presenters: Guy Thomas – Audit Manager Patsy Wallis – Deputy Audit Manager Internal Audit

What is SFVS?  A financial audit process which replaces FMSIS  Standard which is primarily aimed at Governors  5 Sections  23 Questions  Assessment/Audit

SFVS Timetable Maintained Schools  Those who did NOT attain FMSIS by end of March 2010 need to submit their SFVS to their LA by 31 March  Those who DID attain FMSIS by end of March 2010 need to submit their SFVS to their LA by 31 March Once submitted there has to be an annual review thereafter

Sections/Questions 5 SECTIONS – A B C D E (23 Questions)  SECTION A – The Governing Body and School Staff  SECTION B – Setting the Budget  SECTION C – Value for Money  SECTION D – Protecting Public Money  SECTION E – Summary of agreed remedial action and timetable for reporting back

SECTION A – The Governing Body & School Staff  Financial competencies  Terms of Reference  Responsibilities of Governing Body/School Staff  Budget monitoring reports  Pecuniary/Business Interests Governing Body/School Staff

SECTION A – CONTINUED  School’s arrangements regarding absence of finance staff  Regular review of staffing structure

SECTION B – Setting the Budget  Clear link between schools budget and plan for raising standards and attainment  School’s forward projection of budget, including both revenue/capital funds for at least 3 years  Setting a well informed and balanced budget each year  End of Year outturn in line with budget projections

SECTION C – Value for Money  Benchmarking  Procedures for purchasing goods/services  Balances  Premises  Collaboration on purchasing or staffing  Examples of improved use of resources in past year

SECTION D – Protecting Public Money  Issues arising from audits or previous reviews  Fraud & theft  Whistleblowing policy  Adequate financial reporting systems  School Funds/Unofficial Funds/Voluntary Funds  Business Continuity (inventory & adequate insurance)

SECTION E – Outcome of Self Assessment  The Governors will need to write an agreed timetable of any remedial action and timescales.  Chair of Governors to sign off assessment.  Send a copy to the Schools Finance Team.