Our previous updates have addressed the periodic HEFCE Assurance Review visits to institutions. HEFCE use these visits to gain assurance that the main annual institutional returns are reliable.
During the visits HEFCE review agendas and minutes from governing bodies and key committees and meet with senior executive and non-executive staff. On concluding the visit HEFCE form an opinion on whether the institution has robust mechanisms in place to ensure that, 1) funds have been applied only for the purposes for which they were received, 2) it is financially sustainable, 3) risk management, control and governance arrangements are effective, 4) value for money is achieved, and 5) that data can be relied on.
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