Auditing services

Tender description

Ulster University wishes to appoint internal and external auditors. The provision of audit services is required to be regularly market-tested with the maximum length for any service-based contracts being 5 years. The new contract will start from 1.8.2018 and will be for 3 years in the first instance, extendable in annual increments thereafter, subject to satisfactory performance, up to a maximum duration of 5 years. The successful provider will assist the University in ensuring a robust governance environment through a systematic, disciplined and balanced approach to the evaluation of the effectiveness of the financial and internal controls, risk management and other governance processes, recognising that these should be proportionate to the scale and nature of the University’s business. The scope will include: (a) Financial Systems Reviews; (b) Operation Systems and Processes Reviews; (c) Subsidiary Company and Discrete Activities Reviews; (d) Computer / IT Assurance Reviews; (e) Faculty Reviews; (f) Value for Money Reviews; (g) Governance and Risk Assurance Reviews; (h) Data Returns and data quality Reviews. The firm appointed must audit the University’s annual accounts in accordance with the Statement of Recommended Practice On Accounting for Further and Higher Education (SORP), all applicable Accounting Standards and any Accounts Directions or applicable Codes of Practice issued by the Higher Education Funding Council for England (“HEFCE”). The firm will also audit the funding data required by HEFCE and DfE according to the standards set out by those bodies from time to time and provide audit certificates relating to this data in the form required. In addition to these responsibilities the External Auditors will be expected to: — attend regular meetings of Audit Committee. — report in the University’s management letter to the Audit Committee and Council on the significant issues arising from your work and any unadjusted differences identified during the audit, — report the detailed findings from your work concerning control issues to management and the Audit Committee, — report that: —— funds from whatever source administered by the University for specific purposes have been properly applied to those purposes and, if relevant, managed in accordance with relevant legislation; —— income has been applied in accordance with the University’s statutes; —— funds provided by DfE have been applied in accordance with the Financial Memorandum and any other terms and conditions attached to them; —— the requirements of HEFCE Accounts Direction have been met; — notify the Audit Committee of any issues which may be of concern to you arising from your normal audit procedures, — work with the Internal Auditors to maximise the effectiveness of the University’s audit resource, — advise on the implementation of new Financial Reporting Standards and other disclosure requirements, insofar as they are relevant to the University and its subsidiary company, through regular technical updates.