The Memorandum of Assurance and Accountability
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The Memorandum of assurance and accountability between HEFCE and institutions became effective on the 1st August 2014 and replaces the Financial Memorandum. It sets out the terms and conditions for payment of HEFCE grants and, at an appendix, includes the Audit Code of Practice.
The main changes include a new financial commitments threshold, the introduction of a register of HE Providers and a mandatory requirement regarding subscriptions to the Joint Information Systems Committee (JISC).
The Audit Code of Practice sets out what HEFCE require HEIs to have in place to provide themselves (and HEFCE) with adequate assurance on good governance, internal controls, risk management, achieving value for money and the management and quality assurance of data. There has been little change in the Code with some minor changes including:
Specific reference to the Student Loans Company (in addition to the Higher Education Statistics Agency and HEFCE) with regard to the Audit Committee’s annual report and the opinion on the management and quality assurance of data
Bolstering the role of internal audit as a vital element in good corporate governance.