The Oxford and Cherwell College (Government) Regulations 2003

Accounts and Audit of Accounts

20.—(1) The Corporation shall—

(a) keep proper accounts and proper records in relation to the accounts; and

(b) prepare in respect of each financial year of the Corporation a statement of accounts.

(2) The statement shall—

(a) give a true and fair account of the state of the Corporation’s affairs at the end of the financial year and of the Corporation’s income and expenditure and inflows and outflows of cash in the financial year; and

(b) comply with any directions given by the Council as to the information to be contained in it, the manner in which the information is to be presented, the methods and principles according to which it is to be prepared and the time and manner of publication.

(3) The accounts (including any statement prepared under this clause) shall be audited by persons (“external auditors”) appointed by the Corporation (subject to paragraph (5)) in respect of each financial year.

(4) Such auditors shall be appointed and other audit work conducted, in accordance with any requirements of the Council.

(5) The Corporation shall not appoint persons as external auditors under paragraph (3) in respect of any financial year if those persons are also appointed as internal auditors under article 19.

(6) In this article in relation to the Corporation—

(a) “financial year” means the first financial year and (except as provided for in sub- paragraph (c)), each successive period of 12 months;

(b) “the first financial year” means the period commencing with the date on which the Corporation is established and ending either with the second 31^st July following that date or ending with some other date determined by the Corporation with the approval of the Council; and

(c) if the Corporation is dissolved—

(i) the last financial year shall end on the date of dissolution of the Corporation; and

(ii) the Corporation may, with the approval of the Council, determine that what would otherwise be the last two financial years shall be a single financial year for the purpose of this article.