Audit and Financial and Regulatory Compliance
At Wilkins Kennedy we see the annual audit as more than a statutory requirement. It provides an opportunity to conduct a thorough, objective appraisal of your organisation and is a valuable process through which we are able to make positive recommendations to improve efficiency. By taking an overall view of your organisation we are also able to identify areas of risk, both current and potential.
Our Audit & Assurance services include:
- statutory audit, in accordance with International Standards on Auditing
- internal audit
- Responsible Officer
- independent examinations of charitable funds attached to the Academy
Our audit approach is based on the belief that a sound understanding of your organisation, detailed planning and regular two-way communication are essential to the effectiveness and cost efficiency of the audit.
The audit is planned in advance with your team to ensure that deadlines can be met and to identify critical internal and sector specific issues which may have a bearing on the audit. We make use of audit programmes specifically tailored to your circumstances which focus on an assessment of the key risks you face.
During the audit we keep in regular contact with you to monitor progress and discuss issues as they arise. Once it is complete we will hold closing meetings and produce a formal management letter. We also recommend that we provide formal feedback to audit committees and trustees to ensure that all stakeholders are kept informed.
Academies are required to appoint a governor or qualified body as a Responsible Officer (RO), acting as an independent source to verify sample transactions and check that the correct protocols are being followed with respect to finance.
As a top 25 firm of chartered accountants, Wilkins Kennedy is able to act as a Responsible Officer or assist the Responsible Officer and ensure that the proper procedures are being followed. We attend all governance meetings to provide ongoing support and advice and present quarterly reports.
Quarterly tests and reports can ensure:
- Transactions are being carried out correctly
- Finances are stable
- Resources are being fully utilised
- Budgets are being maintained