10. Value for money

10.1. It is a requirement of the Financial Memorandum that the Council of the University is responsible for delivering value for money from public funds. It should keep under review its arrangements for managing all the resources under its control, taking into account guidance on good practice issued from time to time by the HEFCE, the National Audit Office, the Public Accounts Committee or other relevant bodies.

10.2. Value for money processes are incorporated within the planning and budgetary cycles, procurement and general management of resources. In addition, internal audits and/or specific external or internal studies may be conducted within specific areas.