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1. Under the University's Statutes it is the duty of the Council, acting on the advice of its Finance Committee, to prepare, and to publish an abstract of, the annual accounts of the University, excluding the accounts of the University Press, and of such other accounts as may be specified by Ordinance.

2. The Council are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the University.

3. In preparing the financial statements the Council are required to:

(a) select suitable accounting policies and then apply them consistently;
(b) make judgements and estimates that are reasonable and prudent;
(c) state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
(d) prepare the financial statements on a going concern basis unless it is inappropriate to presume that the University will continue to operate;
(e) ensure that income has been applied in accordance with the University's Statutes and Ordinances, and its Financial Memorandum with the HEFCE and the funding Agreement with the Teacher Training Agency, and;
(f) safeguard the assets of the University and take reasonable steps to prevent and detect fraud and other irregularities.

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Cambridge University Reporter 16 December 2005
Copyright © 2005 The Chancellor, Masters and Scholars of the University of Cambridge.