Provision of Internal Audit Services

Tender description

The role of the Internal Audit Service Provider is to assist Pembrokeshire College in the effective discharge of its responsibilities for: • Achieving the College’s objectives across the whole range of its activities; • Ensuring the proper administration of the College’s financial affairs; • Working with the College’s External Audit Service Provider to enable it to place reliance upon Internal Audit work undertaken. The College is required to have adequate risk management, control and governance arrangements to ensure public funds are safeguarded and used for the purposes for which they are provided. It is also required to have an effective system of internal control. The internal audit function provides the Governing Body with assurance on the College’s risk management, control and governance processes. The internal audit provider gives an independent and objective opinion to the College on an annual basis on the effectiveness of its control environment using an established methodology in conducting audit assignments and shall be required to fulfil the requirements of the auditing profession, the Welsh Government and the College’s Governing Body. The internal audit service is currently provided by TIAA and has been since the last tender exercise. The current external auditors are PwC. The Welsh Government Audit Code of Practice prevents the same firm providing both services.