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They should take into account relevant statutory and other mandatory disclosure and accounting requirements, and Funding Council requirements. 1.2 The financial statements have been properly prepared in accordance with the Statement of Recommended Practice (SORP) - Accounting in Further and Higher Education, and the Companies Acts where relevant, and/or other legislative or regulatory requirements. 1.3 Funds from whatever source administered by the institution for specific purposes have been properly applied to those purposes and, if relevant, managed in accordance with relevant legislation, and any other terms and conditions attached to them. 1.4 Funds provided by the Funding Council have been applied in accordance with the Financial Memorandum and the mandatory requirements attached to the Financial Memorandum. 1.5 The financial statements for US filing are in accordance with US Generally Accepted Accounting Practice (US GAAP). 2. Audit certificates relating to subsidiary activities which should be covered as part of the overall audit routine, for example, Hardship, Child Care and Nursing Discretionary Funds Statements and US loans. For clarity, certification of European Research Grants are not included in this tender. 3. The external auditor will report to the Audit & Risk Committee and the University Court (by way of a management letter), any significant matters arising from the audit which might lead to material errors or have an impact on future audits. This may include: 3.1 Areas where economies could be made or resources could be used more effectively, with advice for improvement. 3.2 Weaknesses in the structure and operation of accounting systems and internal control. 3.3 That the work of the internal auditors has been assessed, and the extent to which reliance can be placed on the work of the internal auditors in support of external audit work. 3.4 Inappropriate accounting practices and regulations. 3.5 Non-compliance with legislation, accounting standards, Funding Council requirements or other regulations. 4. The external auditor is expected to attend all meetings of the Audit & Risk Committee, which are four times per annum. 5. The external auditor, notwithstanding responsibilities to the University, is expected to co-operate fully with any enquiries or routine monitoring that the Scottish Funding Council undertakes. 6. Provision of training and updates on Corporate Governance, Accounting Standards, Financial Reporting Standards and Audit Standards, and other legislative changes as they apply to the University. 7. 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