We also examined the work of the College's internal auditors in examining the Training Shop. Finally, we examined the role of the Funding Council and the College's internal and external auditors in monitoring the College. We have made a number of key recommendations which aim to improve the governance and financial oversight of further education institutions by governing bodies. We also recommend improvements to the financial monitoring undertaken by the Funding Council and recommend that the Welsh Office specify the assurance they need each year on the quality of governance at further education institutions in Wales. Further education institutions became independent corporate bodies from 1 April 1993.
Institutions receive funding from a variety of sources.
The Funding Council is in turn accountable to the Welsh Office, which provides the funding distributed by the Funding Council. Since incorporation in 1993 the Welsh Office have had responsibility for the oversight of the governance of institutions. To discharge this function, they have always relied informally upon the monitoring undertaken by institutions' internal and external auditors and by the Funding Council, but in the light of events at Gwent Tertiary College have now formally delegated the task to the Funding Council. The National Audit Office are on the Internet. Press notices are available from the date of publication.