Internal audit services

Description

The London Pensions Fund Authority (LPFA) is required to have an internal audit function under the accounts and audit regulations. These regulations place responsibility on the authority for maintaining an adequate and effective internal audit service. The audit and risk committee is responsible to the board for ensuring that there is an adequate system of internal control, and that it is maintained and complied with on a routine basis. The LPFA requires a provider to provide internal audit services to support the audit and risk committee further details about the services required are set out in the invitation to tender. The LPFA is required to have an internal audit function under the accounts and audit regulations. These regulations place responsibility on the authority for maintaining an adequate and effective internal audit service. The LPFA audit and risk committee is responsible to the LPFA Board for ensuring that there is an adequate system of internal control, and that it is maintained and complied with on a routine basis. The lead officer responsible for maintaining the system of internal control is the managing director of LPFA although the LPFA acknowledges that internal controls are a collective responsibility with the LPFA audit and risk committee and the section 151 Officer also has responsibility in this area. The LPFA will prepare an annual governance statement to review the effectiveness of the system of internal control, and this is signed by the LPFA managing director and the chair of the LPFA audit and risk committee. This is supported by a statement from the head of the internal audit function on the effectiveness of the system of internal control. The LPFA audit and risk committee has the responsibility for reviewing the effectiveness of the internal audit function. The committee will receive regular reports from the internal audit provider, and the senior internal auditor will attend the audit and risk committee meetings. The head of internal audit, to be provided by the supplier, will be required to work with other elements of the audit services. This includes the LPFA’s external auditors (currently Grant Thornton), but may also require working with the internal and external audit service of Local Pensions Partnership (currently Deloitte internal and Grant Thornton external). LPFA may also make use of external consultants to support organisational development. The internal audit function may identify areas for external consultancy to advise on, and support implementation of, new systems following recommendations from external consultants. The estimated value of the contract is GBP 8 00 to GBP 100 000 (excluding VAT) per year. Further details about the services required are set out in the invitation to tender.