Handbook for Members of the Council - University of Reading

court where the perpetrator refuses payment. The University would normally expect torecover costs in addition to losses.The University insurers should be made aware of the pursuit of any such claims.6. Internal control assessmentThe Head of Internal Audit Services will, at an appropriate time, consider the results of theinvestigations and assess whether there is a weakness in the University’s systems of internalcontrol which needs to be addressed urgently, and will report accordingly.7. ReportingOn completion of a special investigation, a written report should be submitted to the Vice-Chancellor and to the Audit Committee and will include the following:a description of the incident, including the value of any loss, the people involved and themeans of perpetrating the fraud;the measures taken to prevent a recurrence;action needed to strengthen future responses to fraud, with a folllow-up report onwhether actions have been taken.This report will be prepared by the Head of Internal Audit Services.Notifying the Funding BodyThe University Secretary and Director of Governance or the Head of Internal Audit Serviceson behalf of the Vice-Chancellor should notify the HEFCE Accounting Officer of any seriousweakness, significant fraud or major accounting breakdown. Significant fraud is usuallywhere one or more of the following apply:the sums of money involved are, or potentially are, in excess of £25,000*;the particulars of the fraud, theft, loss of charity assets or other irregularity may reveal asystemic weakness of concern beyond the institution, or are novel, unusual or complex;there is likely to be public interest because of the nature of the fraud, theft, loss of charityassets or other irregularity or the people involved.*The Model Financial Memorandum between HEFCE and Institutions, Annex B, the AuditCode of Practice (July 2010/19), paragraph 16, refers.8. Fraud policy and fraud response plan reviewThe Head of Internal Audit Services will review the response plan annually, or after each usein an investigation to ensure it is relevant and appropriate. Any need for change will bereported to the Audit Committee for approval.©University of Reading 2011 Monday, 14 November 2011 Page 7