FORS Financial Audit

Tender description

TfL is seeking the services of a financial advisor to audit the management accounts relating to the FORS concession for the financial year ending 31 March 2019, for each of the FCP organisations. The review requires a level of testing, enquiry and analysis that provides TfL with confidence that the amounts presented in each entity's management accounts are attributable to the FORS business, In particular TfL is interested in the following: a. The total and breakdown of sources of income to each organisation within the FCP. We want to identify what money has come to each organisation including but not limited to audits, subsidies, sponsorship, associateships, affinity partners, external funding and consultant charge out profit. b. The total and breakdown of sources of expenditure incurred by each organisation within the FCP. We want to identify what has been spent on running FORS including but not limited to Project Management, Audits, Communications and Governance. c. The consultant charge out rates of staff and an overview of any variances against obtained TUPE data. d. A reconciliation of the profit sharing mechanism contained within the concession agreement in light of the financial information available, with the profit sharing calculation to be provided by AECOM. This shall cover any variances from the Earnings Before Interest and Tax (EBIT) between the bid and actual calculation, d. Meetings with the FORS Partnership organisations to go through the management accounts, to verify any systems and processes, and to gather further information as required. e. Fortnightly update meetings (or conference calls if more appropriate) with TfL to discuss progress and to resolve any issues or questions. f. Produce a report describing the scope of work, the key findings from the audit, any limitations to the audit and highlighting any key risks to, or opportunities for, TfL, from the audit. Five copies of the audit report along with an electronic copy shall be provided to TfL upon completion. All documentation must be Arial 12pt. Any raw numerical data used must be provided in Excel format. TfL is not seeking a financial statement audit, an audit opinion on any FORS Financial Statements or a profit share statement which are currently certified by AECOM's auditor.