Financial Management Standard in Schools
External Assessment Services

CPC has been appointed to the Department for Children, Schools and Families framework for the provision of Financial Management Standard in Schools (FMSiS) external assessment services.

Our Approach to the FMSiS Assessment

Our approach is based around a friendly but objective on-site review of the school’s ability to meet the FMSIS standard. We strongly believe that to be on-site with the school management team offers far more value than the remote style of assessment. Being on-site enables us to ask questions and get ready responses as well as giving advice on alternative approaches from both our and other schools experience.

We aim to bring our experience to bear in understanding the ethos of the school and the way it approaches the financial and governance issues concerned. Also, as this is an assessment not an audit, an important aspect is our judgement on the individual capabilities within the school and governorship teams to meet and maintain the required FMSIS standard.

Although most of our work on site is conducted with the Bursar / Finance Manager, we also make a point of:

• Arranging to meet or speak to an appropriate governor. We examine aspects of the composition and performance of the Finance Committee and the quality of information, explanation and support they receive from the Bursar / Finance Manager and Head Teacher.
• Discussing the performance of the Bursar / Finance Manager with the Head Teacher. A particular issue is always the adequacy of cover for key individuals.
• Seeking information from the relevant Local Authority School Finance team to ensure we have coverage of the relevant areas of the assessment. The standard will not be awarded unless we have received a satisfactory response from the Local Authority.

The output from the assessment process is the annotated assessment form. We go through this section by section with the Bursar / Finance Manager identifying areas where we consider they could improve and giving advice on what they could do. These areas of weakness are generally not serious enough to be detrimental to achievement of the standard. We also give praise where praise is due.

Other Services

Gap analysis
Where schools have been uncertain as to the requirements of the standard or whether they have sufficient evidence to support their application, we have provided them with a gap analysis. This has taken the form of a dummy assessment which identifies shortfalls. The school is left with an action plan to remedy those shortfalls and can then request their assessment when confident they fully meet the requirements of the standard.

Planning to Achieve FMSIS
As an adjunct to the Gap Analysis we can help the school formulate a project plan with assigned responsibilities to gather required information, change processes etc.

Capital Project Management
One of the business streams of CPC is new construction project management where we have an extensive track record in the public sector. We could therefore assist schools or Local Authorities with any major developments. We recently managed the construction of a new primary school in Wales.

External Audit
Our business partners Horwath Clark Whitehill LLP can provide external audit and assurance services if required.

Wider FMSiS Services
If it were required we could provide FMSiS services specifically to Local Authorities or groups of schools.

Our Team

Our Lead Assessor, Robert Lamb, is a qualified accountant and also trained by IPF for this FMSIS assessment role. He has been able to apply his experience to help schools in Cornwall, Bristol, London and Lancashire to achieve the FMSIS standard. Our approach is constructive and has been appreciated by the schools we have worked with.

Our assessors are based throughout the country thus giving us national coverage. We are being aided in providing this service by Horwath Clark Whitehill LLP (HCW) a major firm of Chartered Accountants and Auditors with considerable experience of working with schools and city academies.  HCW have offices throughout England.

Contact Us

If you would like to discuss a potential requirement please contact Robert Lamb FCMA robert.lamb@cpcltd.com or on 07989 609941/ 0207 015 8500.