UM has appropriate measures and procedures in place to ensure financial probity, and provides regular audited accounts and annual budget plans.
The University of Malta is a body corporate having a distinct legal personality as per Article 72A of the Education Act, Cap 327. The Rector is vested with the legal representation of the University (ibid. Art. 74 (11)) and the Chancellor is responsible to ensure that the University conforms with the law (ibid. Art. 74 (4)).
In accordance with the Education Act, the University has appropriate measures and procedures in place to ensure financial probity. The financing and control of the finances of the University are governed by the Education Act, Cap. 327 Art. 73. Annual financial reports as well as consolidated financial statements are published on the University’s website.
The allocation of funds to different units within Faculties, Institutes, Centres, Schools and administrative units are discussed with the respective Deans and Directors prior to their distribution.
Furthermore, the Internal Audit Function provides the Council, Rector and other top management officials of the University of Malta with an objective assessment of the adequacy and effectiveness of the Management’s internal control systems. To achieve this aim, the IAF conducts internal audit assessments to ensure that the actions of UM’s employees and contractors are in compliance with UM’s policies, procedures, and applicable laws, regulations, and governance standards. It also evaluates if the results of operations or programs are consistent with established goals and objectives and whether resources and assets are acquired economically, used efficiently, and protected adequately.
