INDEPENDENT AUDITOR’S REPORT TO THE COUNCIL OF THE UNIVERSITY OF EXETER
We have audited the group and University financial
This includes an assessment of: whether the accounting
statements (the ‘‘financial statements’’) of the University of
policies are appropriate to the group’s and University’s
Exeter for the year ended 31 July 2011 which comprise the
circumstances and have been consistently applied and
Statement of Principal Accounting Policies, Consolidated
adequately disclosed; the reasonableness of significant
Income and Expenditure Account, Note of Historical Cost
accounting estimates made by the Council; and the overall
Results, Statement of Consolidated Total Recognised Gains
presentation of the financial statements. In addition, we read
and Losses, Consolidated Balance Sheet, Balance Sheet,
all the financial and non-financial information in the Business
Consolidated Cash Flow Statement and related notes. The
Review to identify material inconsistencies with the audited
financial reporting framework that has been applied in their
financial statements. If we become aware of any apparent
preparation is applicable law and United Kingdom Accounting
material misstatements or inconsistencies we consider the
Standards (United Kingdom Generally Accepted Accounting
implications for our report.
Practice). O P I N I O N O N F I N A N C I A L S TAT E M E N T S This report is made solely to the Council of the University of Exeter (“Council”), in accordance with the Charters and
In our opinion the financial statements: • give a true and fair view of the state of the affairs of the
Statutes of the institution. Our audit work has been
Group and University as at 31 July 2011 and of the
undertaken so that we might state to the Council those matters we are required to state to it in an auditor’s report and for no other purpose. To the fullest extent permitted by
Group’s income and expenditure, recognised gains and losses and cash flows for the year then ended; • have been properly prepared in accordance with United
law, we do not accept or assume responsibility to anyone other than the Council for our audit work, for this report, or
Kingdom Generally Accepted Accounting Practice; and • have been prepared in accordance with the Statement of
for the opinions we have formed.
Recommended Practice – Accounting for Further and Higher Education.
RESPECTIVE RESPONSIBILITIES OF THE COUNCIL AND AUDITORS
statements which give a true and fair view. Our responsibility
O P I N I O N O N O T H E R M AT T E R S PRESCRIBED IN THE HEFCE AUDIT CODE OF PRACTICE ISSUED UNDER THE F U R T H E R A N D H I G H E R E D U C AT I O N ACT 1992
is to audit, and express an opinion, on the financial
In our opinion, in all material respects:
statements in accordance with applicable law and
• funds from whatever source administered by the
As explained more fully in the Responsibilities of the Council of the University Statement set out on pages 20 and 21, the Council is responsible for the preparation of financial
International Standards on Auditing (UK and Ireland). Those
University for specific purposes have been properly
standards require us to comply with the Auditing Practices
applied to those purposes;
Board’s Ethical Standards for Auditors.
• income has been applied in accordance with the
SCOPE OF THE AUDIT OF THE FINANCIAL
University’s Statutes; and • funds provided by HEFCE have been applied in
S TAT E M E N T S An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give
accordance with the Financial Memorandum and any other terms and conditions attached to them.
reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error.
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UNIVERSITY OF EXETER:
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