TIGER Financial Services

Supply of financial audit services throughout the 36 month TIGER project validating the procurement methods and processes.

Financial Services Tender

Requirement to be a First Level Controller

The First Level Controller (FLC) is a named person within a firm. The FLC must meet two (2) requirements:

Professional Qualification

The FLC shall be a practicing certificate holder meeting the Companies Act requirements to be a company auditor. The FLC shall belong to one of the following professional bodies:

  • The institute of Chartered Accountants in England and Wales
    The Institute of Chartered Accountants of Scotland
    The Association of Chartered Certified Accountants
    The Chartered Institute of Public Finance and Accountancy
    The Institute of Chartered Accountants in Ireland
    The Association of Authorised Public Accountants
    The Association of International Accountants

Independence

The FLC shall be completely independent from all aspects of the project management and delivery. The FLC shall not take on any new role which could compromise this independence during the life of the project.

Responsibilities of a First Level Controller

The verifications to be carried shall cover administrative, financial, technical and physical aspects of the project, as appropriate. Verifications are to ensure that:

  • Expenditure declared is real;
  • Products or services have been delivered in accordance with the approval project decision;
  • Applications for reimbursement by the beneficiary are correct;
  • Project partner and expenditure have complied with the applicable Programme, EU and national rules.

The FLC is required to provide assurance on the eligibility of the 100% of the expenditure included in each claim. The FLC can use their professional judgement how to do this but must provide assurance on the 100% of the expenditure in the claim. The verification of expenditure is therefore not similar to an audit where the prime purpose is to form an opinion on the information in the financial report taken as a whole, and not to identify all possible irregularities. The FLC can reject items of expenditure if they do not meet the eligibility requirements and use their professional judgment to apply financial corrections if some aspects of procedures, such as public procurement, have not been complied with in accordance with the guidelines provided. An important aspect of the work would be to check compliance with public procurement rules when obtaining goods and services.

Note of Interest

To note of Interest and Request for full tender documents please send an email to tenders@qednaval.co.uk.

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4 thoughts on “TIGER Financial Services

  1. Following the recent receipt of the invitation to tender for the FLC service to QED Naval, I would be grateful if you can confirm/clarify :

    1. The tender refers to 3 claims of 4 months per year, and the requirement for an annual certification. Can you confirm if the three four month claims are to be certified at the same time and submitted as one event, or if the process required is for each four month claim to be certified and lodged separately.
    2. In relation to the possibility of an SPV being formed during the project period – what impact will this have on the total level of expenditure ( and volume of transactions) to be certified.
    3. Overall project budgets are specified in the tender, however in relation to QED Naval can you provide estimates of amount of expenditure for own staff, external consultants, overheads, capital expenditure and travel and subsistence/other costs; and the anticipated % spend per annum relative to the total budget. In addition to estimated £ amounts for the project budget, can you confirm the average number of employees to be included in the claim/s, and anticipated volume of transactions per claim period over other cost categories

    1. 1. The claims are to be certified at the time of each claim and not as a single audit.

      2. The capital requirement for the work to be carried out as part of the SPV is just over £2m over a 24 months period. The number of transactions, specific to the SPV, is 12 out of 63 contracts or nearly 20% of the overall project transactions.

      3. Please see the project breakdown of costs below
      ● Staff expenditure: circa £1.0m over 36 months
      ● External contracts: circa £3.6m includes SPV cost of circa £2.0m
      ● Overheads: circa £122k
      ● Travel & subsistence: circa £59k
      ● Anticipated spend per annum: circa £2m.

      4. We are expecting, on average, 12 transactions per claim.

  2. Looking at the tender response Q.4 states that as a firm we need to be registered with the FCA. Although we are not registered with the FCA we can conduct certain investment business through our registration with ICAS.
    Does this mean that we are excluded from the procurement process?

    1. Our FLC was not registered with the FCA but was registered with the ICAEW which is the most common qualification amongst accountants and is acceptable.

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