Need a Schools Auditor specialising in Schools Audits for Public Schools?
We are a Registered Audit Firm specialising in Public Schools Audit Services within Gauteng and more broadly, South Africa
Why choose CFO360 as your Schools Auditor?
CFO360 is an Audit Firm registered with the Independent Regulatory Board for Auditors that specialises in the audit of Public Schools. As a firm focussed on Schools Audits, we can confidently guide the School and the School Governing Body in terms of the various requirements of the South African School Act and the various circulars issued additionally by the Provincial Education Departments.
We assist schools with their audits and guide them in remaining compliant as well as helping schools improve their internal systems to ensure continued compliance
What are the benefits of letting us help you with your annual audit?
As a firm we audit a variety of public schools such as fee paying schools, no fee schools, schools that require Exemptions Audits as well as schools that deal with additional Grade R reporting and Nutrition Allowances.
In addition to the various types of schools we also work with the various systems used by Schools across South Africa such as Pastel, Xero or Quickbooks or even the specialist school accounting systems such as the paid EduPac or even the SA SAMS accounting software provided at no cost by the Department of Basic Education. This extends further to the additional systems used to process flows such as Governing Body Payroll positions, etc.
We employ modern processes to ensure our audits remain a cost effective option for schools with a variety of budgets and a variety of complexities.
What our Schools Audits Include:
At CFO360 we provide you with a dedicated Audit Partner or Manager. This individual guides you through the process of planning, performing and finalising your annual audit.
The Audits generally depend on the requirements and complexities of the School and the School Governing Body.
This includes items such as:
– Audit Report
– Report to SGB (Valuable report detailing items found during audit with suggested improvements)
– Grade R Reporting
– Exemptions Audit
– Nutrition Allowance Reporting
– Fund Notes and additional reporting
– Legal compliance with the SAS Act and other Circulars
A schools audit is a process of annual review for the financial statement of a public school as defined by the schools act performed by and Independent Registered Auditor.
Yes. All schools are required to be audited in terms of S43 of the South Africa Schools act of 1984. It is important to note that the exemption provided for in S43(2) for not auditing a school generally needs to be approved by the MEC in most provinces (as clarified by circular M3 of 2017).
All schools require an audit every year. These financials are due within 3 months after the end of the financial year of the schools. While some departments do give extensions these are reportable by the Registered Auditor.
Only Auditors approved in terms of the Audit Profession Act, regulated by the Independent Regulatory Board for Auditors.
The Schools Act provides that this be at the discretion of the School Governing Body and the the MEC. Ie. Every province makes it’s own guidelines. In practice these guidelines are not issued consistently and most schools’ financials are prepared according to either ordinary gaap or IFRS for SME’s or in a few cases, an entity specific framework. The School Governing Body has discretion in this regard but it is important that a framework be chosen prior to engagement with a School Financial Statement Auditor.
Some Frequently Asked Questions
Public schools are required to draw up their annual financial statements in accordance with guidelines determined by the Member of the Executive Council (MEC) and submit the audited or examined set to the head of department within six months after the end of each financial year
A school audit is an examination of a school’s financial statements by an external auditor. The purpose of the audit is to ensure that the school is complying with generally accepted accounting principles and to give an opinion on the fairness of the financial statements.
A school may get audited for a variety of reasons, but most commonly it is because the school is seeking to improve its financial governance. An auditor can help a school identify ways in which it can make improvements to its financial system and procedures. This can include things like improving the accuracy of financial reporting and enhancing internal controls.
Some Of Our Professional Partners
53 SCHOOLS REQUESTED A QUOTE IN THE LAST 30 DAYS
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