Institutional assurance
Under the Financial Memorandum between HEFCW and the Welsh Government, HEFCW's Chief Executive is accounting officer for funds received from the Welsh Government in relation to money spent by higher education (HE) institutions and other bodies that receive HEFCW funds.
For the HE institutions we fund we meet this responsibility in a variety of ways. These include assurance review work at institutions, monitoring of the financial health of institutions and regular reviews of institutions' estates and capital development plans.
We have a Financial Memorandum: Circular W08/36HE with each HE institution, which sets out the terms and conditions for payment of HEFCW grant.
We have a Memorandum of Understanding with the Charity Commission for England and Wales which sets out how we will work together and share information to co-ordinate our regulatory activities with respect to higher education institutions in Wales.
