KCG Founding Principles

The founding principles of the KCG Consortium, enshrined within the Consortium Agreement, are as follows:

• Internal audit and the provision of management assurance is based on the use of high calibre, professionally qualified and experienced staff resources. The KCG Consortium does not generally employ unqualified staff and staff on professional training contracts.

• Audit procedures related to mature financial and non-financial processes and systems are maintained at a minimum, sufficient for compliance with the Accountability and Audit - HEFCE Code of Practice (June 2008/19). 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.

• 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.

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

• 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 invested to develop the Consortium and equip it for the longer term.

• The KCG Consortium significantly invests in staff development.

• The KCG Consortium is not viable in the HE sector if operated as a low cost service provider.

• 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 “value added”, and to make a positive contribution to the achievement of the Member institutions’ strategic aims and objectives.