FAQ on School Accounts
Why do you need your school's accounts certified?
1. Education Act 1998:
Section 18 (sub-section 1) says “... a board shall keep all proper and usual accounts and records of all monies received by it or expenditure of such monies incurred by it and shall ensure that in each year all such accounts are properly audited or certified in accordance with best accounting practice.”
2. Catholic Primary Schools Management Association (September 2010 Newsletter):
"Boards of Management are required, under the Education Act 1998, to keep accounts of income and expenditure. A financial report should be prepared annually. The accounts should be properly audited or certified in accordance with best accounting practice on a yearly basis. There is no strict definition of the term “certified” but it suggests that a suitably qualified accountant is satisfied that the accounts are both properly presented and accurately reflect the underlying records. An “Accountant’s Report” appended to the accounts would typically place responsibility for the completeness and accuracy of the underlying records on the Board of Management.
It may be the wish of certain Boards however, to commission a full audit of the financial statements for both their own comfort and for full transparency although the cost involved would normally be greater than that of “certification”.
The accounts should be certified or audited by an accountant who is independent of the BoM and who has the appropriate qualifications and professional indemnification. Three copies of the certified/audited accounts should be made – one for the Board of Management, one for the Patron, one for the accountant. The report should be available if requested for inspection by parents, Patron, Trustees, or the Department."
This advice is similar to that given by the other patron groups such as the Church of Ireland Board of Education, An Foras Pátrúnachta, Educate Together Ltd., etc.
3. In the case of primary and secondary schools the accounts must be submitted to the Financial Services Support Unit (FSSU) by the 28th of February each year.
Section 18 (sub-section 1) says “... a board shall keep all proper and usual accounts and records of all monies received by it or expenditure of such monies incurred by it and shall ensure that in each year all such accounts are properly audited or certified in accordance with best accounting practice.”
2. Catholic Primary Schools Management Association (September 2010 Newsletter):
"Boards of Management are required, under the Education Act 1998, to keep accounts of income and expenditure. A financial report should be prepared annually. The accounts should be properly audited or certified in accordance with best accounting practice on a yearly basis. There is no strict definition of the term “certified” but it suggests that a suitably qualified accountant is satisfied that the accounts are both properly presented and accurately reflect the underlying records. An “Accountant’s Report” appended to the accounts would typically place responsibility for the completeness and accuracy of the underlying records on the Board of Management.
It may be the wish of certain Boards however, to commission a full audit of the financial statements for both their own comfort and for full transparency although the cost involved would normally be greater than that of “certification”.
The accounts should be certified or audited by an accountant who is independent of the BoM and who has the appropriate qualifications and professional indemnification. Three copies of the certified/audited accounts should be made – one for the Board of Management, one for the Patron, one for the accountant. The report should be available if requested for inspection by parents, Patron, Trustees, or the Department."
This advice is similar to that given by the other patron groups such as the Church of Ireland Board of Education, An Foras Pátrúnachta, Educate Together Ltd., etc.
3. In the case of primary and secondary schools the accounts must be submitted to the Financial Services Support Unit (FSSU) by the 28th of February each year.
Why Upper Third Chartered Accountants?
1. We are a firm of Chartered Accountants authorised by the Chartered Accountants Regulatory Board and thus appropriately qualified.
2. School accounts are one of our specialist areas and this allows us to uniquely advise our school clients.
3. We carry our own Professional Indemnity Insurance.
4. Our fees are competitive.
5. We can also provide further services such as budgeting, cashflow statements, and payroll maintenance at competitive rates. We can also provide RCT and VAT compliance services.
2. School accounts are one of our specialist areas and this allows us to uniquely advise our school clients.
3. We carry our own Professional Indemnity Insurance.
4. Our fees are competitive.
5. We can also provide further services such as budgeting, cashflow statements, and payroll maintenance at competitive rates. We can also provide RCT and VAT compliance services.
What if we are having a Whole School Evaluation?
Again Section 18 of the Education Act 1998 applies and in sub-section 2 states “Accounts kept in pursuance of this section shall be made available by the school concerned for inspection by the Minister and by parents of students in the school... .
A parent of one of the children in our school works as an accountant. He will do the job for nothing/half your fee. Why would we use your services?
1. We are authorised by the Chartered Accountants Regulatory Board, a body recognised by the Irish Auditing and Accountancy Supervisory Body, to practice as public accountants in Ireland. A copy of our practice cert is available on application.
2. We are fully indemnified and a copy of our Professional Indemnity Insurance certificate is available on application.
3. We are independent of the Board of Management.
4. All our accounts are completed in accordance with best accounting practice.
2. We are fully indemnified and a copy of our Professional Indemnity Insurance certificate is available on application.
3. We are independent of the Board of Management.
4. All our accounts are completed in accordance with best accounting practice.
Is there anything else we should be doing?
So we are required to prepare accounts and have them certified under the Education Act 1998. Is there anything else we should be doing?
Yes. Boards of Management are required to prepare budgets under the Constitution of Boards and Rules of Procedure (as published by the Department of Education). Upper Third Chartered Accountants can assist with this process by preparing a draft budget based on the previous year’s spending patterns and amending it on the basis of input from the Board of Management. This would be the subject of a separate fee to be agreed prior to commencement of the budget.
The board should also be registered for Relevant Contracts Tax (RCT) and VAT.
Yes. Boards of Management are required to prepare budgets under the Constitution of Boards and Rules of Procedure (as published by the Department of Education). Upper Third Chartered Accountants can assist with this process by preparing a draft budget based on the previous year’s spending patterns and amending it on the basis of input from the Board of Management. This would be the subject of a separate fee to be agreed prior to commencement of the budget.
The board should also be registered for Relevant Contracts Tax (RCT) and VAT.
Where can I independently verify the information on this page?
Try the following website links:
www.irishstatutebook.ie for the Education Act 1998.
www.carb.ie is the website of the Chartered Accountants Regulatory Board.
www.education.ie is the website of the Department of Education.
www.cpsma.ie is the website of the Catholic Primary School Managers Association.
http://www.jmb.ie/school-finance is the website of the Financial Services Support Unit.
Our practice certificate and professional indemnity insurance certificate are available at www.upperthird.ie/about us
www.irishstatutebook.ie for the Education Act 1998.
www.carb.ie is the website of the Chartered Accountants Regulatory Board.
www.education.ie is the website of the Department of Education.
www.cpsma.ie is the website of the Catholic Primary School Managers Association.
http://www.jmb.ie/school-finance is the website of the Financial Services Support Unit.
Our practice certificate and professional indemnity insurance certificate are available at www.upperthird.ie/about us