Statutory audit services

Tender description

LDA requires statutory audit services in respect of one entity for 2019 and the LDA Group for the year ended 31 December 2020 and each year end thereafter to 31 December 2022. The audit service provider will be required to provide audit services for the duration of the framework agreement and any contracts awarded subsequent to the framework agreement, using appropriately qualified, briefed and experienced staff with specialist sectoral experience, experience dealing with C&AG and in accordance with all applicable laws and regulations. LDA requires statutory audit services in respect of one entity for 2019 and the LDA Group for the year ended 31 December 2020 and each year end thereafter to 31 December 2022. (a) 2019 will cover the period 13 September 2018 to 31 December 2019. These financial statements will consist of grant income and expenditure. This is the set up period. The balance sheet is not expected to be material on the basis that our primary legislation will be enacted in Q1 2020 and only at this point will the LDA take ownership of identified public land. (b) The Group is likely to consist of one development company and several land holding entities in 2020. For the purposes of the tender, assume no more than 10 entities in total for 2020. It is intended that acquired sites for development will be held in special purpose subsidiaries. Seven sites to be acquired under primary legislation will be subject to valuation. For the purposes of the tender only assume residential land values in excess of EUR 200 million. (c) For 2021 and 2022 anticipate additional acquisitions and increased construction activity in the development company as the LDA group develops residential sites. (d) The external audit services required will include, but not be limited to planning, management and execution of the annual audit, supporting the completion of the Annual Report and Financial Statements (including any technical accounting support on disclosures) and reporting on external audit progress to the Audit and Risk committee. The audit service provider will be required to provide audit services for the duration of the framework agreement and any contracts awarded subsequent to the framework agreement, using appropriately qualified, briefed and experienced staff with specialist sectoral experience, experience dealing with C&AG and in accordance with all applicable laws and regulations.