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How to Tender for External Audit Services

Not sure how to tender for external audit services? Read this guide…

We know how confusing the process can be when writing a tender for external audit services. There’s so much information to take in, it can be hard to know if you’re approaching the tender correctly. Follow this guide for tips to help you succeed.

What is the tender process for external audit services?

Audit committees are responsible for initiating and supervising the audit tender process. They recommend the best auditor to suit the needs of the company. Tenders will be invited to bid. Once a shortlist is produced, the tender process begins.

Choosing the right audit

When it comes to a tender for external audit services, it’s important to choose the right audit for the business.  A buyer needs an auditor that knows how to fine tune the process to your needs.

What information will be required?

If you are looking for a tender for external audit services, it’s likely that you will need to include:

  • A proposed methodology fulfilling the contract and meet the specification.
  • An outline audit programme, including timetable, which demonstrates how the requirements in this tender document will be met.
  • A statement of any additional items included within the audit fee.
  • Details of the number and level of trained staff who will service the audit.
  • Names and details of the background and experience of the proposed audit partner and audit manager.
  • Information of any policy on the number of accounts to be held by the audit manager.
  • Points of a commitment to quality assurance processes.
  • Evidence of indemnity cover.
  • Demonstrate how you will meet the criteria.
  • Transition plan and experience of transitions.
  • Clarity of approach and commitment to quality.
  • Cultural fit with the company.

Pricing/methodology

In a tender for external audit services, you will be expected to provide a quote for the annual audit fee. The price quoted should include VAT and all expenses and disbursements. Tenderers should also include any expected increases in the annual fee during the duration of the contract.

Insurances

Tenderers are requested to outline what insurance they have in place to meet any potential liabilities under such an indemnity.

Now you know what to expect in a tender for external audit services you’re ready to tackle the bid. However, before you do, here are some top tips to remember when writing your bid response:

  • Understand what you’re tendering for – be sure you have understood what has been asked of you. Make sure you are able to deliver the contract.
  • Always provide evidence – the buyer will expect to see at least 2-3 case studies of similar contracts you’ve worked on. Demonstrate your experience and make sure your case studies are relevant.
  • Answer the question in full – don’t leave answers half answered or blank. Reach as close to the word count as possible.
  • Create added value – show the buyer what you can bring to the table that your competitors can’t. Make your response stand out and demonstrate why you’re the best for the job.
  • Manage your time – it’s a long process so set plenty of time aside. Be aware of when your deadlines are and set a schedule to work to. You don’t want to rush your work because you didn’t set enough time aside.
  • Proofread – don’t forget to check your work multiple times. Triple check for spelling mistakes and grammatical errors before submitting the bid. Once the bid has been submitted it will be too late to check it over.

Here are some examples of past external audit services we have sources on our Finance Tenders portal:

Provision of External Audit Services

Abertay University- Scotland- Budget: Undisclosed

Provision of External Audit & Taxation Services to Jigsaw Homes Group

Jigsaw Homes Group- North West- Budget: £1,100,000

IWA Contract for the provision of External Audit, Internal Audit & related Services 2021

Irish Wheelchair Association- Republic of Ireland- Budget: Undisclosed

GB-Hemel Hempstead: External Audit Services

Hightown Housing Association Ltd- Eastern- Budget: £500,000

External Audit for Finance

Edinburgh Leisure- Scotland- Budget: Undisclosed

Need assistance on how to tender for external audit services?

 You may not have the time or resources in house to write a winning tender response in house. Outsourcing to tender writing specialists can help you secure your next contract.

Our sister company, Hudson Succeed, provide four levels of bid writing support services. Our Bid Writers have over 60 years of collective bid writing experience and an 87% success rate. Whether you’re new to tendering or need your response proofread – we can help.

Tender Ready

Tender Ready is the perfect programme for those who are completely new to tendering. You’ll have access to an expert Bid Consultant to answer any questions that you may have. You’ll also get a year’s subscription to our Finance Tenders portal.

Tender Improvement

If you have already been applying for tenders but aren’t seeing success our Tender Improvement package can help. Our Bid Writers will go over your previous submissions and provide feedback and guidance.

Tender Writing

Have you found the perfect courier delivery contract for your business but are struggling to start? Send it over to our Bid Writing team and they can write the whole response for you. If you use our Tender Writing service, they’ll even submit it on your behalf!

