Internal control
- Internal Financial Controls [FMSiS] SUMMARY GUIDANCE
- Guide to the Statement of Internal Control [FMSiS] GUIDANCE
- Statement of Internal Control - Pre-Certification Checklist for Governors [FMSiS] CHECKLIST
- A Specimen Statement of Internal Control for Schools [FMSiS] TEMPLATE
- A Brief Guide to Fraud Detection and Response [FMSiS] SUMMARY GUIDANCE
- Financial Risk and Control Checklist (Word) [FMSiS] TEMPLATE
- Financial Risk and Control Checklist (PDF) [FMSiS] TEMPLATE
Internal Financial Controls [FMSiS]
This Summary Guide (12 pages) has been developed by IPF as part of the Toolkit supporting the DCSF Financial Management Standard in Schools. It summarises why internal financial controls are important; the benefits of having a sound system of internal control; examples of key internal control; and controls for specific financial management activities. Links to more detailed guidance are also provided.(Word 190 KB)
www.fmsis.info/uploads/S5_2.doc
Guide to the Statement of Internal Control [FMSiS]
The Statement of Internal Control (SIC) is primarily a factual statement setting out the processes that are in place to ensure effective financial management of the school and its resources. This document consists of guidance on and a specimen SIC, which is similar in concept to those used in both local authorities and in central government, but which has been simplified for use in schools to reflect the comparatively smaller scale of financial activity and consequently the financial expertise available.(Word 173 KB)
www.fmsis.info/uploads/R15.doc
Statement of Internal Control - Pre-Certification Checklist for Governors [FMSiS]
The Statement of Internal Control (SIC) is designed to accompany the DCSF Consistent Financial Reporting (CFR) Return and Financial Summary, and so relates to the same completed financial year. The internal controls it refers to are those required as best practice by the Financial Management Standard in Schools.
The issues for governors and the headteacher to consider before authorising their representatives to the sign the SIC fall into two categories: specific actions and more general control processes that should have occurred during the financial year in question; and specific actions needed after the year end when the CFR Return is available. The checklist questions are split into these two categories for ease of consideration.
(Word 43 KB)
www.fmsis.info/uploads/R15B.doc
A Specimen Statement of Internal Control for Schools [FMSiS]
This is a one page example template of a school Statement of Internal Control, which would be signed off by the headteacher, Chair of Governors and Chair of Finance Committee.(Word 28 KB)
www.fmsis.info/uploads/R15A.doc
A Brief Guide to Fraud Detection and Response [FMSiS]
This summary has been adapted from training materials by Four S Finance Consultancy and sets out: the risk of fraud in schools; why internal control is important; the most likely types of fraud; the warning signs of fraud or incompetence; what to do if a fraud is found; and where to go for more help.(PDF 94 KB)
www.fmsis.info/uploads/r48.pdf
Financial Risk and Control Checklist (Word) [FMSiS]
This documents (around 12 pages) provides a checklist on a range of areas relating to financial risk and internal control, including: governance; financial planning and budgetary control; payroll; purchasing arrangements; payment of invoices; imprest bank account; school assets; income; school meal income; school voluntary fund; data security; and insurance. A checklist is provided for both a primary and secondary school.(Word 169 KB)
www.fmsis.info/uploads/R52a.doc
Financial Risk and Control Checklist (PDF) [FMSiS]
This documents (around 12 pages) provides a checklist on a range of areas relating to financial risk and internal control, including: governance; financial planning and budgetary control; payroll; purchasing arrangements; payment of invoices; imprest bank account; school assets; income; school meal income; school voluntary fund; data security; and insurance. A checklist is provided for both a primary and secondary school.(PDF 338 KB)
