Institutional finance for colleges
The Financial Memoranda make reference to further documents which set out detailed mandatory requirements.
Statement of Recommended Practice for Further and Higher Education (SORP)
Incorporated colleges were reclassified as arms-length central government bodies in April 2014. They are now subject to the Scottish Government Regulatory and Reporting Framework which includes compliance with the Scottish Public Finance Manual, Consolidated Budgeting Guidance, Financial Reporting Manual and Whole Government Accounts. See also:
British Universities Finance Directors Group (BUFDG) model financial statements
Early retirement and pensions
Our latest audit guidance supports existing practice in the approach taken by auditors: