In addition to the financial, systems and governance aspects of audit, there are other facets of the work of universities and colleges which involve audit in some way:
All the four UK higher education funding councils have necessarily complex funding models by which they fund teaching. These take account of factors such as the mode of study (full time, part time, etc), the level of study (undergraduate, postgraduate, etc), the subject of study (different subjects cost different amounts to teach), and so on. It is therefore important that the data returned by institutions is accurate. For financial returns, the financial statements and the work of the external auditors assure this (although not for the statistical returns), but there is no equivalent for student data which, of course, represents institutional income.
The funding bodies now ask governing bodies, through their audit committees, to validate the principal student data returns. For example HEFCE, through the Financial Memorandum, requires institutions' audit committees to give a general assurance on the effectiveness of arrangements for data accuracy and quality and HEFCW has issued guidance to internal auditors to assist with their annual audit of internal controls relating to data returns. The substantial funding adjustments affecting London Metropolitan University in 2009 result from the provision of inaccurate student data to the HEFCE.
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In England and 
Northern Ireland the funding councils have a process called 'institutional review' whereby HEIs are visited in order to assess audit and other arrangements. In a sense, this is an audit of the institution's own audit arrangements, and is undertaken on a cycle with a visit at least every five years for those institutions presenting the least risk. Institutional reviews also take place in 
Wales and 
Scotland, although their form differs.