Financial control framework

Your academy trust must establish a control framework that includes:

• Ensuring that delegated financial authorities are complied with, and segregation of duties maintained
• Co-ordinating the planning and budgeting processes
• Applying discipline in financial management, including managing debtors, creditors, cash flow and monthly bank reconciliations
• Planning and oversight of any capital projects
• The management and oversight of assets
• Ensuring propriety, regularity and value for money
• Reducing the risk of fraud and theft
• Independent checking of financial controls, systems, transactions and risks
• Maintaining a fixed asset register