Provision of External and Internal Audit Services

Award

Value

£0

Classifications

  • Accounting services
  • Financial auditing services
  • Internal audit services

Tags

  • award
  • contract

Published

10 months ago

Description

Audit Services

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Internal Audit Services

Internal Audit is an independent appraisal function within the University providing a service to management and is responsible to the Board of Governors and Audit & Risk Committee. The key role of internal audit is to provide assurance to the Governing Body as to the adequacy of the systems of internal control (including those arrangements for achieving economy, efficiency and effectiveness). The Audit & Risk Committee is responsible for reporting annually to the Board of Governors about the adequacy of the systems of internal control in place across the University. To help it arriving at an opinion on this it may rely on an internal audit service, who will report to it. For day-to-day issues, the Audit & Risk Committee delegates the co-ordination, direction and control of the audit to the Executive Director of Finance, Audit & Risk. The Internal Auditors appointed will have direct access as necessary, to the Executive Director of Finance, Audit & Risk, the Vice Chancellor and to the Chair of the Audit & Risk Committee. The scope of internal audit work extends to all of the University’s activities. For each meeting of the Audit & Risk Committee (normally 3 per year) reports detailing the results of internal audit reviews undertaken must be presented. These need to be finalised and received by the University two weeks in advance of each meeting of the Audit & Risk Committee. In addition an annual report will be required summarising the work undertaken and providing an opinion to the Audit & Risk Committee as to the adequacy of the overall system of internal control. The successful firm may be asked to carry out special internal audit reviews requested by the Corporation, Audit & Risk Committee, Vice Chancellor or the Executive Director of Finance, Audit & Risk, providing such reviews do not compromise their objectivity or independence.

Katy Reed

Published 14 hours ago
Open

Ofgem 2025-011 Benchmarking Services for OFTO Tender Rounds 10-14

The OFTO team requires a benchmarking advisor to provide support on OFTO transactions and ensure that the most competitive pricing of any financial instrument is achieved at financial close. The advisor will need to demonstrate that a clear and transparent process is followed in arriving at this pricing. They will also ensure that the terms of financing of the three projects within Tender Round 10 (TR10), one project in Tender Round 11 (TR11), one project in Tender Round 12 (TR12) and three projects in Tender Round 13 (TR13) are favourable for consumers. Ofgem do plan on extending this work to Tender Round 14 (TR14) but the scope of this work is not yet known. The supplier shall provide expert advice on the hedging process up to and at Financial Close (FC) on TR10, TR11, TR12, TR13 and TR14. The scope of work is as follows: * Review the structure of the interest rate and inflation hedging profiles and calculations and confirm that this is an acceptable structure or alternatively provide review of the structuring of underlying GILT for pricing any public bond. * Provide indicative market pricing/updated pricing on all hedging and underlying GILT on request to ensure the most competitive rates are achieved. * Proactive alerts on material market movements which may impact the pricing, including forewarning of any market activity which may create volatility and advise on how to manage this. * Agree hedge term sheets/model outputs with the hedge providers where necessary. * Provide/review the proposed execution protocol for the required hedging and/or bond issuance and negotiate this protocol with the hedge bank(s)/providers as necessary. * Undertake offline benchmark pricing exercises to establish mid-market levels and ensure pricing is agreed as a margin over mid-level. * Identify any anomalies which may indicate additional margins for the hedge providers. * Coordinate dry run pricing leading up to the FC and manage a series of 'dry runs' with all relevant parties, including but not limited to Ofgem and its financial adviser(s)plus the FC execution call. * Advisors are also required to liaise directly with Ofgem on any issues identified.

Katy Reed

Published 1 week ago

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