LA Schools: RAG Rating for Schools Financial Management Update

Some amendments have been made to section 3, section 3.1, section 7 and section 8 of the schools financial Criteria Matrix - RAG Rating for School Financial Management (PDF, 342 KB) which will take effect from the spring term. 

Section 3 and section 3.1 have seen some minor changes linked to budget submission criteria and section 7 and section 8 have been updated based on changes to the Norfolk Audit Services internal audit offer. 

A new approach to the internal audit service was agreed as part of the Dedicated Schools Grant (DSG) Consultation. More information can be found here: Dedicated Schools Grant (DSG) consultation - Norfolk Schools and Learning Providers - Norfolk County Council  including the slides from the engagement session for Internal Audit.  

As per the documents included in the consultation, a minimum risk based approach is being taken which will include audits of higher-risk topics and audits of higher-risk schools, identified through risk assessment and data analytics. Individual schools may be included in the samples for the audit work and all schools will receive feedback on the results of relevant audit work completed.  The internal audit traded services is no longer available to schools and has therefore been removed from the RAG requirements.  

Thematic audits previously completed will still form part of the RAG criteria if evidence has still not been provided that audit findings have been discussed at Governor level.