1. Preparation
Providers submit an ILR to us and we select and provide the agreed samples. Typically, these mirror the size used by the ESFA or MCAs, but can be tailored to suit known issues and/or specific requirements. Once the samples have been issued, we will arrange a call to discuss the samples and evidence requirements. Providers will then need to collate the required evidence.
2. Testing
To provide the most realistic experience, mock funding assurance reviews will be carried out in line with the approach taken with ESFA and MCA audits.
Testing is usually carried out over several days subject to the agreed samples and will cover the critical factors within the scope of the ESFA’s or MCA’s assurance framework. This familiarises providers with the procedures and expectations to ensure they are well prepared for an official funding audit carried out by the ESFA, MCAs, or one of their appointed audit firms.
3. Feedback and findings
Throughout the process, detailed feedback will be provided. Where issues are raised, we will identify whether or not the issue would potentially impact on the provider’s funding claim. This enables providers to promptly address any identified issues and provide additional evidence where necessary.
4. Draft and final report
Once the testing has been completed, providers will receive a draft report where they will have the opportunity to respond to the issues and recommendations raised. Once the provider has given their responses, the report will be issued as final and should be used to address any issues raised during the review process, which in turn may form of an ongoing plan for improvement and monitoring in compliance within a provider.
We would also expect the results of the mock funding audit to be shared with senior management and governance groups such as the Audit and Risk Committee (or equivalent) and the Board and for which we have attended and presented at.
By simulating the procedures and expectations of official audits, mock funding assurance reviews help providers prepare effectively, identify potential compliance issues, and mitigate financial risks. They play a crucial role in ensuring transparency, accountability, and compliance in the funded education landscape.
Get in touch
Want to find out more about our mock funding assurance review services? Contact us using the button below, and a member of the team will be in touch.
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