Financial Statements 2019/2020
The Board of Governors has delegated day to day responsibility to the Vice-Chancellor, as Accountable Officer, for reviewing the adequacy of the system of internal control and making any appropriate amendments. He is also responsible for reporting to the Board of Governors any material weaknesses or breakdowns in internal control. The following processes are in place to ensure the effectiveness of the University’s internal control and risk management:
— The Board of Governors meets six times a year to consider the plans and strategic direction of the institution. It is advised by its key committees, receiving regular reports from each committee and other reports from management as required. In addition the Board of Governors holds two Strategy days each year to discuss the strategic plan in greater detail. The assumptions and aims are reviewed against domestic demand, international demand, funding and research and business development.
The Board of Governors ensures that its meeting calendar enables risk management and internal control to be considered on a regular basis during the year. Its 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 Office for Students guidance of audit practice:
— The University Executive Team (UET) 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 UET also ensures that the University is meeting its many statutory and regulatory compliance obligations and provides reports to the Board of Governors as required.
— The UET and the Audit and Risk Committee also receive regular reports from internal auditors, who provide independent opinion on the adequacy and effectiveness of the University’s system of internal control, together with 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 control.
— During 2019/20 the internal auditors assessed the University’s compliance with the OfS ongoing conditions of registration and requested evidence that demonstrated consideration of each of the 24 conditions of registration. The review concluded that that the University had illustrated a robust approach to ensuring all conditions of the OfS registration were complied with, and that there were appropriate governance and reporting structures in place to monitor this.
— The Internal Auditors provide the Board of Governors with an independent opinion each year on the adequacy and effectiveness of the University’s risk management, control and governance processes.
— The Internal Controls Committee is responsible for overseeing an assessment of the effectiveness of internal control on a rolling basis and provides periodic reports to the Governors through the Audit and Risk Committee. The Committee identifies and evaluates the key controls required for significant risks faced by the University and considers a risk-based assessment of effectiveness.
— 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 strategic 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.
— In accordance with our Risk Management Policy, the Strategic Risk Register undergoes a comprehensive annual review. The purpose of this review is to ensure that our strategic risks continue to be articulated appropriately in light of progress during Strategy implementation.
— Monthly management accounts are presented to the Finance and Infrastructure Committee and Governors. The annual budget and financial forecasts are presented to the Finance & Infrastructure Committee ahead of formal approval by the Board of Governors.
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Middlesex University
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