Academies are required to have a process in place for the independent checking of financial controls, systems, transactions and risks. The following checks are recommended in the course of this Regularity/Internal Audit.

A — Bank and cash

  • Review bank reconciliation performed at month end (termly).

  • Agree balances on the reconciliation to the trial balance and bank statement (termly).

  • Trace outstanding receipts and payments to after date statements (termly).

  • Review cashbook for large and unusual transactions, check for authorisation and trace to documentation (termly).

  • Spot-check petty cash balances held (agree trial balance to cash held) (termly).

  • Sample petty cash payments to vouchers (termly).

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