Admittance to a panel for supply of Forensic Audit Services

Forensic auditing of commercial contracts for the purpose of cost recovery.

Forensic audit and insights are Value for Money (VFM) reviews of commercial contracts with an expected annual cash recovery of c£1.5m. The main objective of undertaking a Forensic Audit & Insights are to identify value leakage and potential ways of unlocking this economic leakage for the business to achieve significant financial outperformance, whilst maintaining and not compromising service to our stakeholders.

The audits are performed on a risk basis, with the main objective being:

• To investigate Compliance against Contractual Obligations and Key Performance Indicators;
• To identify, investigate and quantify off-contractual expenditure;
• To identify, investigate and quantify financial wastage; and,
• To identify contract terms and conditions which require strengthening, improving and creating.

The Commercial Assurance team is looking to partner with external audit consultants to support the delivery of forensic audit and insights. This is done where it is deemed specialist knowledge and expertise of external markets environments is required where we lack the experience internally.

An annual programme is developed by the Contract Audit Manager, based on value, risk and timing of contract expiry. The audit programme is presented to Leadership Team(s) to seek input and support and, if necessary, the plan can be flexed to incorporate contract reviews that are at special request.