What is FMSiS? It is the department for children, schools and families' Financial Management Standard in Schools – what a financially well managed school should look like.
Why do I have to be assessed? Because there is a legal requirement under Section 48 of the Schools Standards and Framework Act 1998.
Whose responsibility is it to prepare for assessment? There is tripartite responsibility between the Head Teacher, Governors and the school Business Manager/Bursar.
What is the benefit to the school? Completing the assessment tool will help you achieve long term improvements in Financial Management. You will receive the FMSiS kite mark so that the outside world, in particular parents and the LA, can see the School has reached the required Standard.
What is an external assessor? External assessors are on an approved list from the department of children, schools and families. Those who come from a Management Consultancy/ Chartered Accountancy background can be expected to contribute added value where appropriate.
What is assessment? Not an audit but assessment: the school demonstrates by an evidential trail that the Standard has been met. We carry out all assessments on site.
Why a twenty day window? Sometimes as the assessment progresses, the evidential trail has to be improved in one or more specific areas. It means some more work is needed and the twenty day window allows you achieve this prior to a final decision.
What happens if the School does not meet the standard? This does sometimes happen and the assessor should highlight in his report what needs improving and make recommendations so that the School can build on where they are at. We can be asked by the school to give additional assistance to agree an action plan to meet the Standard and to help follow this through. When further work has been applied to the areas highlighted in the assessor's report, the School should apply to be re-assessed.
We have attained the standard: what happens now? The assessor will notify the department for children, schools and families, the Head Teacher and the LA that you have met the Standard for FMSiS. Within three years you will need to renew assessment to show you are continuing to meet the standard.