Children's Services
Financial management standards in schools
As part of the national value for money agenda, schools are required to achieve and maintain a level of performance in financial management that conforms to a detailed and objective Standard. This framework - the Financial Management Standard in Schools (FMSiS) - has been developed by the Department For Children, Schools and Families (DCSF) from the baseline provided by the Audit Commission guideline document ‘Keeping Your Balance'.
The core attribute of the FMSiS is that it is objective and evidence based, and each school is required to submit itself for external assessment of its performance against the Standard, at least every three years.
Financial management in schools really does matter, not only in ensuring value for the considerable sums of public money invested in our schools but also, as OFSTED have observed, there is a high positive correlation between a school's management of its finances, and its performance in delivering a high standard of education to our children and young people.
Services provided by Public Sector Consultants
- delivery, to the specification laid down by the DCSF, the formal external assessment of an individual school's performance against the FMSiS. This will include a comprehensive report to the Governing Body on the results of the assessment, and any relevant recommendations
- provide pre-assessment assistance to individual schools, tailored to their particular requirements, for example:
- reviewing the portfolio of evidence, to ensure that it reflects the reality of performance in the school
- reviewing the policies, procedures and practices in place within the school to ensure compliance with the FMSiS
- advice in developing and implementing FMSiS compliant policies, procedures and practices
- training for Governors and finance staff in the requirements of FMSiS
The benefits of our service
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Public Sector Consultants is accredited by the DCSF as a recognised provider of external assessment of the Financial Management Standard.
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All our dedicated team of consultants have been appropriately CRB checked
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Our internal quality assurance processes have been audited by the DCSF and have been recognised as of high standard
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We are independent of the Local Authority, and will provide an objective and unbiased assessment of performance
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Our aim is to promote the FMSiS as more than a box ticking exercise. We believe that it represents an opportunity for a school to critically examine its underlying culture and ensure that its policies, practices and procedures are fit for purpose and promote the achievement of value for money.