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Internal Audit - Our growth continues!

We have reached the time of year again when the Skills Funding Agency publish the 'Finance Record'. 

Many hours are spent looking through it to analyse the data and compare your performance to the performance of your competition!

This year we have continued our climb up the table of 'internal auditors' and despite only re-entering the internal audit market less than 2 years ago, we are now the second largest provider in the sector!

Are you missing funding target?

If you are we may be able to help you increase the value of your funding claim - and reduce the amount of money you need to give back to the Skills Funding Agency.

We identified more than £2m in 2013/14 that colleges were prepared to pay back but didn't need to!

Paying back money you have earned but not claimed at a time with such significant budgetary constraints is something you need to avoid.

Every £1 you manage to secure beyond what you have budgeted flows straight to the bottom line!

Looking for a new challenge? - Our Internal Audit Team is expanding again!

Having re-entered the internal audit market in 2013 we have already been appointed as the internal audit service provider to 29 colleges.

We believe our committment to offering an alternative added value service to the sector is the core driver behind this success.

We don't want to be the largest provider to the sector, but most certainly want to be the one that is most valued by its clients.

Autumn Survey - Have your say!

We have recently undertaken a survey of Finance Directors to establish their views on the key challenges facing the sector over the next 12 months.

Whilst we have received a significant number of responses it is not too late to have your say.

If you would like to participate please contact us at ets@icca-ets.com and we will arrange to send the questionnaire to you for completion.

All responses will remain confidential!

 

 

Do you know if you are going to hit your funding targets for 2014/15?

There are significant financial consequences for failing to hit your funding targets - the Skills Funding Agency reclaim funds for underperformance, sometimes in year, whereas the Education Funding Agency look to reduce the funding allocated in future years - unfortunately it is not as easy to reduce your costs as it is to clawback funding!

Are you giving money you have earned back to the Skills Funding Agency for 2013/14?

If you are we may be able to help you increase the value of your funding claim - and reduce the amount of money you need to give back to the Skills Funding Agency.

We have identified more than £2m since 31 July 2014 that colleges were prepared to pay back but didn't need to!

As you know you need to ensure that you have maximised your funding claim in advance of the final ILR deadline for 2013/14 at the end of October - paying back money you have earned but not claimed at a time with such significant budgetary constraints is something you need to avoid.

Date for your diary........

It doesn't seem more than five minutes ago that we welcomed more than 100 guests to our Annual Further Education Dinner at University College Birmingham - but nearly 12 months have passed and the dinner is nearly upon us again.

We are in the process of issuing invitations - if you haven't received yours as yet please let us know (ets@icca-ets.com) and we will get one sent to you!

New Inspection Arrangements

Ofsted have recently announced that from September 2014 onwards any college who receives an overall judgement of 'requires improvement' will be subject to re-inspection within 12 to 24 months - as compared to the previous timescale of 12 to 18 months.

Whilst this may not seem a significant change it can mean an additional 'data' year to demonstrate improvements to the quality of provision/ success rates.

Qualification Success Rates 2013/14

The Skills Funding Agency have today announced their strategy for calculating success rates and the publication of the QSR for 2013/14.

Most things remain the same with the QSR being published separately for all funding provision types, that is, Classroom, Work Placed and Apprenticeships, however there is a change to the methodology used – for the first time the same overall methodology will used for all provision types. 

Our ever expanding Internal Audit Team!

Having re-entered the market in 2013, we have already been appointed as the internal audit service provider to 14 colleges.

We believe our commitment to offering an alternative added value service to the sector is the core driver behind this success. 

Fundamental to our strategy is not to be ‘the largest provider to the sector, but the most valued by its clients’.  To sustain this strategy, we have invested significantly in recent months to grow the size, experience, and offering of the assurance team.  Our recent appointments include:

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