Ensuring Compliance: Reviewing a Private School’s Financial Viability

To meet compliance requirements, an independent team was engaged to undertake a private school financial viability review and assess its financial plan in line with the financial viability requirements of the Education (Accreditation of Non-State Schools) Regulation 2017 (the QLD Regulation).

Engagement Objective

To review the private school’s financial plan to comply with the financial viability requirements of the QLD Regulation.

Engagement Approach

We completed the following, among other procedures, to achieve the engagement objective:

• Reviewed the financial statement and financial records by testing details of a sample of transactions
• Reviewed the financial plan/ budget by identifying key inputs assessing their reasonableness by validating underlying source information, assessing management’s capability in preparing accurate budgets, and performing sensitivity analysis to assess which inputs could materially impact the financial plan/ budget.
• Reviewed projected enrolments, student fees and intended staffing levels based on current year actuals and board-approved plans.
• Reviewed capital outlay for land, building and facilities for reasonable ness based on board-approved plans.
• Reviewed reasonableness of estimated income from State and Commonwealth grant funding based on consistency of data used and publicly available information.

Engagement Results

The outcome of our review provided the school with an assessment of over its financial viability to comply with the requirements of the QLD Regulation.

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