The Governing Body and Headteacher are responsible for the proper financial management and financial probity of their school. The Governing Body must set out the delegation arrangements in the Record of Financial Responsibility (RoFR). Also, each school should have its own Finance Policy and Local Procedures manual which detail the management and operation of financial procedures in the school.
It is important that the Policies and Procedures are sound and robust; however it is equally important that staff adhere to the procedures, including the delegation arrangements set out in the Record of Financial Responsibility (RoFR).
An independent Statement of Internal Controls (SIC) assessment could provide reassurance for the school that existing controls are sound and/or highlight areas of weakness requiring improvement.