The Financial Management Standard & Toolkit was developed and released to schools as a self-management package in June 2004. The Standard itself is a simple statement of what a school that is financially well managed would look like. It provides a clear and consistent benchmark that schools can use to encourage self-improvement. The introduction of FMSiS is on a phased basis ending in 2009/10. (i.e.; Phase 1 2007/8, Phase 2 2008/9, Phase 3 2009/10). All secondary schools had to meet the Schools Financial Management Standard by March 2007. Primary and special schools have to meet the Standard by March 2010. The Financial Management Standard is awarded to the school for good financial management practices, rather than to any individual, and will require renewal every three years. The renewal date of the Standard would commence from the date of the assessment that the school has met the requirements of the Standard.
The Standard is intended to help schools in evaluating the quality of their financial management and to aid in training staff to become better financial managers. Successful schools meeting the Standard will then receive a certificate from the Department bearing the new FMSiS logo. If a school does not meet all of the required criteria, they will receive a written report on what they need to do to meet these requirements. The summary provided to the school post-assessment would clarify those areas in need for improvement. If a school narrowly fails the Standard, the school would have a total of 20 working days grace in order to provide the additional evidence required to meet that criterion before a final decision is made, without additional charge. There is no right of appeal beyond this process.
ZibahConsultants Limited has been in the forefront of delivering professional services in Audit, Tax and
We propose to assist school governors and senior managers to completing the
One text book definition of the term Internal Controls, is as follows: Internal control comprises the plan of