Tender Mentor  

Our Bid Writers can look over a bid response you’ve already written, checking it for errors before you submit. Sometimes you just need another pair of eyes to go over your response and our Tender Mentor service can help.

A subscription to Finance Tender could increase your chances of securing a tender for external audit services. With the time saved and numerous opportunities found, Finance Tenders can feed seamlessly into your business development strategy. With a subscription to the portal, you receive:

  • Unlimited access.
  • A dedicated Account Manager.
  • A free 20-minute phone consultation.
  • A daily email bulletin.

This way, you can save your precious time and focus on the more pressing matters on your plate.

Tender for Accounting Services

What to expect in a tender for accounting services

 Are you about to tender for accounting services but not sure what to expect? The tendering process can be confusing at the best of times. However, a tender for accounting services can get a bit trickier. To help clear any confusion, we’ve created this blog of what you can expect.

What quality questions will I be asked?

When it comes to a tender for accounting services, there are a number of things the buyer wants to know. Here are some of the most common questions you will be asked:

Financial background and experience of staff

You’ll be expected to provide your company’s most recent accounting history. This will help the buyer understand what your company’s current financial situation is. Your economic financial standing reflects several financial aspects of your business including:

  • Annual turnover – you need to usually attach your most recent audited/unaudited accounts
  • Your financial ratios – this is usually found in your full financial accounts and can include the ratio of your assets to liabilities (acid-tests/quick ratios)
  • Insurance[s] – you usually need to attach your insurance documents and commit to potentially increasing your amounts before contract commencement.

You will also need to provide a list of your staff and their roles i.e., Account Managers and Contract Managers. You should give a brief overview of their day-to-day duties. Detail what experience they have working on previous bids and share their successes.

Account Management

You will be expected to provide details of the Account Management Team in a tender for accounting services. This may include Head of Global Bids, Bid Manager, and a Senior Bid Writer. These people will be responsible for managing bids and overseeing the overall Bid Team.

Financial Management

The buyer will want to know what electronic systems you have in place to deliver your services. For example, what payment system do you have in place for suppliers to pay you?

Issue and Financial Risk Management

A buyer will ask you what financial risk management procedure you have in place. Examples include:

  • Rectifying shortfalls with financial errors
  • How you manage payment terms
  • Legal risks.

Social Value

Social value and tendering go together hand in hand. When it comes to a tender for accounting services, the buyer will expect you to demonstrate social value. How will you better the community? Some examples of demonstrating social value include:

  • Creating new jobs and promoting skills
  • Encouraging economic growth
  • Supporting COVID-19 recovery
  • Tackling climate change
  • Levelling up the UK.

Top tips

Now you know what to expect in a tender for accounting services, you’re ready to tackle the bid. But before you do, here are some top tips to remember:

  • Always provide evidence – the buyer will expect to see at least 2-3 case studies of similar contracts you’ve worked on.
  • Answer the question in full – don’t leave answers half answered or blank. Make sure you have considered all points to the question.
  • Create added value – show the buyer what you can bring to the table that your competitors can’t.
  • Manage your time – it’s a long process so set plenty of time aside. Be aware of when your deadlines are and set a schedule to work to.
  • Proofread – don’t forget to check your work multiple times. Triple check for spelling mistakes and grammatical errors before submitting the bid.

 Need assistance with tendering for accounting services?

 You may not have the time or resources in house to write a winning tender response in house. After all the process is time consuming and as a business owner you need to focus your efforts elsewhere. Outsourcing to tender writing specialists can help you secure your next contract.

Our sister company, Hudson Succeed, provide four levels of bid writing support services. Our Bid Writers have over 60 years of collective bid writing experience and an 87% success rate. Whether you’re new to tendering or need your response proofread – we can help.

Tender Ready

Tender Ready is the perfect programme for those who are completely new to tendering. You’ll have access to an expert Bid Consultant to answer any questions that you may have. You’ll also get a year’s subscription to our Logistics Tenders portal.

Tender Improvement

If you have already been applying for tenders but aren’t seeing success our Tender Improvement package can help. Our Bid Writers will go over your previous submissions and provide feedback and guidance.

Tender Writing

Have you found the perfect courier delivery contract for your business but are struggling to start? Send it over to our Bid Writing team and they can write the whole response for you. If you use our Tender Writing service, they’ll even submit it on your behalf!

