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Financial memorandum 2010

Latest terms and conditions for payment of HEFCE grants to institutions.

Assurance and institutional risk

The assurance and institutional risk service reviews the systems of internal control, corporate governance and risk management at higher education institutions (HEIs) and our related bodies. It also monitors and addresses financial and other risks associated with HEIs and related bodies.

Core activities

To achieve this, it undertakes a number of core activities:

Other responsibilities

In addition to these core activities, the assurance and institutional risk service undertakes a number of 'sector development initiatives' aimed at improving audit standards and management practice within the sector.

The service is also responsible for responding to instances where information or allegations are received regarding institutions (public interest disclosures).

The service provides advice on a formal and informal basis to higher education institutions and HEFCE. Our guidance on assurance and institutional risk communicates good practice and includes links to other HEFCE pages addressed to auditors, audit committees, finance and planning officers, and information from other professional bodies.

Accountability

We are working to minimise the amount of bureaucracy and regulation that result from the public funding of higher education institutions, while ensuring that an adequate and appropriate level of public accountability is maintained. More information is available.

Last updated 9 November 2011