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Published 29 Nov 2019

20191129_LPFA_Internal Audit Services Tender

The London Pensions Fund Authority · London

Key facts

Estimated value
£1
Closing date
16 Jan 2020
Contract starts
31 Mar 2020
Contract ends
01 Apr 2025
Procedure
Open procedure (below threshold)
Buyer type
Local government

Description

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 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 lead officer on maintaining the system of internal control is the Managing Director although the LPFA acknowledges that internal controls are a collective responsibility with the Audit & 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 Managing Director and the Chair of the Audit & 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 Audit & 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 & 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, Grant Thornton, but may also require working with the internal and external audit service of LPP, currently Deloitte and Grant Thornton respectively. 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.

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