ABSTRACT
The funding councils have also been active in assisting in such training and the HEFCE report of 1998 ‘Effective Financial Management in Higher Education’ was a key document in this process. The HEFCE has used this document to ask institutions to review their own processes and the HEFCE’s own internal audit function, when undertaking institutional audits, has reviewed institutions’ own evaluations of their responses. The guide was aimed at the top level of governance, namely governors, heads of institutions and senior managers. The report asked institutions to answer a series of questions relating to their control processes which were grouped under 10 principles which were:
Governing body responsible for direction and key decisions including strategic direction, stewardship of funds, and recruitment of the head and the ‘Nolan’ principles should be followed.
