Endowment Fund & Private Patient Fund Audit

Descriptions

NHSGGC are looking to procure Auditing Services for the following:

Charitable Endowment Funds:

Endowment funds are defined as money or property donated to the Board and held on trust for such purposes relating to services provided under the National Health Service (Scotland) Act 1978 or in relation to hospitals, or to the functions of the Board with respect to research, as the Board may think fit.

Patients Private Funds:

NHSGGC administers Patients’ Private Funds (PPF) on behalf of many of its patients. Many of these patients are incapable of managing their own affairs, and are covered by the Adults with Incapacity (Scotland) Act 2000, but others choose to use the service voluntarily because of the convenience, or because infirmity or frailness makes the use of normal banking arrangements impractical.

The Board is responsible for ensuring proper accounting records are maintained, which disclose with reasonable accuracy at any time the financial position of the PPF and for safeguarding the assets held on behalf of the patients, including taking reasonable steps for the prevention and detection of fraud and other irregularities.

Both the Charitable Endowment Funds and the PPF are required to be independently audited in accordance with approved auditing standards.