Description of the goods or services required
The appointed firm shall be required to undertake:
All such work as is deemed necessary to enable the auditors to complete their annual audits and report thereon:
(a) To the Board of ColegauCymru/CollegesWales and Fforwm Services Ltd.
(b) To the Audit Committee of the charity via Management letter
Such other specialised audit work as required from time to time, this will include the Corporation Tax return for Fforwm Services Ltd.
The following financial statements, all with the year ended 31 July are to be included:
Financial statements for both ColegauCymru/CollegesWales and the subsidiary company Fforwm Services Ltd.
It is the duty of the external auditors to carry out such investigations as will enable them to form an opinion on the statements and on the following matters:
(i) whether proper accounting records have been kept and
(ii) whether the financial statements are in accordance with the accounting records.
(iii) Whether grant income has been used for the purpose for which it was received.
The following must be avoided:
• official, professional or personal relationships, which might cause the auditors to limit
the extent or character of the audit.
• involvement in the executive management of the charity or the subsidiary company and
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• any substantial financial interest, direct or indirect in the charity, or the subsidiary company (other than normal employee or contractor relationship)
• due professional care includes auditors of the charity and the subsidiary company in:
• taking reasonable steps to obtain information relevant to the audit. Auditors should take into account information from the charity and the subsidiary, changes in legislation and the results of previous audit work
• keeping up to date with developments in professional matters
• ensuring audits are conducted in accordance with published auditing standards and guidelines
• looking for and taking account of any unusual circumstances
• ensuring that conclusions are adequately supported by reliable evidence
• external audit will have direct access to the charity’s Finance Director and to the Board, normally through the Chair of the Audit Committee
The external auditor should normally attend any audit committee meetings where business relevant to them is being considered
Reporting
The audit report prepared for the Board shall state whether in the opinion of the auditors:
• the financial statements give a true and fair view of the state of affairs of the charity and the subsidiary company at 31 July and have been properly prepared in accordance with
relevant accounting standards and charity legislation.
• funds from grants and income for specific purposes have been applied only for the purposes for which they were received.
The Auditors shall advise the Audit Committee without delay on any significant matters arising out of the audit that might lead to material errors, impact on future audits or where for example
savings could be made in the more efficient use of resources. The auditors are also required to provide advice for improvement including:
(i) accounting systems and internal control;
(ii) deficiencies in operating accounting systems and internal control;
(iii) inappropriate accounting policies;
(iv) non compliance with legislations, accounting standards and other regulations.
The main contact within the charity will be the Finance Director through whom arrangement will be made for the conduct of the audit and with whom issues arising from the audit will be cleared.
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The Auditors are also to report to the Chair of the Audit Committee, in writing and without delay, serious weaknesses, material frauds or irregularities or any major accounting breakdowns
NOTE: To register your interest in this notice and obtain any additional information please visit the Sell2Wales Web Site at http://www.sell2wales.gov.wales/Search/Search_Switch.aspx?ID=70154.
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