Internal Audit Services · Stockport Homes Ltd (Sept 2023)

Stockport Homes Group invites competitively tendered offers from suitably qualified and experienced company's to deliver Internal Audit Services for an initial period of three years with the option to extend for a further two years subject to agreement commencing 1 April 2024.

Stockport Homes Group operates as a group structure. The Internal Audit Contract will work across SHG and always consider the Group as a whole when undertaking activity. To ensure assurance can be provided to both SHG Board and Subsidiary Board(s).

Stockport Homes Group will require its Internal Auditor to: (but not limited to)

Risk and Assurance Framework

• Conduct a baseline review of SHG’s current risk and assurance framework and produce recommendations for strengthening the internal control environment.
• Provide advice and guidance on the systems and processes for risk management within SHG, including the continued development and strengthening of the risk management framework / strategy for SHG.
• Bring sector expertise to SHG to ensure the risk and assurance framework is in line with best practice and able to deal with emerging risks.
• Provide updates and guidance in relation to developments / best practice in relation to risk management and internal audit and other issues related to the social housing / other sectors that are pertinent to the operations of the Group.
• Ensure SHG is working in line with requirements of the Regulator of Social Housing and ensure Internal Audits provide evidence of compliance with any of the related Regulatory Standards.
• Contribute to the integrity of SHG’s governance processes and commitment to value for money.

Development of Internal Audit Plan

• Produce a robust and comprehensive three-year strategic Internal Audit Plan in consultation with senior managers and the Audit and Risk Committee which reflects SHG’s current risks and assurance requirements.
• Ensure the Internal Audit Plan meets the regulatory requirements faced by SHG and identify any gaps in regulatory compliance.
• The Plan must provide independent assurance over the internal control framework and any regulatory obligations.
• The Plan must ensure that there is suitable testing of the internal controls that exist, providing an independent assessment of whether they are appropriate, are operating effectively, and are adequate and proportionate.
• The scope and delivery of the three-year Internal Audit Plan must however also remain flexible to be able to respond and adapt to SHG’s changing internal and external operating environment.
• Implement a rolling annual programme of internal audit reviews which provide assurance over SHG’s existing control environment, and which also identify improvement areas and signpost to appropriate external best practice which SHG can learn from

Planning and Delivery of Internal Audits

• Ensure that the scope of each internal audit is outlined and agreed in advance of the fieldwork taking place and that wider considerations about SHG’s business are reflected appropriately in each internal audit.
• Ensure all scopes (terms of reference) outline the risks to be tested, the approach to testing that will be performed and indicative sample sizes for testing.
• Ensure all internal audits are delivered to agreed timescales and ensure all internal audits are properly resourced in terms of auditor knowledge and experience, with appropriate access to senior input as required, and appropriate supervision at all times.
• Ensure that all internal audits of a service area subject to a legal / regulatory requirement are operating compliantly in line with those legal / regulatory requirements (including those set out by the Regulator of Social Housing)
• Ensure that all internal audits are delivered in line with applicable Internal Audit Standards.
• Ensure the provision of high quality, accurate and timely reports, in a format agreed with the Audit and Risk Committee, which detail internal audit findings, recommendations for improvement and signposting to sources of best practice.
• Reports will outline the internal auditors view of the risk identified and the risk associated with not implementing the recommendations. All recommendations to be practical and proportionate in terms of cost / benefit.
• A template report to be submitted alongside the tender.
• Ensure reports are accessible to Board Members and able to be reviewed on a range of devices, including iPads.
• Work with managers and officers to ensure that agreed recommendations are fully enacted and embedded, as intended, in a timely manner and to report back to Audit and Risk Committee regularly on this matter.

Audit and Risk Committee

• Attend each Audit and Risk Committee meeting in person (four per year) to provide assurance on delivery of the internal audit programme and to present the reports of reviews which have been completed and confidently handle any questions arising from the presentation of the report to the Committee.
• Be available for private discussions with the Audit and Risk Committee as and when required throughout the year, as required by the Audit and Risk Committee.
• Meet with the Chair of the Audit and Risk Committee in private, at a frequency to be agreed.

Contract Management and Delivery

• Resource the contract appropriately with both a named senior and operational lead for the contract to ensure delivery is in line with agreed standards / KPI’s. The named leads must attend regular contract management meetings.
• Provide relevant training to managers, Wider Leadership Forum and Members of the Audit and Risk Committee (and other Board Members) as required.
• Have effective liaison with the External Auditors to ensure the internal audit programme complements the statutory audit and provides assurance that the External Auditors can rely on.
• The Internal Auditor should seek feedback on the experience of the delivery of the Internal Audit Contract from a range of stakeholders within SHG and act on any negativ…