Andy advises on Serious Errors on 2014 Accounts Returns for academies 12 August 2015 Share It has come to our attention that the Education Funding Agency (EFA) are sending out letters via email to head teachers regarding adjustments required to the 31 August 2014 Accounts Return. Similar letters have been received from academies in different regions and we can therefore assure you that this seems to be across the sector. The letter refers to a number of serious errors having been made. However, in the examples we have seen it appears to refer to only one point which we believe has arisen from a lack of clear guidance from the EFA relating to the introduction of additional analysis. The 'serious errors' relate to re-classifications of fixed asset headings such as assets classed as leasehold property, re-classified as leasehold improvements. The EFA also describe these as a 'serious failure'. In one instance the auditor had sought EFA guidance before completing the document due to the lack of guidance and felt that the response was unnecessary and unhelpful. For advice on this issue please contact Andrew Williams, Partner and Head of Education [email protected] or a member of the Moore Stephens education team.