TfL Financial Audit Contract

TfL Financial Audit Contract

TfL is seeking the services of a financial advisor to audit the management accounts.FORS Financial Audit

Contract summary

Industry

  • Accounting, auditing and fiscal services – 79200000

Location of contract

London

Value of contract

£100k

Published date

22 May 2019

Closing date

21 June 2019

Contract start date

10 July 2019

Contract end date

08 November 2020

Contract is suitable for SMEs?

Yes

Contract is suitable for VCSEs?

No

 

Description

TfL is seeking the services of a financial advisor to audit the management accounts relating to the FORS concession for the financial year ending 31 March 2019, for each of the FCP organisations.

The review requires a level of testing, enquiry and analysis that provides TfL with confidence that the amounts presented in each entity’s management accounts are attributable to the FORS business,

In particular TfL is interested in the following:

a. The total and breakdown of sources of income to each organisation within the FCP. We want to identify what money has come to each organisation including but not limited to audits, subsidies, sponsorship, associateships, affinity partners, external funding and consultant charge out profit.

b. The total and breakdown of sources of expenditure incurred by each organisation within the FCP. We want to identify what has been spent on running FORS including but not limited to Project Management, Audits, Communications and Governance.

c. The consultant charge out rates of staff and an overview of any variances against obtained TUPE data.

d. A reconciliation of the profit sharing mechanism contained within the concession agreement in light of the financial information available, with the profit sharing calculation to be provided by AECOM. This shall cover any variances from the Earnings Before Interest and Tax (EBIT) between the bid and actual calculation,

d. Meetings with the FORS Partnership organisations to go through the management accounts, to verify any systems and processes, and to gather further information as required.

e. Fortnightly update meetings (or conference calls if more appropriate) with TfL to discuss progress and to resolve any issues or questions.

f. Produce a report describing the scope of work, the key findings from the audit, any limitations to the audit and highlighting any key risks to, or opportunities for, TfL, from the audit. Five copies of the audit report along with an electronic copy shall be provided to TfL upon completion. All documentation must be Arial 12pt. Any raw numerical data used must be provided in Excel format.

TfL is not seeking a financial statement audit, an audit opinion on any FORS Financial Statements or a profit share statement which are currently certified by AECOM’s auditor.

 

About the buyer

Contact name

Alexandra Cuckson

Address

55 Broadway
LONDON
SW1H 0BD
United Kingdom

Telephone

+44 2030542992

Email

AlexCuckson@tfl.gov.uk

 

Other information

 

How to apply

Please apply directly to the buyer using the contact details provided, or follow the instructions given in the notice description or information section.

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