External Audit Services

Descriptions

COMMERCIAL IN CONFIDENCEINVITATION TO TENDER FOR SUPPLY OF AN EXTERNAL AUDIT SERVICEJanuary 2014ContentsPage1.Client Profile22.Tender Requirements:3a)Management of Contract4b)Access to senior management4c)Confidentiality4d)Period of contract4e)Supplier costs43.The Invitation54.The Process55.Evaluation Criteria 5 - 66.Contact details:67.Pricing Schedule78.Return Label81.Client ProfileGeneral BackgroundGlyndwr University plays a crucial role on the social, economic and cultural life of North East Wales. It is intricately linked to the region’s industry and other educational establishments and is a significant driving force in the creation and maintenance of civic society in the region. It works closely with employers to ensure that they have access to a suitably skilled and qualified workforce as well as providing research and development services in specialised areas. It is responsive to the needs of existing and potential students, providing a wide range of academic programmes. It is highly active internationally, attracting significant numbers of international students to the region and bringing important investment to the University and the wider region.The University’s Mission and VisionThe University’s mission is to be a “market led, student centred university of international significance open to all” and through its vision statement it aims “to become indispensable as a significant, relevant and expert partner in regional and national economic and social development”.The mission and vision both inform the University’s strategic plan which is also influenced by the University’s core values, which are:•Respect for the individual, for the expression of ideas and the pursuit of knowledge;•Educational, academic and professional integrity;•Care for students, colleagues and customers and the anticipation of their needs and requirements;•Organizational commitment to the pursuit of excellence and loyalty to the University as a community of learningOther beneficiaries of the University include industrial partners who benefit from the applied research being undertaken by the University, and the public sector, including the health service, which benefits from the highly skilled graduates who seek employment following the end of their courses at the University.Community and professional organisations are able to use the University’s expertise and facilities for their benefit and many sporting clubs have based themselves on the Wrexham campus in order to avail themselves of the facilities on offer at the University’s Sports Centre and the Glyndwr University Racecourse Stadium.Specific benefits to the UK and Welsh Governments as well as the wider community also come through the University’s activities in transforming the economy of North East Wales, making it an attractive location for inward investment and providing and supporting a highly skilled workforce.The University’s work with the FE colleges is vital to realising its mission and vision. It allows students from all parts of Mid and North Wales to have access to higher education often through the FE colleges. The University responds to the needs of employers, identifies gaps in provision and offers programmes for the benefit of the country.Financial BackgroundGlyndwr University’s financial year runs from the 1st August to 31st July. For your information and as a guide, the average cost for external audit services provision to Glyndwr University over the last three years is £35,000 with the actual spend for 2012/13 being approximately £40,000.Equal OpportunitiesThe University is actively committed to the implementation of equal opportunities in all its activities. Glyndwr University has a comprehensive equal opportunities policy.Freedom of InformationGlyndwr University is bound by the provisions of the Freedom of Information Act 2000 (FOIA). Any information submitted to Glyndwr University may be subject to disclosure in response to a request under the FOIA. Glyndwr University may also decide to include certain information in the publication scheme which we maintain under the Act.2.Tender RequirementsThe primary role of the external auditor is to report on the financial statements and to carry out such examination of the statements and underlying records and control systems as is necessary to reach an opinion on the statements.There is also a requirement to report whether, in all material respects, monies expended out of all non-recurrent grants and other funds from whatever source, administered by the University for specific purposes, have been properly applied to those purposes and, if appropriate, managed in compliance with any relevant legislation. In particular the report must state whether funding received from HEFCW has been properly applied for the purposes provided and in accordance with the Financial Memorandum.In addition to the opinion on the financial statements, the appointed auditors will be required to express an opinion on the University’s Corporate Governance statement. The University is keen to adopt best practice in respect of Corporate Governance and would be interested in any relevant experience, which will assist it in this respect.It will be the tenderer’s clear responsibility to provide an effective external audit service to Glyndwr University in full compliance with the standards laid down by:•the Auditing Practices Board;•any