Internal audit and SFVS

School Financial Value Standard (SFVS)

The schools financial value standard helps to provide schools with assurance that they are meeting the basic standards necessary to achieve a good level of financial health and resource management

Completion of the SFVS by local authority maintained schools is mandatory.

Local authority maintained schools must submit the schools financial value standard (SFVS) to their local authority annually.

Local authorities use this information to inform their programme of financial assessment and audit. They submit an assurance statement every year to cover all the maintained schools in their area.

For each financial year:

  • schools should complete and submit their SFVS to at the earliest possible time and during the Spring term
  • schools should submit their SFVS to their local authority no later than 31 March 
  • local authorities should submit their assurance statement to DfE within 6 weeks, no later than 31 May

The required forms together with guidance is available from the DfE site