Education Funding Agency - Accounts Direction 2013-2014
The Education Funding Agency (EFA) has now issued the latest Accounts Direction for the year to 31 August 2014. There are a number of key changes from 2013, including:
- Accounts must now be published on your website by 31 January rather than 31 May.
- The information page of the accounts must now include the names of Academy trust’s members in addition to the trustees / governors / directors.
- The trustees’ report has been changed to account for changes in the Companies Act, as well as providing additional useful information.
- There is more guidance for auditors as to what the EFA expect to see in the audit management letter. Significantly they are expecting a Red Amber Green (RAG) system of risk to be used against all issues identified during the course of the audit.
- There are compulsory disclosures on certain transactions greater than £5,000 in value.
We recommend that finance teams and accounting officers are aware of the contents of the Accounts Direction. If you have any queries, please let us know.