External Audit Services – Pre-Market Engagement

Tender description

The University is looking to tender, in the near future, for a supplier to provide external audit services and would like to engage with the marketplace by means of discussions via individual virtual meetings on Teams, or in person if this would be preferred, with our Chief Financial Officer to help enable the University to understand the dynamics of the current marketplace. This will also enable the opportunity for potential suppliers to ask us any questions or raise any issues directly with the University.This exercise is not a call for competition but engagement with the market to help inform our procurement approach. Lot 1: The University is looking to tender, in the near future, for a supplier to provide external audit services and would like to engage with the marketplace by means of discussions via individual virtual meetings on Teams, or in person if this would be preferred, with our Chief Financial Officer to help enable the University to understand the dynamics of the current marketplace. This will also enable the opportunity for potential suppliers to ask us any questions or raise any issues directly with the University.This exercise is not a call for competition but engagement with the market to help inform our procurement approach.The University envisages that the scope of the contract will include the following:The primary role of the external auditors will be to report on the financial statements of the University of Chester and to carry out whatever examination of the statements and underlying records and control systems is necessary to reach an opinion on the statements. You will be required to report to the University Council by means of a management letter.University financial statements and auditor’s management letter are submitted to Office for Students (OfS) five months after the 31st July year end. They are scrutinised by the Audit and Risk Management Committee in November and approved by University Council at the end of November. The on-site work usually takes place during mid-September to mid-October.The scope also includes audits of annual returns for the Teachers Pension Scheme and the US Department of Education, as well as individual project audits as required.The successful tenderer will also be required to report on whether recurrent and specific grants from OfS (and other bodies and restricted funds where appropriate) have been properly applied for the purposes provided, in accordance with the University of Chester’s Memorandum of Assurance and Accountability with OfS and that conditions of grant have been met. The appointed provider will be required to:(a) operate in accordance with published audit and accounting standards;(b) meet professional, ethical and quality standards in completing its work;(c) comply with terms of reference approved by the University Council,(d) provide suitably qualified and experienced staff;(e) endeavour to promote continuity of staffing;(f) ensure that the staff employed will receive appropriate ongoing training;(g) provide the OfS Assurance Service with access to relevant working papers and correspondence in accordance with this Code;(h) set out proposals for liaison with other auditors.The successful tenderer will also be required to demonstrate they can provide a comprehensive service which will satisfy the University’s requirement for an External Audit Service, as detailed in the OfS Terms and conditions of funding for higher education institutions Annex C: Audit Code of Practice.The auditor must be aware of developments within Higher Education particularly where these may have mandatory applications to institutions and/ or potentially have significant financial effects.Full details of the requirements will contained within the tender procurement documents and the tender will be advertised via FTS and Contracts Finder notices.The current estimated timescale for the tender is for a single stage Open tender to begin on 1st October 2024, close on 5th November 2024 and for a potential short list of tendering suppliers to attend a clarification meeting with University Audit and Risk Management Committee on 21st November 2024.For more information and to arrange an appointment for a discussion, please Express Interest in the Pre-Market Engagement and then register your details by sending a correspondence with your organisation’s contact details via the In-Tend e-tendering portal — http://in-tendhost.co.uk/universityofchester Registration to this site is free for suppliers.