Tender Mentor  

Our Bid Writers can look over a bid response you’ve already written, checking it for errors before you submit. Sometimes you just need another pair of eyes to go over your response and our Tender Mentor service can help.

Finance Tenders offers daily notifications of the most up-to-date business/tender opportunities across the UK. This is filtered and broken down into the following sub-sectors:

Here are previous accounting tenders sourced on our portal:

Rent Accounting and Service Charges Software & Associated Services (Microsoft 365 Platform)

Thrive Homes Limited – Eastern – Budget: £500k

Provision of Restructuring Services, Forensic Accounting, Investigation, Audit and Assurance

Department for Education – London – Budget: £51million

Provision of Finance and Accounting Services

HISA – Scotland – Budget: Undisclosed

Natural Capital Accounting – NI Peatlands

RSPB Scotland – Northern Ireland – Budget: £30k

Lease Management and Accounting System

 Nottinghamshire County Council – East Midlands – Budget: Undisclosed

A subscription to Finance Tenders could increase your chances of securing a tender for accounting services. With the time saved and numerous opportunities found, Finance Tenders can feed seamlessly into your business development strategy. With a subscription to the portal, you receive:

  • Unlimited access.
  • A dedicated Account Manager.
  • A free 20-minute phone consultation.
  • A daily email bulletin.

This way, you can save your precious time and focus on the more pressing matters on your plate.

Insurance Contracts & Tenders

Insurance contracts & tenders: the low down

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Insurance contracts are often put out to tender in the public sector.

Everybody needs insurance. Everybody extends to the public sector too – as such, opportunities to provide insurance cover come up frequently and provide ample opportunities for insurers and brokers of all sizes.

Insurances tendered for vary wildly in scope, and could include, but are not limited to:

  • Delay in start up
  • Construction (All Risks)
  • Terrorism
  • Legal liability 
  • Property

Similarly, buyers across the public sector range from government bodies to educational establishments, such as Crown Commercial Service or even housing associations. Contract values can subsequently vary too, from 5-6 figure sums to hundreds of millions.

So how can I provide insurance to the public sector?

One of the core principles of public procurement is transparency; after all, they’re spending public money, as per the Public Contracts Regulations 2015. 

So, what does this mean? Simply put, it means that more often than not, potential insurers will be invited to tender to deliver the services buyers require. 

Right, so how do insurance contracts & tenders work?

Insurance tenders work just like any other tender. Hereby, your submissions need to:

  • Reflect your ability to deliver the services to the highest quality 
  • Demonstrate your understanding of the client’s needs
  • Breakdown and provide a competitive price or quote

This is split typically into price/quality. Depending on the buyer, this can be weighted differently, so some might have a 70% leaning towards quality, for example. 

Ah, while we’re on the subject of budgets…

Now and again, buyers may not publish an exact budget, sometimes a range of annual values or no value at all. This is in the interest of driving competition; by stipulating a budget, they not only even the playing field but may even discourage those who may have bid significantly lower than the stipulated amount.

So, what is tendering process for the insurance contracts?

As is the case with any procurement strategy, insurance tender or not, is that different buyers have different approaches. This is typically split into the open and restricted procedure.

The former consists of a selection questionnaire and invitation to tender, both of which must be completed and submitted before the stated deadline. 

The restricted procedure – typically used by larger organisations such as the Crown Commercial Service with more tenders to filter through – consists of a selection questionnaire which you must first pass, before being invited to the tender stage. 

The key difference between tender invitations and selection questionnaires is in their focus. Tenders focus on how you WILL deliver the service, through a series of quality questions and a pricing evaluation.

Contrastingly, selection questionnaires focus on how you have PREVIOUSLY delivered services for buyers, and how that experience is relevant to the contract you wish to bid for.

For specific help regarding selection questionnaires and invitations to tender, click here.

Your processes

The core focus of a tender exercise will be determining your ability to process, handle claims and deliver the service effectively, operating within agreed timescales.

As such, during the ITT stage you are more than likely to come across some sort of question that evaluates your processes.

This could very much be a step-by-step guide as to how, say, you will mobilise the service and implement insurance cover. When responding to such a question, remember the following key pointers:

  • Who will be responsible for the process
  • What the process will be 
  • Why this process works
  • How we will monitor the timescales for doing so
  • How we will feed this back to the client 

Customer service 

The claims process is a customer-facing job, and as such, you may be required to demonstrate your ability to deliver customer service. 

