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Quality assurance review of the Transparent Approach to Costing in UK higher education institutions

Summary

The UK funding councils and Research Councils set up a process to provide assurance that higher education institutions had successfully implemented the Transparent Approach to Costing (TRAC), and that there was a solid foundation for extending the TRAC methodology for forecasting full economic costs at project level.

This report, by staff from KPMG seconded to HEFCE, sets out key findings from that quality assurance review. These were also highlighted in a circular letter from HEFCE to institutions. The report is based on 166 visits to institutions, and three benchmarking exercises. It found that virtually all institutions had complied with the requirements of TRAC, and that where further work was required this was already under way.

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