Academies Manual
Our Academies Manual provides you with the current and permanent file programmes needed to undertake an audit of an academy trust under the International Standards on Auditing (ISAs) (UK) and the Ethical Standard, provide a reporting accountant’s report on regularity and the agreed-upon procedures report on teachers' pensions.
The manual also includes:
- an accounts disclosure checklist and pro-forma accounts in accordance with the Academies Accounts Direction and Charities SORP
- guidance notes that summarise the current legal accounting, auditing and reporting requirements for academies.
Our Academies Manual can be browsed online or sections of the content or commentary can be downloaded in Microsoft Word or PDF. There is also the flexibility to ‘customise’ a download suitable for your engagement. For every new assignment, you will need to navigate to our website to obtain the most up-to-date version.
- Guidance notes that provide you with essential background knowledge on the academies sector. They cover the key aspects of the regulatory, accounting and reporting requirements for academies regulated by the ESFA.
- A what’s changed letter identifying the changes from the previous version of the manual.
- Example engagement letters for audit, regularity reporting and Teachers Pensions assurance engagements, including groups. There is also an example letter of representation.
- Example audit, regularity and Teachers Pensions assurance reports for academy trusts, including groups.
- Example pro-forma accounts.
- Academy accounts disclosure checklist incorporating the requirements of the Academies Accounts Direction 2022 to 2023.
- Permanent file documentation that provides a structure for your permanent files and outlines the information required which is of continuing importance to an audit assignment over a number of years.
- Academy specific current file documentation providing you with the planning, completion and detailed work programmes needed to undertake an audit. Lead schedules and a current file index are also included. providing you with the planning, completion and detailed work programmes needed to undertake an audit. Lead schedules and a current file index are also included.
- An example file review checklist
June 2023
The principal technical changes in this update include:
- Changes in relation to the issue of the Academies Accounts Direction 2022 to 2023, Academies model accounts 2022 to 2023 and Framework and guide for external auditors and reporting accountants of academy trusts;
- Changes in relation to the requirements of the Academy Trust Handbook (effective 1 September 2022) (also known as the Academies Financial Handbook);
- Changes in relation to the Teachers' Pensions Reporting Accountant Guidance TP05 for 2022/23, pertaining to the reporting requirements of the Teachers' Pensions End of Year Certificate (EOYC);
- The introduction of documentation to support group audits involving component auditors;
- The introduction of a new (optional) statistical sampling approach; and
- The introduction of a set of guidance notes specifically tailored for academies.
March 2023
The principal technical changes in this update include the removal of content relating to the now superseded ISQCs and consequential amendments arising as a result of this.
In addition, a number of minor amendments / improvements have been made to other sections of the package, including updating engagement letters to reflect latest guidance.
July 2022
This major update to the methodology principally incorporates:
- ISA (UK) 315 (Revised July 2020) Identifying and assessing the risks of material misstatement.
- ISA (UK) 240 (Revised May 2021) The auditor’s responsibilities relating to fraud in an audit of financial statements.
- Consequential amendments as a result of the new quality management standards.
- Consequential amendments arising from the issue of the Academies Accounts Direction 2021 to 2022, Academies model accounts 2021 to 2022 and Framework and guide for external auditors and reporting accountant of academy trusts.
- Consequential amendments arising from the issues of the Academy Trust Handbook (effective 1 September 2021) (formerly known as the Academies Financial Handbook).
- Consequential amendments arising from the issue of Teachers Pensions Reporting Accountant Guidance TP05 for 2021/22, pertaining to the reporting requirements of the Teachers’ Pensions End of Year Certificate (EOYC).
June 2021
In this update we incorporated guidance and requirements from the:
- Academies Accounts Direction 2020 - 2021;
- Academies Financial Handbook 2020;
- Reporting Accountant Guidance TP05 for 2020/21;
- ISA (UK) 540 (Revised December 2018) – Auditing Accounting Estimates and Related Disclosures, ISA (UK) 570 (Revised September 2019) – Going Concern and other ISA amends (including ISA 700 on reporting irregularities), which are effective for audits of financial statements commencing on or after 15 December 2019;
- FRC Ethical Standard 2019 - The new standard largely takes effect for audits of financial statements for periods beginning on or after 15 March 2020;
- Brexit - Changes from company law and financial reporting standards have been incorporated where appropriate, and
- Use of audit data analytics - These changes principally focus on the use of ADA as part of the risk assessment, selection of high risk transactions for testing and stratification of populations to assist with sampling, although teams are encouraged to consider its use in other areas.
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