7
An Audit grade of "Outstanding" confirms that the sample audited
demonstrates
compliance with funding rules and regulations, with no/little
errors and risk to
SCL found. The provision showcases their commitment to
compliance, which
aligns with ESFA funding rules and regulations, ensuring
transparency,
accountability, and the best use of resources.
Good: 0.5 – 3% error rating
o
An Audit grade of "Good" confirms that the sample audited demonstrates compliance with funding rules and regulations, with small number of errors
and
risk to SCL found. While they may have minor areas for improvement,
their
commitment to funding compliance helps maintain a stable and reliable foundation within their provision.
Requires Improvement: 3.0
– 4.99%
o
An Audit grade of "Requires improvements" confirms that the sample audited demonstrates aspects of compliance with funding rules and regulations,
medium
number of errors have been found and poses a high risk to SCL
Education Group.
Requires Improvement runs the risk of moving into
inadequate, whilst the audit
identifies aspect of compliance with funding
regulations, addressing errors and
risks is a priority to ensure fully compliant
with regulations.
Inadequate: 5% or higher
o
An Audit grade of "inadequate" confirms that the sample audited
demonstrates
failure to meet essential requirements outlined by ESFA,
putting SCL Education
Group at significant risk. Immediate and
comprehensive actions are necessary to
rectify compliance deficiencies,
ensuring the provisions meets compliance
regulations, resolves any errors,
and reduces risk.
As the audit schedule runs every
6 weeks, provisions may fluctuate between ratings,
each provisions aim is to
achieve Outstanding in compliance having
no errors and risk to SCL Education
Group. Where any rating received is below outstanding, all provisions
must work
on improvements to reach outstanding and remain a
n “outstanding” rating
consistently throughout the contract year.
Audit Findings Reporting
•
At the end of each 6 -week period or at request from executive / board members, an audit report will be created and released to key shareholders and provisions heads of department. The audit report will summarise the findings of learner’s audit against each provision within the audit period, the financial risk and error rating.
SCL EDUCATION GROUP
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