The Financial Regulations set out the principles of financial management and control. They are supported by the Financial Procedures, which detail the operational application of these principles.
All members of the University are required to comply with the Financial Regulations and Procedures. This includes all staff (including holders of honorary contracts), students and other associated individuals (e.g. lay members of the Board).
Failure to do so may result in appropriate action under the University’s disciplinary procedures.
Cases of fraud, theft and other serious misconduct may also be reported to the Police.
Heads of School and all other budget holders must ensure that all relevant staff are made aware of the existence and contents of the Financial Regulations and Procedures, and that staff with financial responsibility are acquainted with their detail.
The Financial Regulations and Financial Procedures apply to the University and all its subsidiary undertakings (including wholly owned subsidiary companies) and to all funds, irrespective of their source, passing through University accounts.
The Internal Control Accountant is available for further assistance.
Difference between the Financial Regulations and Procedures
The University must have sound systems of financial and management control. The Financial Regulations set out the principles of financial control to be applied. They are supported by Financial Procedures that set out the operational application of these principles.
The Financial Regulations cover:
· General Principles
· High level rules
· Responsibility, authority and accountability at Director level
The Financial Procedures are:
· More detailed
· Cover responsibility, authority and accountability at a lower level
However, both documents apply to all University staff and spending, including all subsidiary companies and research expenditure.
· In the case of any doubt or apparent conflict, the Financial Regulations always have precedence over the Financial Procedures.
· The Financial Procedures take precedence over any local guidelines, rules etc.
Both the Financial Regulations and Financial Procedures are official University documents:
· The Financial Regulations are set by the Board of Governors.
· The Financial Procedures are set by the Finance Committee.