This could include your customer support function for handling and accepting claims, or how you will support the buyer in an event of a claim. 

As with all questions, the key here is to explain in detail where you can – don’t leave sweeping statements for the buyer to fill in the gaps with assumptions. When making points about customer service, consider:

  • Who is responsible for the process?
  • By what means to we keep the client up to date?
  • How often do we touch base with the client?
  • How can we evidence the success of this approach?

Data security 

Owing to the potentially sensitive nature of insurance handling, data protection could likely be an integral part of the questions faced. 

It’s not uncommon to see certain mandatory accreditations stipulated in the PQQ stage, such as Cyber Essentials or even Cyber Essentials Plus, meaning if you don’t have these – or can’t have them in place – you can’t bid for the contract!

GDPR 2018 and the recently revised Data Protection Act 2018 are the core principles to adhere to when considering any data protection response. Responses may be requested covering one of, or all of the likes of:

  • How you obtain data, including the likes of permission and consent 
  • How data is stored securely, through techniques such as pseudonymisation 

Don’t worry if you don’t understand the jargon around data protection. More often than not, your IT consultants can help – indeed, many of these things you may do without even knowing about it.

Not everyone understands insurance…

A key focus is to consider that the technicalities of insurance contracts are complicated, with plenty of individuals in the public sector being unaware of regulations, processes and their rights. 

This is something that, ideally, you should reflect in the likes of customer service responses. Consider issues such as communication with those who aren’t terribly up to date with the latest legislation, or even the processes following an insurance claim. Just think:

  • How do we keep them up to date?
  • What about jargon?
  • Is there anything innovative we can do? 

Every company is different, and as such will have different ways of dealing with this. Make sure that you:

  • Differentiate why your approach is better than your competition 
  • Back up what you say – don’t make sweeping statements and rely on the evaluator’s assumptions

Identify themes

Buyers can often leave clues as to key ‘bid themes’ as we call them, throughout a tender response. A good way of identifying the ‘theme’ of a bid is to look into the questions:

  • Is a particular topic covered a lot, such as complaints?
  • Look into the weighting for particular sections – which sections are weighted most heavily?

Why do this? Well – it’s always worth considering whether you address such themes, as this can instil confidence in the buyer – even subconsciously. Impression marking, despite the transparency expected in public procurement, can make all the difference to your submission. Evaluators, after all, are human beings.

Ready to go? Just remember the basics

So, you’re ready to go? Well, it’s easy to jump in and get carried away, however take note of the following points so you don’t end up responding to a bid you can’t win – time is precious, so pick your bids carefully:

  • Can we feasibly deliver the required level of coverage?
  • Do we have the resources and expertise to do so?
  • Do we meet all minimum entry criteria (e.g. turnover, memberships)

Moreover, you want to make sure you’re answering the question at hand. Make sure you break down each element of the question and address it; if there are bits of the specification to hand, make sure they are woven in and reflected throughout.

If you need a helping hand

Hudson Succeed, our bid writing division, has worked with and is trusted by over 700 businesses across the globe, boasting a success rate of 87%. As such, should you require extra support, you can rest assured your bid is in safe hands.

People’s experience with tenders varies, and we offer a range of services from minor support packages through our Tender Mentor guide and review, to handling the entire process in-house through our Tender Manager service.

Our team of bid writers can be on-hand to assist you to help present your business in the best possible light and clearly demonstrate the requirements of the buyer.

Finance Tenders offers daily notifications of the most up-to-date business/tender opportunities across the UK. This is filtered and broken down into the following sub-sectors:

Below are some insurance tenders we have sourced on our Finance Tenders portal:

University of Hull Insurance Broker Services

University of Hull- Yorkshire & Humber- Budget: £60,000

Connexus Insurance Tender

Connexus Housing Ltd- West Midlands- Budget: £98,000,000

Provision of Employer Liability Insurance and Support Service

Sandwell Metropolitan Borough Council- North West- Budget: £156,000

Insurance Brokerage and Risk Advisory Services

Highlands and Islands Enterprise- Scotland- Budget: Undisclosed

Medical Insurance Service for British Embassy Manila

Foreign Commonwealth and Development Office- London- Budget: £444,000

If there’s anything that we do to help you win more insurance contracts with, don’t hesitate to contact us.