School Quality Audit is an independent, objective assurance and consulting activity designed to add value and improve an institute’s operations. It helps the school to accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes. The three major financial functions in school audits are budgeting, accounting, and auditing–are separate, discrete operations, but they are nonetheless closely interrelated. They are required activities in providing reliable fiscal information, guidance, and accountability in the use of the funds allotted for the functioning and expansion.
These school quality audit benefits in following ways:
1.) Ensures compliance
2.) Provides credibility.
3.) Critique internal processes
4.) Double check internal audit