The Higher Education Council for England (HEFCE) requires all universities to have an internal audit function. This function is responsible for providing an independent appraisal of the University's activities, both financial and operative. The internal auditors investigate and review:
Key financial issues
Value for money
The internal auditors report to the Audit Committee. The Committee has close links to the Risk Steering Committee and considers the effectiveness of controls proportionate to operational and financial risk as well as value for money.
The University has re-appointed Deloitte LLP as its current internal auditors until 31 July 2021.
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 Key Risk Register, as well as assurances required by HEFCE.
Audits may take the form of departmental reviews which focus on key financial issues or topical reviews which will investigate strategic issues in greater depth and involve institutions across the whole University. 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.