GB-Wellingborough: The provision of Internal Auditor Services at Greatwell Homes

Contract Description and Scope

The scope of work of the internal audit service is to determine whether the organisation's network of risk management, control and governance processes, as designed and represented by management, is adequate and functioning in a manner that ensures that: risks are appropriately identified and managed; interaction with the various governance groups occurs as needed; significant financial, managerial, and operating information is accurate, reliable, and timely; employees' actions comply with policies, standards, procedures, and applicable laws and regulations; resources are acquired economically, used efficiently, and adequately projected; programmes, plans and objectives are achieved; quality and continuous improvement are fostered in the organisation's control process; significant legislative or regulatory issues affecting the organisation are recognised and addressed appropriately; opportunities for improving management control, profitability and the organisation's image, which are identified during audits, are communicated to the appropriate level of management.

The Key Aims, Objectives and Outcomes

The key aims, objectives and required outcomes of this proposed contract are to: Increase services and efficiencies and improvements; improve Customer Satisfaction; achieve Value for Money; develop a flexible annual plan using an appropriate risk-based methodology, including any risks or control concerns identified by management, and submit that plan to the Audit Committee for review and approval as well as periodic updates; implement the annual audit plan, as approved, including as appropriate any special tasks or projects requested by management and the Audit Committee; maintain professional audit staff with sufficient knowledge, skills, experience, and professional certifications to meet the requirements of this engagement letter; issue periodic reports to Audit Committee informed by the best practice in internal auditing; help in the investigation of significant suspected fraudulent activities in the organisation and notify management and the Audit Committee of the results; consider the scope of work of the external auditors and regulators, as appropriate, for the purpose of providing optimal internal audit coverage to the organisation at a reasonable overall cost.

For your information our current internal audit setup comprises: Provide an annual assessment on the adequacy and effectiveness of Greatwell Homes' processes for controlling its activities and managing its risks; report on each internal audit carried out highlighting issues related to the processes for controlling the activities of Greatwell Homes, including potential improvements to those processes; periodically provide information on the status and results of the annual audit plan.

Please see attached invitation to tender document for detail.