Internal audit and SFVS

School Financial Value Standard (SFVS)

The schools financial value standard helps to provide schools with assurance that they are meeting the basic standards necessary to achieve a good level of financial health and resource management

Completion of the SFVS by schools is mandatory.

Local authority maintained schools must submit the schools financial value standard (SFVS) to their local authority annually.

Local authorities use this information to inform their programme of financial assessment and audit. They submit an assurance statement every year to cover all the maintained schools in their area.

For the financial year 2022 to 2023:

• schools should submit their SFVS to their local authority no later than 31 March 2023
• local authorities should submit their assurance statement to DfE within 6 weeks, no later than 31 May 2023

The required forms together with guidance is available from the DfE site

https://www.gov.uk/government/publications/schools-financial-value-standard-sfvs