Financial Risk and Control Self Assessment Templates

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- Does the school have any finance guidance manuals?
- Who is familiar with the contents?
- Is there a School Improvement Plan containing costed proposals, which are linked to the budget plan?
- Did the last budget preparation process incorporate consideration of future influences on income and expenditure, such as demographic change, and any balance rolled forward from the previous year?
- Was the budget formally ratified by the Governing Body, and appropriately minuted?
- Was the budget input form submitted to the Education & Leisure Finance Section by the due date and appropriately signed?
- Have working papers been retained which show how the budget estimates were arrived at?
- Is the day to day budgetary position checked before orders are approved?
- Does the school record committed expenditure, e.g. purchase orders, supply teaching costs and staff training courses etc?
- Has the Governing Body established a policy for virements together with clear reporting lines?
- Are FMS reports checked and reconciled to the school's financial records?
- Is there a procedure for investigating and resolving discrepancies between FMS reports and local records?
- Is detailed monitoring of the state of the budget carried out at appropriate intervals?
- Are the forecasts entered on budget monitoring returns calculated by reference to FMS, known commitments and expected future expenditure/income?
- Are the forecast calculations recorded, checked by a second person and retained?
- Are budget monitoring returns copied to the Governors/ Finance Committee together with written summaries of the school's financial position and the latest FMS report?
- Has the attention of the Governors been drawn to significant variations from the Budget, if applicable?
- Were debtors and creditors raised at the last year-end for all outstanding items, and entered into local records?
- Was last year's final forecast close to the school's eventual outturn for that year?
- If the difference was significant, were the causes identified?
- Has appropriate action been taken if any of those causes have an impact on the current and/or future years?