KCG Founding Principles

The KCG Member institutions are required to subscribe to the concept of high quality professional internal audit and management assurance services, delivered at an appropriate cost that is sufficient to deliver “added value”, and to make a positive contribution to the achievement of the Member institutions’ strategic aims and objectives.The founding principles of the KCG Consortium, embedded within the Consortium Agreement that all Member institutions are required to adopt, are as follows:

• Long term partnership and quality of staff resources - The provision of Internal audit and management assurance services is based on long term partnership with Member institutions and the use of high quality, professionally qualified and experienced staff resources. The KCG Consortium does not generally employ unqualified staff or staff on professional training contracts.

• Strategic impact internal audit - Audit procedures related to mature financial and non-financial processes and systems are maintained at a minimum, sufficient for compliance with the HEFCE Financial Memorandum and the Audit Code of Practice (June 2010/19). These procedures are carried out by suitably qualified staff, to allow maximum input from more senior and experienced staff on the institutional internal audit programme at more strategic and value adding levels.

• Professionalism and expertise - The KCG Consortium operates with the professional ethos of the accountancy and audit firms and with the knowledge and expertise of the HE sector associated with in-house provision.

• Cost sharing - All costs are shared equitably amongst the KCG Consortium Member institutions in proportion to the number of audit days received per annum.

• Sustainability - The KCG Consortium is not profit-making from the membership. Additional income streams from non-Member institutions are costed and priced on a commercial basis and intended to generate surpluses which are utilised and re-invested to further develop the Consortium and ensure its sustainability. The KCG Consortium is not viable in the HE sector if operated as a low cost service provider.

• Continuing Professional Development - The KCG Consortium invests in staff development. It is an accredited CIPFA Continuing Professional Development (CPD) employer.