Internal Audit Framework
Introduction
The Internal Audit Framework, managed by the National Framework Partnership, is a structured procurement route designed to facilitate the engagement of professional internal audit services within the UK public sector. This framework falls under the 'Professional Services' category and operates without the flexibility of a Dynamic Purchasing System (DPS). It is set to conclude on 4th April 2024. The primary aim of this framework is to provide a streamlined and efficient method for public sector organisations to access high-quality internal audit professionals, thereby supporting the maintenance of transparency and accountability across various governmental bodies and agencies.
Context & Use Case
Internal auditing is a critical function within any organisation, serving as an independent, objective assurance and consulting activity designed to add value and improve an organisation's operations. For public sector entities, the need for robust internal audit processes is amplified by the necessity to demonstrate fiscal responsibility and operational transparency to stakeholders and the public at large. The Internal Audit Framework is utilised by contracting authorities who seek to ensure their internal audit needs are met efficiently and effectively. By using this established framework, public sector bodies can quickly identify and engage qualified internal audit professionals without the need for a lengthy procurement process, reducing both time and administrative costs.
Scope of Services
The Internal Audit Framework encompasses a variety of services related to internal auditing. Typical services covered under this framework include: 1. Internal control evaluations 2. Risk management assessments 3. Compliance audits 4. Financial audits 5. Operational audits 6. Advisory services on governance and risk management 7. Follow-up audits to ensure the effectiveness of implemented recommendations These services are designed to help public sector organisations identify inefficiencies, mitigate risks, and enhance overall governance structures.
Who Can Apply
The framework is open to suppliers who demonstrate expertise and experience in delivering internal audit services. Suitable suppliers are typically audit firms or professional service providers with a proven track record in the public sector. Suppliers interested in participating must meet specific criteria set by the National Framework Partnership, ensuring they possess the necessary qualifications and capabilities to deliver high-quality audit services. As this is not a DPS, applications are not open continuously, and interested suppliers should monitor relevant opportunities to join when available.
Buyer Benefits
Public sector buyers benefit significantly from using the Internal Audit Framework. It offers a compliant procurement route that adheres to UK public procurement regulations, ensuring that contracting authorities meet their legal obligations. The framework allows for a speedier engagement process compared to traditional procurement methods, enabling faster access to needed expertise. Additionally, by leveraging this framework, public sector buyers can encourage healthy competition among suppliers, ultimately leading to better service provision and value for money.
Lots
Not applicable
Next Steps
Suppliers considering applying to be part of the Internal Audit Framework should thoroughly review the specific requirements and criteria outlined by the National Framework Partnership. It is advisable to contact the contracting authority directly for detailed information and guidance on the application process. Staying informed about upcoming opportunities within the framework is crucial for potential suppliers aiming to participate and offer their services.
How Biddable Can Help
Biddable offers support to suppliers by enhancing their understanding and readiness for framework applications like the Internal Audit Framework. We assist suppliers in discovering relevant opportunities, preparing comprehensive bids, and maintaining visibility over their procurement pipeline. Our services focus on providing clarity and strategic insights, ensuring suppliers are well-prepared to engage with public sector procurement processes effectively.