The University is required by its funder and regulator, the Higher Education Council for England (HEFCE), to have both an internal and external audit function. An external audit function is also required by the University's Statutes.
The internal audit function is responsible for providing an independent appraisal of the University’s financial and operational activities. The University’s internal audit function is currently provided by Deloitte LLP. The internal auditors report to the University’s Audit Committee. Among the internal auditors’ main areas of audit are: key financial issues, risk management, value for money, internal controls and governance. The annual internal audit plan includes specific themed audits which are agreed by the Audit Committee and an annual internal audit departmental assurance survey which is completed by institutions. The audit plan is used to assess the internal controls and accounting systems in place in the University and is linked to risks identified in the University’s Key Risk Register.
The external audit function gives an independent opinion on the University’s annual financial statements. These statements summarise the University’s financial performance during the year. The Council, on the advice of the Audit Committee, appoints the external auditor. The external auditors work both within institutions and the Finance Division.
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