mandatory external audit standards set out in the Audit Code of Practice issued by HEFCW.In addition to the appointment as external auditors to the University the successful firm will also be appointed as auditors to the following subsidiary companies:Glyndwr London LimitedGlyndwr London Holdings LimitedNorth Wales ScienceOpTic Glyndwr LimitedGlyndwr Innovations LimitedSeparate fees are payable for all the above appointments and separate quotations should be provided in your submission.A review of the annual return to the Teachers’ Pensions body in respect of contributions paid over will also be necessary and charged separately.The appointed auditors will be required to attend meetings of the Audit Committee as required. (The Committee met three times in 2013.)The auditors will be required to produce reports and briefings to the Audit Committee as and when required.Audit certification will be required on certain European Union funded projects. The external auditor will be expected to review such claims within the appropriate timescales.(a) Management of ContractThe tenderer will identify a lead contact within their organisation for Glyndwr University. The named lead contact will be required to liaise with the officers of Glyndwr University to determine the scope of the work required. This individual will be required to produce a quarterly report on work completed or in-progress.(b) Access to Senior ManagementWhile the main reporting line shall be via the Executive Director of Finance & Estates, the external auditors shall be allowed access, when they considerate it necessary, to the Vice Chancellor and Chief Executive and to the Chair of Audit Committee. If fraud or irregularities are identified during the course of the audit, the circumstances would be reported to a senior officer of the University who is outside the scope of the investigation. In exceptional circumstances, direct reference could be made to the Police.(c) ConfidentialityThe tenderer must understand the confidential nature of the work to be carried out and ensure that their staff have been briefed to ensure that all matters are kept strictly confidential. No details of work done may be disclosed to a third party without Glyndwr University’s expressed permission.(d) Period of ContractThe contract will cover an initial three year period from 1st August 2014 to 31st July 2017, with the option to renew for a period of a further two years. This period will be extended with the consent of both Glyndwr University and the tenderer.(e)Supplier CostsGlyndwr University will not be liable for any costs that tenderers incur in the preparation/submission of their offer.3.The InvitationIf you feel that your organisation can meet the challenging requirements as set out above then please respond by completing all questions as specified.The pricing schedule on page 7 must be completed and signed.4.The ProcessThe tender should be submitted in accordance with the requirements of the tender. You should send five copies of all your tender documentation.The submission of a tender constitutes an irrevocable offer to supply the services described in the specifications and preambles and, if the tender is accepted, a contract to supply services will be formed as soon as notice of acceptance of the tender is sent to the contractor, duly authorised by the appropriate officer.All tenders to be returned by post care of the Executive Director of Finance & Estates, Glyndwr University using the attached return label (page 8) and shall not bear any name or mark indicating the sender, by noon Friday 21st February 2014.Shortlisted firms will be required to undertake a presentation to a selection panel at Glyndwr University on Wednesday 12th March 2014.5.Evaluation criteriaIn order to evaluate the External Audit service to be provided, Glyndwr University requires each firm to address the following key criteria:•The final stage presentation and interview;•The fee bid.Evaluation CriteriaMarks availableWeightingPresentation covering the following areas -Account Management1575%Delivery of Service20Examples of Higher Education sector experience15Added Value services (updates, seminars, newsletters, etc)15Non-Audit services available (e.g. financial due diligence, business option reviews, etc)10Price5 to lowest price – 1 to highest price25%6.Contact detailsAll enquiries relating to the invitation to tender should be addressed to:Paul WhitingExecutive Director of Finance & EstatesGlyndwr UniversityPlas CochMold RoadWrexhamLL11 2AWTelephone number01978 293355Email address:p.whiting@glyndwr.ac.ukPricing ScheduleAnnual cost of tender - Glyndwr University£Annual cost of tender – Glyndwr London Limited£Annual cost of tender – North Wales Science£Annual cost of tender – Glyndwr Innovations Ltd£Annual cost of tender – Optic Glyndwr Ltd£Annual cost of tender – Glyndwr London Holdings Limited£Total cost of tender for 3 years£Total annual number of audit daysDiscount for additional yearsDaily rate for ad hoc work£Skill mix to be inputPartnerSeniorsTraineesSigned:Position:Date:Annex 1FEE BID - DO NOT OPENReceivedDate........................Time........................Signed.....................MAIN RECEPTIONFAO P WHITING EXECUTIVE DIRECTOR OF FINANCE AND ESTATESGLYNDWR UNIVERSITYPLAS COCH CAMPUSMOLD ROADWREXHAMLL11 2AWFEE BID FOR:EXTERNAL AUDIT GU-EXT-0114GLYNDWR UNIVERSITYRETURN BY:12.00 Noon on Friday 21st February 2014