20 City of Glasgow College Annual Report & Accounts 2019-20
Audit and Assurance
Audit and Assurance Committee
Report 2019-20
Introduction
The Board of Management is accountable for the
stewardship of funds under its control, and is therefore
responsible for:
• Safeguarding assets and ensuring the regularity of
transactions by establishing adequate systems of internal
control;
• Maintaining proper accounting records;
• Preparing financial statements which show a true and fair
view and comply with relevant accounting standards;
• Taking reasonable steps for the prevention and detection
of fraud and other irregularities; and
• Managing its affairs to secure the economic, efficient and
effective use of resources.
The Audit and Assurance Committee has the unique role
among all Board and College committees and other fora,
of maintaining a degree of independent overview of the
effectiveness of financial and other internal control systems
and functions. This relates to all aspects of College activity,
and the Committee's priority is to ensure that the College's
systems and processes operate efficiently and economically,
as well as effectively.
To assist the Committee in this task, the Committee has
responsibility for selecting and recommending to the Board
both an Internal and an External Auditor. The Committee
plans and oversees the planning and operation of the
auditors' work, monitoring its effectiveness, and receives
their reports on the agreed scope of their reviews. These
may cover any aspect of College operation, and is designed
to provide the Board of Management, the Principal and other
managers with assurance on the adequacy of the College's
arrangements for:
• Risk Management
• Corporate Governance, and
• Internal Control.
The Committee has a specific responsibility to consider the
College's annual financial statements, after review by the
Finance Committee and prior to submission to the Board.
Any changes to accounting policy, major decision matters,
or significant audit adjustments, are closely scrutinised by
the Committee. Compliance with accounting standards,
and the Funding Council's Financial Memorandum, is also a
priority.
The Audit and Assurance Committee maintains oversight
of the management of Data Protection, and in the past
two academic sessions has particularly focused upon
the requirements and duties placed upon the College
under the General Data Protection Regulations (GDPR),
together with commensurate strategic risk. The Committee
also scrutinises matters relating to potential fraud and
cybersecurity breaches.
College Strategic Priority 6:
To be efficient, effective, innovating, and
vigilant.