Education

Education Sector

We have worked successfully on a range of complex issues across the education sector. Our team is experienced and dedicated with specialists across the education sector, serving client in K-12, higher education and registered training organisations (RTOs).

We have been servicing our clients by:

• Keeping our clients informed: through newsletters, technical seminars, presenting at industry events,
• Financial reporting: providing advice on application accounting standards, financial reporting changes and financial statement disclosures,
• State-based regulator reviews,
• Fringe benefit reviews,
• Management accounts: we have assisted a number of organisations in developing streamlined, meaningful management reports,
• Grant acquittals,
• Payroll reviews: we have been undertaking payroll reviews, including, data analytics testings, review of odd payments, compliance with awards, etc.
• KPI and benchmarking comparisons,
• Presenting at industry events: we regular speak and engage with industry bodies such as CSA, CMA, ACNC, ATO and AASB,
• IT risk: we have been providing advice on IT risk.

Education Sector Team

We undertake assurance and consulting services to over 30 clients including schools with K-12, early childhood, higher education, theological colleges and registered training organisations.

We have a dedicated Education Sector Team which focuses on service provision for the Education Sector. We undertake regular Education Sector training to ensure our team is across upcoming changes in the sector and is best able to deliver service to our clients.

Audit

Our audits are designed to provide your board with confidence over the accuracy of the annual financial report, the adequacy of your internal controls and advice in relation to meeting your governance obligations. We undertake fully electronic audits embracing advanced data interrogation techniques that enable the use our expertise in the interpretation of variances, exceptions and matters requiring skill and judgement. We undertake external and internal audit engagements for a number of clients in the Education Sector.

Grant Acquittals

Many government departments and other funders require an independent audit of funding provided. We provide tailored grant acquittal services to meet the funder’s requirements. These acquittals include recurring government funding, tutor initiative funding, capital funding (BGA) and other government funding acquittals.

VRQA reviews

The Victorian Registration and Qualifications Authority (VRQA) requires all schools in Victoria to have a 5-year financial plan certified every 5 years.

Our Education Sector Team understand the VRQA’s requirements and can provide a thorough, independent review of school’s 5-year financial plan and advice in relation to key focus areas for VRQA reviews.

Business Advisory and Accounting Assistance

We have a dedicated team with significant experience in the Education Sector. We undertake various services including: monthly and year-end accounting and reconciliation, preparation of budgets and cash flow forecasts, development of professional, efficiently developed management accounts and accounting package training and taxation advice including GST treatment for schools.

Remuneration Services

Murray Nicholls leads our Remuneration Services team. Murray is a specialist in various areas of remuneration, including fringe benefits, salary packaging and taxation planning, and provides advice to a number of clients in the education sector.

If you have any questions please contact our Education specialists Matthew Crouch and David Mitchell.