Internal Audit Tender

Tender description

1.1. Loreburn Housing Association (LHA), a Registered Social Landlord, is looking for proposals for a comprehensive internal audit service for a period of three years from Financial Years 2025/26 onwards, with a potential to extend this for a further 2 years. The first 3 years will cover the financial years of 2025/26, 2026/27 & 2027/28, with work commencing on or around the 1st of April 2026 for year 2025/26. 1.2. The Internal Audit service will provide the Management Committee of LHA with a view on internal systems and controls, governance arrangements, and risk management by measuring and evaluating their effectiveness in supporting LHA’s corporate objectives. In addition, the successful Auditor may be engaged from time to time by LHA to perform ad hoc assignments. 1.3. LHA forms part of the Loreburn Group. There is one associated company of LHA – Dumfries and Galloway Home Limited (DGH) – SC304439. Lot 1: 3.1. Scope of Services 3.1.1. The role of internal audit is to provide management with an objective assessment of whether systems and controls (financial and non-financial) are working properly. It is a key part of LHA’s internal control system because it measures and evaluates the adequacy and effectiveness of other controls in order that: - the Board and the LET (Leadership Executive Team.) can know the extent to which they may rely on the Association’s control systems; and - individual managers can understand the reliability of the systems and controls for which they are responsible. 3.1.2. The responsibility for ensuring that appropriate and adequate arrangements are established for internal control rests with management of LHA. The internal auditor will be responsible for conducting an independent appraisal and giving assurance to the Audit & Risk Committee on internal control arrangements. It is for management to determine whether to accept and implement recommendations made by the internal auditor whilst assessing the risks of such action and acting accordingly in the best interest of the Association. 3.1.3. The work of the internal audit service shall embrace the whole internal control system of LHA including all its activities, funded from whatever source. The internal audit service will consider the adequacy of systems and controls necessary to secure propriety, economy, efficiency and effectiveness in all areas. It will seek to confirm that management have taken the necessary steps to achieve these objectives. 3.1.4. The internal auditor will be expected to carry out a rolling programme of internal audit work so that all main aspects of our operations are assessed at least once during the initial three years. 3.1.5. Our current internal audit service consists of 15 days per annum which typically include the following: - Three to Four compliance, assurance and risk managements audits; - Follow up on implementation of previous audit points; - Audit needs are assessed by the Audit and Risk Committee and preparation of an annual plan is prepared by the Internal Auditor and presented to the Audit and Risk Committee for approval, - Internal Audit Reports shall be provided to the Association on completion of work during the year – work likely to be completed in the first 3 quarters of the year with approval sought from Audit and Risk Committee for the reports.