External Audit for the Regeneration Investment Fund for Wales

Descriptions

Background:RIFW is looking for proposals from suitably qualified audit & accountancy firms to provide comprehensive audit and associated services for the year ended 31 March 2017. There has been limited activity during the financial year.The auditors from inception were Ernst & Young but, as the activities of the Fund have been scaled back and as the Fund is no longer managed by a London based Fund Manager, the Fund does not need to be audited from a London base. The LLP is now seeking auditors who are based locally and who will deliver a more cost effective solution for RIFW.The Regeneration Investment Fund for Wales (RIFW) was established in 2010 by the Welsh Government specifically to encourage and promote sustainable development across Wales.While the investment activity of the Fund has been suspended by the Welsh Ministers the LLP’s on going business comprises:- Management of three land parcels or Sale of three parcels of land- Management of one investment (loan)- Management of overage receipts & receivablesThe Fund was managed by Amber Infrastructure from their London office until 15 December 2016 at which point management was transferred to the Welsh Government.Key requirements of the contract:AUDIT SERVICESYou will be required to perform a statutory audit in accordance with IFRS.- The financial reporting and treasury for the LLP is managed out of the Cardiff office of the Welsh Government Buildings at Cathays Park, Cardiff.- There is an annual audit requirement with a 31 March year end.- External audit for RIFW should be in accordance with legal requirements, regulators' requirements and auditing standards set by the Auditing Practices Board.Your external audit service should include the following:- Audit summary report on key audit issues, significant accounting judgements and major control matters- Management letter summarising assessment of key control observations- Pro-active technical advice on changes in regulatory & accounting practice- Review of impact of accounting policies on business value- Accounting for divestment / transfer of existing assets- Reporting to the Fund's Senior Responsible Officer.Sign off required of the Statutory accounts within 2 months of year end (by end of May) for inclusion in Welsh Government Consolidated Financial Statements.ACCOUNTANCY SERVICESYou will be provided with a full Trial Balance and working papers from which you will be required to prepare a set of financial statements for the LLP in accordance with International Financial Reporting Standards (IFRS).TAXATION SERVICESYou will be required to prepare and file any applicable legal and statutory returns such as the Annual Partnership Tax Return.COMPANY SECRETARIATYou will be required to ensure all legal and statutory filing requirements are met in line with stipulated statutory deadlines e.g. the filing of the annual financial statements and the Confirmation Statement.