External Audit Framework
Introduction
The External Audit Framework, managed by the National Framework Partnership, falls under the Professional Services category and is set to conclude on 21 April 2025. This framework facilitates structured and secure sharing of critical and confidential information between contracting authorities and external audit service providers. While it is not a Dynamic Purchasing System (DPS), it serves a vital role in ensuring compliance and safeguarding sensitive data throughout the audit process. The framework embodies a formal agreement that dictates the handling and usage of confidential information, ensuring it is kept private and only utilised for its designated purpose.
Context & Use Case
The framework is specifically designed to support public sector organisations in engaging external audit services. These services are essential for maintaining transparency, ensuring regulatory compliance, and evaluating financial integrity within public entities. Contracting authorities can rely on this framework to streamline the process of engaging experienced audit professionals who can provide impartial assessments and recommendations. The structured approach of the framework aids in mitigating risks associated with the handling of sensitive data, thereby fostering trust and accountability.
Scope of Services
The External Audit Framework encompasses a range of services that are integral to the auditing process. These typically include: 1. Financial audits to verify the accuracy of financial statements and records. 2. Compliance audits to ensure adherence to statutory and regulatory requirements. 3. Performance audits to evaluate the efficiency and effectiveness of operations or programmes. 4. Risk management assessments to identify and mitigate potential risks. 5. Advisory services to provide strategic guidance on financial practices and risk mitigation.
Who Can Apply
This framework is open to professional service providers specialising in external audit services. Suitable suppliers are those with expertise in financial auditing, compliance, risk management, and advisory roles. While the framework is not a DPS and does not allow for continuous application throughout its duration, interested suppliers are encouraged to review the framework's specific requirements and ensure their services align with the needs of public sector clients.
Buyer Benefits
For public sector buyers, the External Audit Framework offers several distinct advantages. It provides a compliant route to market, ensuring that all procurement activities adhere to relevant legal and regulatory standards. By utilising this framework, buyers can expedite the procurement process, achieve cost efficiencies, and foster competitive bidding among qualified audit service providers. The framework also ensures that all parties are bound by strict confidentiality agreements, safeguarding sensitive information and enhancing the integrity of the audit process.
Lots
Not applicable
Next Steps
Suppliers interested in participating in the External Audit Framework should review the detailed requirements and specifications outlined by the National Framework Partnership. It is advisable to contact the framework owner directly to gain clarity on submission deadlines, mandatory qualifications, and any other pertinent details.
How Biddable Can Help
Biddable is dedicated to supporting suppliers in navigating the complexities of public sector procurement. We assist in discovering relevant frameworks, preparing comprehensive bid responses, and maintaining visibility of procurement opportunities. Our services are designed to help suppliers enhance their understanding of the market and align their offerings with buyer needs, ensuring a well-prepared entry into frameworks like the External Audit Framework.