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 This replaced the Financial Management Standard in Schools (FMSiS), which was withdrawn by the Secretary of State with effect from 15 November 2010.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 2018-19
Guidance from Audit
for schools on SFVS (updated May 2018 to include clarification on exemption circumstances for schools with Academy orders and more detailed submission details)
In Control – the Internal Audit Newsletter
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 training sessions in the Autumn Term on the SFVS process. For more information ring Bradford Internal Audit on 01274 432249
SFVS TRAINING 4 DECEMBER 2018 – Internal Audit is delivering a training and awareness session on the requirements of the Schools Financial Value Standard (SFVS). This Training is essential for Governors involved in the completion of the
SFVS assessment form. The training will include an introduction to the proposed replacement for SFVS, the School Resource Management Self-Assessment Checklist and Dashboard, which the DfE intend to have in place for the March 2020 submissions.
The flyer and booking form are available here.
If you have any questions on the Standard, please call Bradford Internal Audit on 01274 432249
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
Karl Pease on 01274 432249
Back to the Guidance Page