The auditing process can be a time consuming and daunting task; you may not look forward to an external company rifling through your paperwork and potentially highlighting issues with your processes. However, audits are an essential financial management tool to ensure your school, academy or MAT is running as effectively as possible and should be encouraged and embraced.
We’ve published this blog to make you aware of some of the most common issues highlighted by internal and external financial audits, to support you in taking the relevant steps to avoid them.
Common High-Risk Issues:
In order to successfully carry out an audit, ensure that these high-risk issues are avoided at all costs:
Common Medium Risk Issues:
There are also various medium risk issues that commonly occur during the auditing process, it is important to avoid these potential issues in advance:
Common Low Risk Issues:
To ensure a smooth auditing procedure it is still important to eliminate these low risks too:
Now that you have been made aware of the most common issues that occur during the auditing process, you can take relevant measures to prevent these from affecting your future audits.
Our finance consultants can provide guidance on financial best practice which will support you to effectively prepare for either your internal or external audit.
We also provide internal audit services and financial health checks giving you peace of mind that your school, academy or MAT is running as efficiently as possible.