Tender

20191129_LPFA_Internal Audit Services Tender

LONDON PENSIONS FUND AUTHORITY

This public procurement record has 5 releases in its history.

TenderAmendment

03 Jan 2020 at 11:52

Tender Notice
TenderAmendment

23 Dec 2019 at 11:22

Tender Notice
TenderAmendment

13 Dec 2019 at 10:53

Tender Notice
TenderAmendment

13 Dec 2019 at 10:51

Tender Notice
Tender

29 Nov 2019 at 12:29

Tender Notice
Summary of the contracting process

The London Pensions Fund Authority is currently undertaking the LPFA Internal Audit Services Tender, which belongs to the services industry and is focused on internal audit services. The tender process is at the active stage, with a deadline for submissions set for 16th January 2020. The contract is scheduled to commence on 1st April 2020 and will last until 1st April 2025, with main operations occurring in London, United Kingdom. This procurement follows an open procedure, designed for contracts below the threshold.

This tender offers significant opportunities for small and medium-sized enterprises (SMEs) involved in audit and consulting services. Businesses that specialise in internal audit functions, risk management, and organisational development consultation would be particularly well-placed to compete for this contract. Additionally, organisations with a capacity to collaborate with external auditors may find an advantage, as the selected supplier will need to coordinate with both internal and external audit services.

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Notice Information

Notice Title

20191129_LPFA_Internal Audit Services Tender

Notice 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.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-38ee0de2-64b0-478b-a7b0-57b37e8e3adc
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/38176e93-43fe-442b-8722-0d86702679d8
Current Stage
Tender
All Stages
Tender

Procurement Classification

Notice Type
Tender Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Open procedure (below threshold)
Tender Suitability
SME
Awardee Scale
Not specified

Common Procurement Vocabulary (CPV)

CPV Divisions

79 - Business services: law, marketing, consulting, recruitment, printing and security

CPV Codes

79212200 - Internal audit services

Notice Value(s)

Tender Value
£1
Lots Value
Not specified
Awards Value
Not specified
Contracts Value
Not specified

Notice Dates

Publication Date
3 Jan 20206 years ago
Submission Deadline
16 Jan 2020Expired
Future Notice Date
Not specified
Award Date
Not specified
Contract Period
31 Mar 2020 - 1 Apr 2025 Over 5 years
Recurrence
Not specified

Notice Status

Tender Status
Active
Lots Status
Not Specified
Awards Status
Not Specified
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
LONDON PENSIONS FUND AUTHORITY
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
LONDON
Postcode
SE1 0LL
Post Town
South East London
Country
England
Major Region (ITL 1)
TLI London
Basic Region (ITL 2)
TLI4 Inner London - East
Small Region (ITL 3)
TLI44 Lewisham and Southwark
Delivery Location
TLI London
Local Authority
Southwark
Electoral Ward
Borough & Bankside
Westminster Constituency
Bermondsey and Old Southwark

Further Information

Notice Documents

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

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The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts. 

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