The lovely wibbly wobbly old lady

Reposted from Accountingweb

The Education Funding Agency needs to be more efficient and improve at spotting academies whose accounts aren’t clear enough, said the Public Accounts Committee.

The government-run agency distributes £54bn of funding a year to education providers, including local authorities, academies and academy trusts.

It however “does not spot risks or intervene in schools quickly enough,” said PAC chair Margaret Hodge in a recent report on the agency and the Department for Education financial statements.

Although the agency, set up in 2012, has succeeded in getting money out to schools on time, it has “not yet got to grips with effective oversight of how that money is spent,” she added.

Hodge said the committee was concerned that individuals with connections to both academy trusts and private companies may have benefitted from their position when providing trusts with goods and services: “The agency has reviewed 12 such cases but it is likely…

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