What do the changes mean for my trust?
The most stringent new requirements of this year’s Direction are applicable mainly to larger trusts. Meeting the disclosure requirements of Streamlined Energy and Carbon Reporting Regulations will be onerous for some, and trusts should refer to the ESFA’s established guidance document for advice as to how to go about collating and presenting this data.
The clarification in relation to trust’s internal scrutiny arrangements was as anticipated, and is line with the FRC’s Ethical Standard released earlier this year. Trusts who currently engage their external auditor for their internal scrutiny provision where transitional arrangements do not exist, should think carefully as to how they will meet their internal scrutiny requirements for the 2020/21 financial year.
Speak to an expert
If you would like to discuss the above changes in the Accounts Direction or any other wider academy sector guidance please get in touch with your usual Buzzacott contact, or simply fill out for the form below and someone will be in touch.