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.
