Tender

FORS Financial Audit

TRANSPORT FOR LONDON

This public procurement record has 1 release in its history.

Tender

22 May 2019 at 11:00

Tender Notice
Summary of the contracting process

The Transport for London (TfL) is currently conducting a tender for the "FORS Financial Audit" with a focus on accounting, auditing, and fiscal services. This procurement process is in the active stage and will conclude on the 21st of June 2019. The contract, valued at £100,000, is set to commence on the 10th of July 2019 and will run until the 8th of November 2020. The audit will assess various financial aspects related to the FORS concession for the financial year ending 31 March 2019, with service delivery expected to occur within the London region.

This tender presents significant opportunities for businesses, particularly those in the accounting and financial advisory sectors. SMEs with expertise in financial audits, management accounts scrutiny, and fiscal analysis would be well-suited to compete. The successful bidder will be expected to provide comprehensive reports and participate in consultations with TfL, potentially leading to further engagements and collaborations within public procurement frameworks.

Find more tenders on our Open Data Platform.
How relevant is this notice?

D3 Tenders Premium

Win More Public Sector Contracts

AI-powered tender discovery, pipeline management, and market intelligence — everything you need to grow your public sector business.

Start Free Trial Book a Demo
All Features Pricing

Notice Information

Notice Title

FORS Financial Audit

Notice 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.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-d9c7e9d0-1473-42a9-8bc9-fde02000476a
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/d5839b34-f7ef-4b39-a3b1-93049fa4dd81
Current Stage
Tender
All Stages
Tender

Procurement Classification

Notice Type
Tender Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Not Specified
Procurement Method Details
Other -
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

79200000 - Accounting, auditing and fiscal services

Notice Value(s)

Tender Value
£100,000 £100K-£500K
Lots Value
Not specified
Awards Value
Not specified
Contracts Value
Not specified

Notice Dates

Publication Date
22 May 20196 years ago
Submission Deadline
21 Jun 2019Expired
Future Notice Date
Not specified
Award Date
Not specified
Contract Period
9 Jul 2019 - 8 Nov 2020 1-2 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
TRANSPORT FOR LONDON
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
SW1H 0BD
Post Town
South West London
Country
England
Major Region (ITL 1)
TLI London
Basic Region (ITL 2)
TLI3 Inner London - West
Small Region (ITL 3)
TLI35 Westminster and City of London
Delivery Location
TLI London
Local Authority
Westminster
Electoral Ward
St James's
Westminster Constituency
Cities of London and Westminster

Further Information

Notice Documents

Notice URLs

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

Download

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. 

{
    "tag": [
        "compiled"
    ],
    "id": "ocds-b5fd17-d9c7e9d0-1473-42a9-8bc9-fde02000476a-2019-05-22T12:00:21+01:00",
    "date": "2019-05-22T12:00:21+01:00",
    "ocid": "ocds-b5fd17-d9c7e9d0-1473-42a9-8bc9-fde02000476a",
    "language": "en",
    "initiationType": "tender",
    "tender": {
        "id": "TFL001-DN410391-98957324",
        "title": "FORS Financial Audit",
        "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.",
        "datePublished": "2019-05-22T12:00:21+01:00",
        "status": "active",
        "classification": {
            "scheme": "CPV",
            "id": "79200000",
            "description": "Accounting, auditing and fiscal services"
        },
        "items": [
            {
                "id": "1",
                "deliveryAddresses": [
                    {
                        "region": "London",
                        "countryName": "United Kingdom"
                    }
                ]
            }
        ],
        "value": {
            "amount": 100000,
            "currency": "GBP"
        },
        "procurementMethodDetails": "Other -",
        "tenderPeriod": {
            "endDate": "2019-06-21T23:59:59+01:00"
        },
        "contractPeriod": {
            "startDate": "2019-07-10T00:00:00+01:00",
            "endDate": "2020-11-08T23:59:59Z"
        },
        "suitability": {
            "sme": true,
            "vcse": false
        },
        "mainProcurementCategory": "services",
        "documents": [
            {
                "id": "1",
                "documentType": "tenderNotice",
                "description": "Opportunity notice on Contracts Finder",
                "url": "https://www.contractsfinder.service.gov.uk/Notice/d5839b34-f7ef-4b39-a3b1-93049fa4dd81",
                "datePublished": "2019-05-22T12:00:21+01:00",
                "format": "text/html",
                "language": "en"
            }
        ]
    },
    "parties": [
        {
            "id": "GB-CFS-87632",
            "name": "Transport for London",
            "identifier": {
                "legalName": "Transport for London"
            },
            "address": {
                "streetAddress": "55 Broadway",
                "locality": "LONDON",
                "postalCode": "SW1H 0BD",
                "countryName": "United Kingdom"
            },
            "contactPoint": {
                "name": "Alexandra Cuckson",
                "email": "AlexCuckson@tfl.gov.uk",
                "telephone": "+44 2030542992"
            },
            "details": {
                "url": "https://tfl.gov.uk"
            },
            "roles": [
                "buyer"
            ]
        }
    ],
    "buyer": {
        "id": "GB-CFS-87632",
        "name": "Transport for London"
    }
}