Academies Manual

Our Academies Manual provides you with the current and permanent file programmes needed to undertake an audit, report on regularity and report on teachers' pensions for an academy.

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 is written in Microsoft word and includes our tailoring tool 'Creator', which will help you select and edit your current and permanent file documentation.

Paperless Audit version also available

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.
Example engagement letters for audit, accounts return, teachers' pensions and for regularity assurance. There are also example letters of representation for the statutory audit and for the regularity assurance engagement.
Example audit reports for both a standalone academy and for an academy group. An example independent reporting accountant's assurance report on regularity is also included, as is a report in connection with the teachers' pensions End of Year Certificate (EOYC).
Example pro-forma accounts.
An academy accounts disclosure checklist, which covers the requirements of the Charities SORP, Accounting Standards, the Companies Act and the disclosures contained within the annual Academies Accounts Direction issued by the Education and Skills Funding Agency.
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 specifc current audit file documentation that provides you with the planning, completion and detailed work programmes needed to undertake an audit, as well as an assurance report on regularity and a report in connection with the teachers' pensions EOYC. Lead schedules and a current file index are also included.

The latest version of Academies Manual is version has been released in 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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