Ms Colette Drinan:

It is generally accepted accounting principles, GAAP. The HEA separately requires universities, and this impacts only on universities now, to submit a funding statement. We have never audited that. We do not look at it. The HEA required it to be audited so the practice was for the universities to have commercial auditors to carry out that audit. The practice also, as mentioned by the bursar, was for the governing bodies to have commercial auditors to audit GAAP accounts for the governing bodies. That continues in all universities bar one where we carry out that role. I believe the HEA has recently changed the requirement for the funding statement to be audited.