Audit Committee and Internal Audit at the University of Sheffield
All Higher Education Institutions are required to conduct their affairs properly and are responsible for the proper stewardship of all funds. At the University of Sheffield, Council is our governing body and one of the primary responsibilities of Council is to ensure the establishment and monitoring of systems of control and accountability, including financial and operational controls and risk assessment.
Our Audit Committee and our Internal Audit services are key features in helping Council to fulfil these responsibilities and in contributing to a strong and effective governance culture.
The Higher Education Funding Council for England (HEFCE) issue a document to Higher Education Institutions called the Financial Memorandum. This is effectively the “contract” between HEFCE and the institutions it funds. The Memorandum covers the relationship between the University and the HEFCE and it sets out our obligations in return for which we receive funding in the form of a block grant.
It is a requirement of the Financial Memorandum that the University’s Council must take reasonable steps to ensure that there are sound arrangements for risk management, control and governance, and for economy, efficiency and effectiveness (value for money) of our activities.
It is also a requirement of the Memorandum that the University has an Audit Committee and an Internal Audit function.
More detailed information about the Audit Committee and the Internal Auditors provides details about the role, membership and authority of these functions. Further information about the Annual Internal Audit Plan helps explain how the internal audit process is approved and reviewed within the University.
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Chief Financial Officer