School Private Fund

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kuliann
kuliann Registered Posts: 9 Regular contributor ⭐
in General accounting discussion
Hi,

I've been asked to audit/inspect the School Private Fund for a local school. It's the first time I've done one of these. It's a bit like an incomplete records exercise (!) but I've worked through it all and managed to produce some figures.

My concern is that there are a lot of invoices missing. Whilst there is nothing that is a particularly large sum on it's own, the total amount of missing invoices comes to around 10% of the annual expenditure.

The school have asked me to write a statement saying the figures show a true and fair view. They have also told me you do not need to be a registered auditor to audit/inspect the accounts.

Would you be concerned about the missing invoices?

Thanks

Comments

  • paulstafford
    paulstafford Registered Posts: 126 Dedicated contributor 🦉
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    Clearly the missing invoice situation is a concern for you so I would:

    1. Raise the issue with the Head Teacher/bursar whoever asked you to prepare the accounts. Are they aware the invoices are missing? They may be able to obtain copies or give an adequate explanation why they are missing.

    2. I assume you aren't a registered auditor , so you shouldn't be expected to express a 'True and Fair' view on the accounts. You could instead state something along the lines of ' I have prepared these accounts based on the business records and explantions provided by 'x''

    If you didn't receive an adequate answer to point 1, you should consider adding a sentence to your report listing the aggregate of the missing invoices.

    If I was in your situation this would be my plan!
  • RAS
    RAS Registered Posts: 124 Dedicated contributor 🦉
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    I have no experience of school funds but make sure you know exactly what type of assurance report is required, if any, and what level of qualifications you need to be able to sign off any report. Would it the board of Governors that you are reporting to?
  • acc1077
    acc1077 Registered Posts: 138 Dedicated contributor 🦉
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    Is the school under a Local Authority, if so there should be some information from the Local authority regarding the auditing of School Funds that the school should pass on to you as part of the Schools Financial Procuedures. If its a Private school I am unable to help.
  • kuliann
    kuliann Registered Posts: 9 Regular contributor ⭐
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    PaulStafford - Thank you for your advice and particularly for help with the wording of a statement. This was really the biggest part of my concerns, as I am not a registered auditor.

    RAS/ ac1077 - I have looked online and found examples of other schools policy regarding school private fund, which has been helpful. I am going to suggest the school concerned draw up similar guidelines.

    Thank you for your help.

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