Internal Audit Services Tender – London Pensions Fund Authority
The London Pensions Fund Authority is required to have an internal audit function under the accounts and audit regulations.
United Kingdom-London: Internal audit services
Section I: Contracting authority
I.1)Name and addresses
Postal address: 169 Union Street
NUTS code: UKI
Postal code: SE1 0LL
Country: United Kingdom
Contact person: Morenike Ajayi
Internet address(es):Main address: http://www.lpfa.org.uk/
I.4)Type of the contracting authority
Section II: Object
Internal Audit Services
II.1.2)Main CPV code
II.1.3)Type of contract
The London Pensions Fund Authority (LPFA) is required to have an internal audit function under the accounts and audit regulations. These regulations place responsibility on the authority for maintaining an adequate and effective internal audit service. The Audit and Risk Committee is responsible to the board for ensuring that there is an adequate system of internal control and that it is maintained and complied with on a routine basis.
The LPFA requires a provider to provide internal audit services to support the Audit and Risk Committee. Further details about the services required are set out in the invitation to tender.
II.1.6)Information about lots
II.2.2)Additional CPV code(s)
II.2.3)Place of performance
II.2.4)Description of the procurement:
The LPFA is required to have an internal audit function under the accounts and audit regulations. These regulations place responsibility on the authority for maintaining an adequate and effective internal audit service.The LPFA Audit and Risk Committee is responsible to the LPFA Board for ensuring that there is an adequate system of internal control and that it is maintained and complied with on a routine basis. The lead officer responsible for maintaining the system of internal control is the managing director of LPFA although the LPFA acknowledges that internal controls are a collective responsibility with the LPFA Audit and Risk Committee and the Section 151 Officer also has responsibility in this area.
The LPFA will prepare an Annual Governance Statement to review the effectiveness of the system of internal control and this is signed by the LPFA Managing Director and the Chair of the LPFA Audit and Risk Committee.This is supported by a statement from the Head of the internal audit function on the effectiveness of the system of internal control.
The LPFA Audit and Risk Committee has the responsibility for reviewing the effectiveness of the internal audit function. The Committee will receive regular reports from the internal audit provider and the senior internal auditor will attend the Audit and Risk Committee meetings.
The Head of Internal Audit, to be provided by the supplier, will be required to work with other elements of the audit services. This includes the LPFA’s external auditors (currently Grant Thornton), but may also require working with the internal and external audit service of Local Pensions Partnership (currently Deloitte internal and Grant Thornton external).
LPFA may also make use of external consultants to support organisational development. The internal audit function may identify areas for external consultancy to advise on and support implementation of, new systems following recommendations from external consultants.
The estimated value of the contract is 80 000 GBP to 100 000 GBP (excluding VAT) per year. Further details about the services required are set out in the invitation to tender.
II.2.7)Duration of the contract, framework agreement or dynamic purchasing system
LPFA may extend the contract by another 2 years to 31.3.2025.
II.2.10)Information about variants
II.2.11)Information about options
II.2.13)Information about European Union funds
Section III: Legal, economic, financial and technical information
III.1.2)Economic and financial standing
III.1.3)Technical and professional ability
III.2.2)Contract performance conditions:
As set out in the invitation to tender.
Section IV: Procedure
IV.1.1)Type of procedure
Tenders must be submitted by 16.00 GMT on 9.3.2020. An accelerated open procedure is being used as LPFA require the successful provider to be in place by 1.4.2020. A previous procurement process for the contract was terminated by LPFA due to a need to revise the tender evaluation criteria.
IV.1.8)Information about the Government Procurement Agreement (GPA)
IV.2.2)Time limit for receipt of tenders or requests to participate
IV.2.4)Languages in which tenders or requests to participate may be submitted:
IV.2.6)Minimum time frame during which the tenderer must maintain the tender
IV.2.7)Conditions for opening of tenders
Section VI: Complementary information
VI.1)Information about recurrence
Country: United Kingdom
VI.5)Date of dispatch of this notice: