The University has a requirement to appoint external auditors to report on financial statements of both the University and its subsidiary companies.

The primary role of the external auditors will be to report on the financial statements of the University and to carry out whatever examination of the statements and underlying records and control systems is necessary to reach their opinion on the statements.

Additionally, the external auditors shall report that funds from whatever source administered by the Group or the University 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; and that those provided by the SFC have been applied in accordance with the Financial Memorandum and the mandatory requirements.

The scope of the external audit service must include the whole of the Heriot-Watt Group, which includes the following active subsidiary companies:

— Heriot-Watt University Malaysia Sdn Bhd,

— Heriot-Watt Services Ltd, and

— Heriot-Watt Trading Ltd.

The University intends to appoint a single supplier but reserves the right to appoint a further firm or firms of auditors for specialist matters, where a substantial matter, project or transaction is contemplated or in any matter where the University believes that a conflict of interests may otherwise arise.