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Risk management

Risk management

For a free copy of our Risk Matrix for Academies, please contact us.

The Academies Financial Handbook requires that every academy has in place a process for independent checking of financial controls, systems, transactions and risks.

In order to achieve this, academies must have an audit committee or similar, whose job it is to review the risks and to agree a programme of work to address those risks.

As part of a statutory audit, Revell Ward will always provide feedback to the academy’s leadership and governors if we identify any weaknesses or potential improvements in systems or internal controls.

In addition, we can provide a range of tailored advice, which could include:

  • ad hoc advice to the audit committee on appropriate procedures and policies
  • advising the Accounting Officer on appropriate procedures to satisfy themselves that they can sign the annual Statement on Regularity, Propriety and Compliance and the annual Value for Money Statement
  • detailed reviews and advice on the design and implementation of internal controls
  • a full internal audit service involving regular checks on the effective implementation of controls and suggestions of improvements in practices
  • advice on risk assessment generally, using the Risk Matrix for Academies.

We aim to give you peace of mind that your controls are effective at ensuring the academy’s funds are used in accordance with EFA requirements, transactions are recorded and reported accurately and proper procedures are in place to prevent and detect fraud.