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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.

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