The overseers of Academies cannot manage their own accounts

[TalkinPeace2]

The NAO have qualified the accounts of the YPLA as lacking in control.
www.nao.org.uk/publications/1213/dfe_and_ypla_2011-12.aspx
Just as more and more of our children's education is coming under their remit.

SCARY

The issue is that the Treasury believes its rules apply to academies, which means academies are required to get approval in advance for certain types of spending. In particular, their rules require advance approval by the Treasury of any severance payments in excess of employer's contractual commitments. The YPLA and the Charity Commission (all academies are charitable companies and must therefore obey Charity Commission rules) believe Treasury rules do not apply and that it is for trustees to consider whether they can justify the payment as being in the interests of the charity. Central to this argument is whether academies are central government entities. The Treasury believes they are. The NAO has sided with the Treasury and has therefore required the YPLA to ensure that academies comply with Treasury rules.

The NAO has also qualified its opinion on the accounts of the DfE due to overspending. The education of all our children comes under their remit.

and reading the full PDF, there were significant issues with Academies submitting their accounts late, and of payments made in kind and not in accordance with normal employment guidelines.
It does NOT bode well for when they have to cope with a far larger number of academies.