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Academies:  2013 Audit Outcomes. There were 2,248 sets of audited accounts submitted to the EFA for the year ended 31st August 2013. Of these 25 (1.1%) had a qualified audit opinion and 73 (3.2%) had a qualified regularity opinion. Of the 25 qualified audit opinions, 21 of these resulted from failure to disclose trustees’ salaries.…

Painless Audits! It is a common misconception that the purpose of an audit is to find errors or fraud within a company’s financial records. However, the real purpose is to give readers of financial statements confidence that they give a true and fair view of the actual trading performance. At Whiting & Partners our approach…

Jeannette Hume

Academy Accounting Officer Academy boards should now be aware of the need to appoint an Accounting Officer, a role usually taken on by the Principal. He/she will have personal responsibility to Parliament for ‘regularity, propriety and value for money’. Broadly, these terms mean that the Accounting Officer must ensure that funding to the Academy is…

New audit exemption rules for small companies and for subsidiaries The government has recently announced changes to company law that allow many companies and limited liability partnerships more choice in deciding whether to have a statutory audit. The changes apply to financial years ending on or after 1 October 2012. Who is affected? Broadly, there…

David Salmon