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 This replaced the Financial Management Standard in Schools (FMSiS), which was withdrawn by the Secretary of State with effect from 15 November 2010.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).

The DfE has renewed the SFVS for 2019-20 with new questions and a dashboard

New template and guidance from the DfE for schools on SFVS 2019-20 (updated January 2020)

Guidance from Audit for school on the new SFVS which includes more questions and a dashboard (updated January 2020)

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

If you have any questions on the Standard, please call Bradford Internal Audit on 01274 432249

In Control – the Internal Audit Newsletter for schools for Autumn 2018 is available to view in the secure area of BSO.

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