The university has now published its official response to the report.
It acknowledged there had been “a complete breakdown in cash management and expenditure control at the senior level of the organisation”.
It added: “While there were significant external factors, which had affected the higher education sector across the UK to varying degrees, the university’s response to these, and responsible management of our finances, had fallen well short of the standards that everyone should have expected.”
However, it admitted that the situation was exacerbated by “over-reliance on the director of finance for strategic financial decisions, without sufficient independent challenge”.
It said members of the University Executive Group (UEG) were focused on their own portfolios, with “limited cross-functional financial accountability”.
The university said that the Gillies Report was clear on the “dominant nature of the most senior leadership in the university.”
It added: “This led to a hierarchical culture, characterised by hubris, the suppression of dissent, and fear of speaking out, resulting in an inability for staff to challenge constructively.”