Financial Management Standard in Schools
This
has been introduced by the Government to ensure that all schools’
financial procedures are of a consistently high standard. All
secondary schools have already been assessed against the standard, and
primary schools will have been assessed by March 2010.
Although it may seem to governors that this standard is really about the
school’s detailed financial procedures, it is also there to ensure that
the governing body’s decisions are clearly made, are clearly recorded
and are consistent with financial procedures.
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