The Office for Students (OfS) requires the University to demonstrate that it meets certain conditions to stay registered as a Higher Education provider, one of which is to demonstrate that the University has adequate and effective financial, operational and governance arrangements. The University's internal audit function is responsible for providing an independent appraisal of the University's activities, both financial and operative. This provides the Audit Committee with assurance that risk management, internal controls, processes and governance are working effectively. The internal auditors investigate and review:
Key financial issues
Risk management
Value for money
Internal controls
Governance
The internal auditors report to the Audit Committee.
The University has appointed Deloitte LLP as its internal auditors until 31 July 2025.
The University has a hybrid, managed outsourced internal audit model. This comprises a single outsourced internal audit firm, with a dedicated senior member of the University (Head of Assurance, Governance & Compliance Division) who facilitates the work of the outsourced internal audit firm, with a view to driving the effectiveness and efficiency of internal audit. This approach allows the University to combine external and independent audit expertise with in-depth knowledge of the academic and administrative processes at the University.
Each year the University’s internal auditors in consultation with the Audit Committee draw up a programme of audits, which form part of an overall three-year internal audit plan. The plan will be used to assess the internal controls and accounting systems in place within the University and is based around a number of key risks identified by the University, as set out in the University’s Risk Register, as well as assurances required by the OfS.
Audits may take the form of cyclical audits which focus on key internal controls or processes or topical reviews which will investigate strategic issues in greater depth. Some audits provide coverage of activities undertaken by departments and faculties across the University. The auditors will select a small number of institutions to visit as part of the audit fieldwork and sampled institutions will be contacted by the Head of Assurance in advance of fieldwork starting. Heads of Institution are required to ensure that all information and explanations required by the University's internal auditors are provided promptly.
The reports of the internal audit work are reviewed at each Audit Committee meeting, which take place six times per year. Any issues of fundamental importance will be reported to Council.