Finance management/Financial audit, University of Glasgow

University of Glasgow

Finance management

Financial audit

Rector

Masters

Dean of Faculty

Oeconomus

Principal

Faculty

Senate

Court

Internal Audit Services Unit

In the University's first century, two or three masters were frequently appointed on the day of the rectorial election to audit, by themselves or with the Rector, the accounts of the Bursar.

The charter of foundation and endowment by the Town Council in 1573 laid down that twice a year, on 1 March and 1 September, the Rector, Dean of Faculties and the Baillies of the City should visit the College and audit the College accounts to make sure that all expenditure had been carried out correctly and that there was no fraud. Slight changes were made by the nova erectio of 1577. The visitors now comprised the Rector, Dean of Faculties and Minister of the City of Glasgow. The Oeconomus or steward and the masters had to submit the College accounts to the inspection of the visitors four times a year: on 1 October, 1 February, 1 May and 1 August.

During the seventeenth and eighteenth centuries, the Factor's accounts were audited by the Faculty, comprising the Principal and masters, and sometimes also by the visitors.

Following the Universities (Scotland) Act, 1858, which abolished the Faculty and transferred responsibility for administering the University's property and revenue to the Senate, the Factor's accounts were examined each year by a committee of the Senate. In 1861, this committee recommended that the Senate's comments on its audit report, together with the Factor's books and vouchers, should be submitted to the University Court for review. It also recommended that the Factor's books should, in addition, be audited annually by a professional accountant to be appointed by the Court and to report to the Court. Henceforth, therefore, the work of the Factor was to be ratified by the Court rather than the Senate. In 1862, the Court appointed Andrew Bannatyne, a Glasgow accountant, as auditor. In 1885, Bannatyne was replaced by Messrs Brown and Fleming, who were renamed Brown, Fleming and Murray in 1899. This firm remained the University's auditors until 1937, when McClelland, Ker and Company took over. The firm underwent several name changes: in 1957 it became McClelland, Moores and Company, in 1967, Arthur Young McClelland Moores and Company, in 1985 Arthur Young and in 1989 Ernst and Young.

In 1989 the Court Finance Committee established an Audit Review Group whose remit was to discuss with Ernst and Young and the University's Finance Officer any matters regarding the format of the accounts.

In 1990, the Court established an Audit Committee whose remit was to oversee on behalf of the Court all arrangements for the external and internal audits of the University's financial and management systems.

In 1991, an Internal Audit Services Unit was established.

Financial records 1601 to date Ref: GB 0248 GUA F
Certain accounts are annotated by the auditors.

Faculty meeting minutes 1640-1669, 1701-1859 ref: GB 0248 GUA 26621, 26626, 26631-26632, 26634-26635, 26647-26650, 26690-26703
 

Senate minutes 1858-1862 ref: GB 0248 GUA SEN 1/1/6-7
 

Senate meeting papers 1858-1862 Ref: GB 0248 GUA Senate papers
 

Court minutes 1861-1997 Ref: GB 0248 GUA C 1/1
 

Court papers 1861-1964 Ref: GB 0248 GUA C 1/4
 

Court Finance Committee minutes and papers 1890-1899 Ref: GB 0248 GUA C 1/7
 

Court agendas 1894-1925 Ref: GB 0248 GUA C 1/3
 

Court camera minutes 1900-1944 Ref: GB 0248 GUA C 1/2
 

Court camera papers 1906-1944 Ref: GB 0248 GUA C 1/5
 

Title of function/activity taken from Elizabeth Parker's Function Activity Model (report compiled for JISC). Function and activity description compiled according to GASHE's Standard for Creating Function and Activity Descriptions.