Audit / SFVS

Audit / SFVS

Schools Financial Value Standard

The DfE launched the new Schools Financial Value Standard (SFVS) on 18 July 2011. This replaced the Financial Management Standard in Schools (FMSiS), which was withdrawn by the Secretary of State with effect from 15 November 2010.

Internal Audit continue to carry out audits in accordance with the requirements of the Accounts and Audit Regulations 2003 (as amended).

Instructions and template from the DfE for schools on SFVS 2017-18

Guidance from Audit for schools on SFVS (updated May 2015)

In Control – the Internal Audit Newsletter for schools for Autumn 2017 is available to view in the secure area of BSO.

Training available on the SFVS process

Bradford Council Audit Team may arrange traing sessions around November on the SFVS process.  For more information ring Bradford Audit on 01274 433148

If you have any questions on the Standard, please call Bradford Audit on 01274 433148

Audit Guidance on card purchases

Guidance from Audit on the use of credit cards in schools (updated April 2012) plus some additional guidance for cardholders

Guidance from Audit on the use of Pre-loaded cards by schools (Jan 2014)

Guidance from Audit on on the use of online banking facilities (Jan 2015)

Online banking can give schools a mechanism for easily managing their bank accounts and provide an efficient and cost effective method of making payments to suppliers.  The systems and procedures operated by each bank do vary, however the online banking guidance document (hyperlink) provides details of the key controls which Internal Audit would expect to be in place and operating at schools, whichever online banking system is used.

Internal Audit recommend that schools who use online banking, or are considering implementing online banking in future, refer to this document to ensure that their online banking system is appropriately configured and its usage adequately controlled.

For more information click HERE to access the Online Banking Guidance document.


If you have any queries regarding this guidance, please contact Michael Parkinson on 01274 433148


Back to the Guidance Page


Page owned by Andrew Redding, last updated on 13/02/2018. This page has been viewed 7,151 times.