The University Assurance Service is committed to operating within the framework for assurance and accountability, as required by the HEFCE. The University Assurance Service adopts recognised best practice where relevant and adheres to the international auditing standards, set out by the Institute of Internal Auditors and adopted by the HEFCE.
Governing bodies must ensure that they are fulfilling their responsibility for adequate and effective risk management, control and governance, and for the economy, efficiency and effectiveness (i.e. value for money (VFM)) of their institution’s activities. Accordingly, governing bodies of higher education institutions are required by the Higher Education Funding Council for England (HEFCE) to appoint an audit committee.
The overriding duties of the audit committee should normally include oversight of the:
- Effectiveness of the institution’s risk management, control and governance arrangements, and the arrangements to promote economy, efficiency and effectiveness
- Internal audit arrangements, including advising the governing body on the appointment of the internal audit provider, and oversight of the nature and scope of internal audit and the effectiveness of the internal audit process
- External audit arrangements, including advising the governing body on the appointment of the external auditor, and oversight of the nature and scope of external audit and the effectiveness of the external audit process
- Audit aspects of the institution's financial statements, including the external audit opinion, the statement of members' responsibilities, the statement of internal control and any relevant issue raised in the external auditors' management letter. (Handbook for Members of Audit Committees in Higher Education Institutions, Committee of University Chairmen)
The Terms of Reference for the University's Audit Committee can be accessed via the related link on this page.
University Assurance Service
The University Assurance Service is responsible for conducting an objective and independent appraisal of all the University's activities, financial and otherwise. It should provide a service to the whole organisation, including Council and all levels of management.
The role and responsibilities of the University Assurance Service are set out in the University Assurance Service Terms of Reference
- University Assurance Service Terms of Reference (last modified: 20 February 2017)