Provision of External Audit Services to University of South Wales Group & Wrexham University Group

The University of South Wales has a requirement to tender for the provision of External Audit Services to the University of South Wales Group and Wrexham University Group, the parties to this tender.

The University of South Wales Group and Wrexham University Group, parties to this tender, are seeking to appoint external auditors for up to a maximum of five years (three years in the first instance with the option of up to 2 x 1 year extensions on a +1, +1 basis) with effect from 1 August 2024. The appointment would be subject to the continued satisfactory performance by the successful service provider as well as meeting the target of agreed KPI’s.

The University of South Wales Group and Wrexham University, parties to this tender, are seeking to appoint external auditors for up to a maximum of five years (three years in the first instance with the option of up to 2 x 1 year extensions on a +1, +1 basis) with effect from 1 August 2024. The appointment would be subject to the continued satisfactory performance by the successful service provider as well as meeting the target of agreed KPI’s.

REQUIREMENT OVERVIEW

The Parties to the tender requires the successful provider to deliver an external audit service to include the requirements detailed in the table below.

The tender has been split into two lots for which we will accept bids for individual lots or both lots.

• Lot 1 comprises the University of South Wales and its two colleges, RWCMD and Merthyr College, and Wrexham University. See table in PQQ attached to this notice for full scope.

The primary role of the external auditors will be to report on the financial statements of the parties to this tender and all its subsidiary companies and to carry out whatever examination of the statements, underlying records and control systems is necessary to reach their opinion on the financial statements.

The auditor’s report should state whether funds received from HEFCW(to be known as CTER from August 2024) and other bodies have been applied for the purposes intended and in accordance with HEFCW’s accounts direction, HEFCW’s audit code of practice and the Financial Management Code issued under the Higher Education (Wales) Act 2015 and the latest SORP – please find link https://www.frc.org.uk/accountants/accounting-and-reporting-policy/uk-accounting-standards/statements-of-recommended-practice-(sorps)

In addition to the opinion on the financial statements, the appointed auditors will be required to express an opinion on the University’s Corporate Governance statement. Both Universities are keen to adopt best practice in respect of Corporate Governance and would be interested in any relevant experience, which will assist it in this respect.

The audit of the financial statements is generally undertaken in two stages, an interim audit in June and final fieldwork completed from September onwards.

All financial statements are to be finalised and signed by the relevant committees and board meeting dates in November to allow circulation to HEFCW at the 30 November.

Representatives from the external auditors will be expected to attend the Audit Committee meetings as and when required. Audit Committee meetings take place four times per year. These are during September, November, March and June. Dates will be confirmed.