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Schools Financial Value Standard (SFVS)
The Schools Financial Value Standard (SFVS) was introduced in September 2011 with the purpose of assisting schools with the management of their finances, and to give assurance that they have secure financial management processes in place.
The SFVS replaced the Financial Management Standard in Schools (FMSIS), which was withdrawn by the Government in November 2010.
The SFVS is a requirement for local authority maintained schools, and is primarily aimed at governors to support their formal responsibility for the financial management of their schools.
Governing bodies are required to conduct an assessment against SFVS once a year. Assessments should be signed by the Chair of Governors and submitted to the local authority by 31st March each year.
Full details of the standard are available on the DfE website:
Support and guidance is also available from the Shared Internal Audit Service (email: firstname.lastname@example.org or from Financial Services (email: email@example.com)
Further guidance on the SFVS can be found on the Internal Audit web pages:
Governor Briefings - Presentation on SFVS