Financial Strategy & Audit

The Code of Good Governance for English Colleges states that college governors must:

Adopt a financial strategy and funding plans which are compatible with the duty to ensure sustainability and solvency of the college. 

The following resources provides assistance to governors for this including on local enterprise partnerships (LEP), stakeholders, community engagement and local needs.Including annual budget, risk management, funding agencies, audit and annual reports.

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Case studies

Effective Governance: National Leader of Governance (NLG) Financial strategy & audit case study

An FE college's review of risk management processes and strategy and their links to governance - Hull College Group (PDF,165.88 KB)

Guidance notes

Managing risk and financial planning (PDF,401.96 KB)  
This guidance will be of particular interest to governors on audit or finance committees.  

Resources

AoC West Midlands resources on board assurance:
Strengthening Board Assurance in the light of area review and the introduction of an insolvency regime: Final Project Report (PDF,216.72 KB)

Risk Management and Board Assurance, RSM, April 2017 (PDF,86.88 KB)

Board Assurance: A Toolkit for Further Education Colleges, RSM (PDF,720.68 KB)
 

Payment and expenses for governors (PDF,79.73 KB)

A good practice guide to risk management within the FE sector (PDF,8.34 MB)