Provision of internal audit support services to Shannon Development
It is the policy of Shannon Development to have and support a quality internal audit function that operates to best international standards.
In-house internal audit.
Currently, Shannon Development does not have an internal audit department. It is proposed that prior to the 1.1.2012 an in-house team would be identified to carry out structured reviews and more detailed testing and the management, planning and reporting aspects of the function would be out-sourced together with the more technical assignments.
Some initial training would be necessary for the team identified and the service provider will be required to develop appropriate knowledge transfer to the in-house team. The internal team will report to the service provider on internal audit assignments.
The mission of internal audit is to conduct a programme of continuous review to monitor the effectiveness of the system of internal controls that provides reasonable assurance of operational efficiency, reliable financial reporting, and compliance with applicable laws and regulations.
To accomplish its mission, internal audit will:
— Provide value-added internal audit support services to Shannon Development and it’s subsidiaries,
— Develop a partnership with Shannon Development that ensures open communications, the delivery of meaningful services and a cost efficient system of internal controls.
The services will be supplied mainly in Shannon Development head office but other work may need to be carried out across the Shannon Region where Shannon Development has an office presence. The Shannon Region comprises Counties Clare, Limerick, North Tipperary, North Kerry and South West Offaly.
Authority and scope.
Internal Audit derives its authority from the Board through the Audit Committee and has access to all Shannon Developments records, personnel, property and activities necessary to discharge its responsibilities. Internal Audit will report to the Audit Committee. It is expected to operate with independence and authority in relation to audits and will have access to the Chief Executive and Chairman of the Audit Committee.
The scope of audit activities will be determined using appropriate risk assessment tools to ensure adequate coverage of corporate risks and exposures, and will consider the special needs of management. Specifically, Internal Audit’s scope of activities is to ascertain that the processes for controlling operations, as they have been designed and represented by management, are adequate and functioning correctly to ensure that:
— Resources are adequately protected,
— Significant financial, managerial and operating information is accurate and reliable,
— The company and its employees’ actions are in compliance with both the underlying objectives and the detailed expression of ethical best practice, policies, standards, procedures and applicable laws and regulations.
Management’s responsibilities.
It is management’s responsibility to manage risk, maintain effective controls and implement audit recommendations in an appropriate manner.
Managers will proactively interface with auditors, respond promptly to draft reports and agree actions and timescales to rectify control weaknesses identified.
Management have primary responsibility for prevention of fraud and for detecting and resolving any fraud that may occur.
Note: to register your interest in this notice and obtain any additional information please visit the eTenders web site at
http://www.etenders.gov.ie/Search/Search_Switch.aspx?ID=305712.
Deadline
The time limit for receipt of tenders was 2011-10-13.
The procurement was published on 2011-09-13.
Suppliers
The following suppliers are mentioned in award decisions or other procurement documents:
Who?
What?
Where?
Procurement history
| Date |
Document |
| 2011-09-13
|
Contract notice
|
| 2012-04-12
|
Contract award notice
|