At the moment, the DfE is reviewing the content of the information in the accounts return but has not made a final decision on future reporting requirements.

In a statement, the National Audit Office (NAO) said ‘that the amount and nature of the data that the Department will collect from academies will not change substantially from last year, therefore we expect the audit work will be similar’.

Once a decision has been taken, the NAO will communicate changes to academy auditors.

The DfE, through the Education Funding Agency (EFA), is required by statute to consolidate academies and academy trusts into their financial statements each year. The DfE’s accounting period is to 31 March, whereas the academy year end is 31 August. Academies in existence at 31 March have to be consolidated at that point.