External audit preparation checklist for academy trusts guidance
Updated 24 April 2024
Applies to England
© Crown copyright 2024
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This content was last updated 11 September 2019.
1. Who is this guide for?
This good practice guide provides a checklist to assist academy trusts (ATs) in preparing for the external audit of their annual report and accounts. It should be particularly useful for trusts preparing an annual report and accounts for the first time. Whilst primarily for chief financial officers and their finance teams, it should also be of interest to senior executive leaders and audit committee members.
2. What is the status of this guide?
The financial reporting requirements for ATs are set out in the Academies Accounts Direction. This guide does not replace or modify any of those requirements. It is one of a series, which has been produced following requests for further guidance from the sector.
3. What is the checklist?
The checklist is a tool to assist AT finance teams in the preparation of working papers that support the annual report and accounts. External auditors may need to review the working papers during their statutory audit. The checklist is not intended to replace documents already used by ATs and / or provided by accountancy firms to ATs to assist in the preparation of their annual report and accounts. It is intended to assist those ATs that currently do not use such a document.
The checklist comprises a schedule of financial and other information to be prepared or collated in support of the information included in the annual report and accounts. It enables the chief financial officer to track progress with the preparation and collation of information likely to be required by the external auditors.
4. Acknowledgements
Special thanks to:
ESFA Academies Finance & Assurance Steering Group and Working Group 3.