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Financial Management and Budgeting in Education•Resource Management & Audit

Audit & Financial Reporting

University 8 questions
AI-drafted from platform data — specialist review scheduledBy DigiTransact Mastermind editorial team
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What audit & financial reporting means

Internal controls, internal and external audit, and financial reports in education.

Before you start

Not confident yet? Work through Procurement & Asset Management first.

Worked example

One question from this skill's own question bank, shown with its full working.

Question

The main purpose of internal control in a school’s finances is to:

  • Safeguard assets and ensure accurate records and compliance
  • Slow down every payment indefinitely
  • Replace the head teacher
  • Increase school fees
Answer: Safeguard assets and ensure accurate records and compliance

Working: Controls such as authorisation, segregation of duties and reconciliation protect resources and the reliability of records.

Curriculum and exam alignment

Tertiary foundation coursework

Curriculum notes are a general guide to where this work normally sits. Always check the syllabus your school or examination body is currently using.

Related skills

Other Resource Management & Audit skills in Financial Management and Budgeting in Education, at the same point in the course.

Other Financial Management and Budgeting in Education topics

Financial Control & AccountabilityEducation Finance Foundations

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All Financial Management and Budgeting in Education skills

Practise audit & financial reporting

8 questions with a worked answer after every attempt, and a SmartScore that tracks how close you are to mastery.

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