External Audit Services

Tender description

The principal requirement is for the provision of external audit service from 2023 to 2026 (with 3 single year extension options). The successful supplier will independently audit the statutory financial statements of Oak Tree HA and the consolidated financial statements of the Group, for compliance with applicable law, auditing and accounting standards and the needs of lenders in respect of loan covenants. External audit is a requirement of the Regulatory Standards of Governance and Financial Management published by the SHR and Company Law. The external audit and tax service will include, but not be limited to: a) The planning, management and efficient execution of the annual external audit of the organisations’ financial statements. b) Preparation of an annual audit plan for each company to be made available to management during February before the commencement of the final audit in May. c) Formal reporting to the Management Committee. This will typically consist of attending and presenting at Oak Tree Housing Association’s special meeting to sign off the Annual Accounts during the first/second week of August. d) Meetings with management pre and post audit to discuss audit plan and audit report respectively in advance of Committee meetings. e) Audit field work on site for up to 4/5 days. Regular progress updates to management to be provided during the field work, concluding with a clearance meeting encompassing all audit issues by the 3rd week of June. f) Generation of the final financial statements, management letter, letter of representation and abbreviated accounts on behalf of Oak Tree Housing Association by the 3rd week of July. g) Attendance at Management Committee meeting for presentation of the Annual Accounts during the 1st/2nd week of August. h) Attendance at Oak Tree Housing Association’s Annual General Meeting (2nd/3rd week of August) to present the Financial Statements and take any queries from OTHA members. i) Generation of the annual financial statements on behalf of Oak Tree Housing Association subsidiaries, as required, (currently only Oak Tree Housing Initiatives (OTHI)).