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Guidance for internal and external auditors

Working with institutions, representative bodies and auditors we have developed the following guidance to assist internal and external auditors in higher education although it may have wider application both within and without the HE sector.

• Assurance Practice Note 1/04 (APN 1/04)
  APN 1/04 sets out HEFCE's requirements when we request audits in respect of specific HEFCE grants. These assurance engagements are mainly required for capital grants, but may be sought for any type of grant. APN 1/04 provides detailed guidance on how our requirements may be interpreted.

• Accountability and Audit: HEFCE Code of Practice (HEFCE 2010/19, Annex B)
  This document sets out HEFCE's requirements for internal and external audit arrangements in the higher education institutions it funds, and the framework in which they operate. It describes minimum audit requirements, and those considered to be good practice. Model versions of key documents are included for institutions to use at their own discretion. The code is now a document maintained on the HEFCE web-site so hard copies may be out of date.

• Risk-based internal audit in higher education
  [ MS Word 545K | Zipped MS Word 71K | Adobe PDF 99K | Zipped PDF 80K ]
  We commissioned this guidance from UNIAC to assist institutions in applying the Institute of Internal Auditors (IIA) Standards in a higher education environment. It is not intended to be prescriptive but to outline a generic application of a risk-based audit methodology. The term risk-based applies both to the development and maintenance of the overall audit plan, and to the approach for individual audit assignments.

• HEFCE's Accounts Direction to higher education institutions for 2011-12 financial statements (Circular letter 20/2011)
  We issue a direction each year on how institutions must disclose certain information in their annual financial statements.

• Transparent Approach to Costing (TRAC)
  The JCSPG web-site provides specific audit guidance to TRAC managers, internal auditors and to audit committees.

• Good practice checklist for assessing risk management in HEIs
  A checklist for auditors and risk management co-ordinators.

• Internal and external audit performance measures
  possible performance measures that could be applied to internal or external audit.

Last updated 9 November 2011