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Letter To The Secretary Of Education On The 2021 School Audits
We have written to the Secretary of Education with an overview of the 2021 school audits. The letter also gives an update on work to be carried out on the future of school financial reporting, details of the two main challenges faced during the audits, and the Ministry of Education’s progress on our previous recommendations.
Schools and audit teams were significantly affected by Omicron during 2022, which meant only 57% of school audits were completed by the 31 May deadline. The lower completion rate is also due to continued auditor shortages, and more audit work required in certain areas, such as schools’ payrolls and cyclical maintenance provisions in schools’ 10-year property plans. Steady progress since May means 84% of audits have been completed by 31 October.
We continue to support the Ministry as it considers the future of school financial reporting. This work also will consider the nature of assurance required over school financial reports, and how that assurance can be carried out in a cost-effective and timely manner. We will also continue to provide support to identify potential efficiencies in the current reporting and audit process.
We will provide our usual full report during the first quarter of 2023. We have decided to publish that report later than usual to incorporate the results of as many completed school audits as possible. That report will include details about our 2021 audit reports, an analysis of the important matters we identified during our audits, a description of the financial health of schools, and another update on the Ministry’s progress on our previous recommendations.
You can read our letter to the Secretary of Education on our website.
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