In May 2013, the Education Funding Agency (EFA) published the Academies Accounts Direction 2013 (AAD 2013).
Academy auditors welcomed the publication date as the AAD 2012 was published in August 2012. This meant audit firms were already in the planning phases of their audits and coupled with the fact that guidance concerning the audit of regularity was also published quite late, the EFA has done well to publish the AAD 2013 in a timely manner.
The EFA has said that they anticipate that going forward, each revised AAD will be published in good time to enable academies and their auditors to plan their work accordingly.
However, as the AAD becomes more established and accounting practices and methodologies are enhanced, it is envisaged that the AAD will not be subject to wholesale change from one academic year to the next so we should start to see some consistency in the method financial statements for academies are prepared.
It is also worth pointing out that the EFA has also published an updated...