There are several useful sources of further information on audit that can be consulted:
Each funding council has an audit code, which is essential reading. The codes, often associated with the Financial Memorandum, can be found at:
England – HEFCE Audit Code of Practice
Scotland – SFC Audit Code of Practice
Wales – HEFCW Audit Code of Practice
Northern Ireland - available from the Department of Employment and Learning.
The CUC Guide for Members of Higher Education Governing Bodies in the UK has a short section on governors’ responsibilities in relation to audit.
There are further references [PDF, 32KB] which were produced mainly for audit committee members, but some sections will be worth reading by all governors.
Some key issues, with particular reference to 
Scotland, are explored by Nigel Paul (powerpoint presentation), Director of Corporate Services at the University of Edinburgh.