---
title: "External Audit"
ocid: "ocds-r6ebe6-0000740550"
canonical_url: "https://d3tenders.com/contract/?ocid=ocds-r6ebe6-0000740550"
markdown_url: "https://d3tenders.com/contract/ocds-r6ebe6-0000740550.md"
json_url: "https://d3tenders.com/contract/ocds-r6ebe6-0000740550.json"
source: "Public Contracts Scotland"
current_stage: "Award"
buyer: "UNIVERSITY OF EDINBURGH"
published: "2023-08-03"
---

# External Audit

Buyer: UNIVERSITY OF EDINBURGH  
Current stage: Award  
OCID: ocds-r6ebe6-0000740550

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[Download OCDS JSON](https://d3tenders.com/contract/ocds-r6ebe6-0000740550.json)

## Summary

The University of Edinburgh has awarded a contract for External Audit to PwC. The procurement process was open, with the University of Edinburgh as the buying organisation. The tender involved auditing financial statements, subsidiaries, and quasi-subsidiaries, with a contract value of £2,967,264. The contracting process reached the award stage on June 12, 2023, and the location of the procurement was in Edinburgh, UK.

This tender for External Audit by the University of Edinburgh presents opportunities for large auditing firms like PwC to engage in auditing financial statements and related activities. Businesses in the services sector, particularly those specialized in audit and assurance services, would be well-suited to compete in this tender. The focus of the tender is on ensuring compliance with accounting standards, financial reporting, and corporate governance, providing a significant opportunity for firms with expertise in these areas to contribute to the University's financial oversight and compliance processes.

## Notice

The external auditors will be engaged to undertake the audit of the University's financial statements, its subsidiaries and quasi-subsidiaries.

### Lot Information

Lot 1

The external auditors will be engaged to undertake the audit of the University's financial statements, its subsidiaries and quasi-subsidiaries, and shall report whether in all material respects: 1.1 The financial statements give a true and fair view, in accordance with UK Generally Accepted Accounting Practice (UK GAAP), of the state of the University's affairs, and of its comprehensive income and expenditure and statement of cash flow for the year. They should take into account relevant statutory and other mandatory disclosure and accounting requirements, and Funding Council requirements. 1.2 The financial statements have been properly prepared in accordance with the Statement of Recommended Practice (SORP) - Accounting in Further and Higher Education, and the Companies Acts where relevant, and/or other legislative or regulatory requirements. 1.3 Funds from whatever source administered by the institution for specific purposes have been properly applied to those purposes and, if relevant, managed in accordance with relevant legislation, and any other terms and conditions attached to them. 1.4 Funds provided by the Funding Council have been applied in accordance with the Financial Memorandum and the mandatory requirements attached to the Financial Memorandum. 1.5 The financial statements for US filing are in accordance with US Generally Accepted Accounting Practice (US GAAP). 2. Audit certificates relating to subsidiary activities which should be covered as part of the overall audit routine, for example, Hardship, Child Care and Nursing Discretionary Funds Statements and US loans. For clarity, certification of European Research Grants are not included in this tender. 3. The external auditor will report to the Audit & Risk Committee and the University Court (by way of a management letter), any significant matters arising from the audit which might lead to material errors or have an impact on future audits. This may include: 3.1 Areas where economies could be made or resources could be used more effectively, with advice for improvement. 3.2 Weaknesses in the structure and operation of accounting systems and internal control. 3.3 That the work of the internal auditors has been assessed, and the extent to which reliance can be placed on the work of the internal auditors in support of external audit work. 3.4 Inappropriate accounting practices and regulations. 3.5 Non-compliance with legislation, accounting standards, Funding Council requirements or other regulations. 4. The external auditor is expected to attend all meetings of the Audit & Risk Committee, which are four times per annum. 5. The external auditor, notwithstanding responsibilities to the University, is expected to co-operate fully with any enquiries or routine monitoring that the Scottish Funding Council undertakes. 6. Provision of training and updates on Corporate Governance, Accounting Standards, Financial Reporting Standards and Audit Standards, and other legislative changes as they apply to the University. 7. Irregularities including fraud.

## Key Details

| Field | Value |
| --- | --- |
| Publication source | Public Contracts Scotland |
| Latest notice | https://www.publiccontractsscotland.gov.uk/search/show/search_view.aspx?ID=AUG485118 |
| Notice type | PCS Notice - Website Contract Award Notice |
| Procurement type | Standard |
| Procurement category | Services |
| Procurement method | Open |
| Procurement method details | Open procedure |
| Tender suitability | Not specified |
| Awardee scale | Large |
| All stages | Award |

## Dates

| Field | Value |
| --- | --- |
| Publication date | 3 Aug 2023 |
| Submission deadline | Not specified |
| Future notice date | Not specified |
| Award date | 12 Jun 2023 |
| Contract period | Not specified |
| Recurrence | Not specified |

## Values

| Field | Value |
| --- | --- |
| Tender value | Not specified |
| Lots value | Not specified |
| Awards value | Not specified |
| Contracts value | £2,967,264 |

## Status

| Field | Value |
| --- | --- |
| Tender status | Complete |
| Lots status | Complete |
| Awards status | Not specified |
| Contracts status | Active |

## Buyer

| Field | Value |
| --- | --- |
| Main buyer | UNIVERSITY OF EDINBURGH |
| Locality | EDINBURGH |
| Post town | Edinburgh |
| Postcode | EH1 1HT |
| Country | Scotland |
| ITL 1 | TLM Scotland |
| ITL 2 | TLM1 East Central Scotland |
| ITL 3 | TLM13 City of Edinburgh |
| Local authority | City of Edinburgh |
| Electoral ward | City Centre |
| Westminster constituency | Edinburgh East and Musselburgh |
| Delivery location | TLM Scotland |

## Supplier

| Field | Value |
| --- | --- |
| Number of suppliers | 1 |
| Supplier names | PWC |

## CPV Codes

### Divisions

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

### Codes

- 79212100 - Financial auditing services
- 79212400 - Fraud audit services

## Release History

- 3 Aug 2023 at 00:00 - Award - PCS Notice - Website Contract Award Notice - https://www.publiccontractsscotland.gov.uk/search/show/search_view.aspx?ID=AUG485118

## Documents

- https://www.publiccontractsscotland.gov.uk/search/show/search_view.aspx?ID=AUG485118
  External Audit - The external auditors will be engaged to undertake the audit of the University's financial statements, its subsidiaries and quasi-subsidiaries.

## Notice URLs

- http://
- https://api.publiccontractsscotland.gov.uk/v1/Notice?id=ocds-r6ebe6-0000740550
- https://www.ed.ac.uk

## Provenance

This Markdown file is an alternate public rendering of the D3 Tenders contract record. The canonical page is https://d3tenders.com/contract/?ocid=ocds-r6ebe6-0000740550. The underlying structured data is available as OCDS JSON at https://d3tenders.com/contract/ocds-r6ebe6-0000740550.json.