Middlesex University
Financial Statements 2015/16
Corporate governance
— The Executive team receives reports setting out key performance and risk indicators and considers possible control issues brought to their attention by early warning mechanisms which are embedded within the operational units.
— The Executive team and the Audit and Risk Committee also receive regular reports from internal audit, which include recommendations for improvement. The Audit and Risk Committee’s role in this area is to conduct a high level review of the arrangements for internal financial control.
— The Board of Governors’ review of the effectiveness of the system of internal control is informed by the work of the internal auditors who operate to the standards defined in the HEFCE code of audit practice.
— An organisation-wide risk register is maintained and is available on the University’s intranet. The register is reviewed and updated regularly, and management report on the actions taken to mitigate risks. The register and corporate plan are cross referenced to each other as an additional mechanism for the identification of risks. Departmental plans report on the local management of corporate risks, identify risks at an operational level and include plans for the mitigation of these risks.
— Monthly management accounts are presented to Finance Committee and the Board of Governors. The annual budget and financial forecasts are presented for formal approval by both of these committees, while any strategic plan revisions and the annual monitoring statement go to the Board.
The Board of Governors is of the view that there is an ongoing process for identifying, evaluating and managing the University’s significant risks; that it has been in place for the year ended 31 July 2016 and up to the date of approval of the annual report and accounts, that it is regularly reviewed by the Governing Body. The University also complies with the CUC Higher Education Code of Governance published in December 2014.
These processes enable the University to identify those elements of internal control which require further strengthening and these reviews have not identified any significant area of internal control weakness for the University.
Going Concern
After reviewing detailed papers the Board of Governors considered, at its meeting on 28 November 2016, that the University has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.
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