Preparing for a Successful Audit Process with Education Buying's DPS
Audits play a crucial role in ensuring financial transparency, accountability, and compliance for schools and academies. Balancing budgets while sourcing reliable and capable external audit services can be a challenge. That’s where Education Buying’s Dynamic Purchasing System (DPS) steps in to simplify the external audit procurement process. In this blog, we’ll provide guidance and resources for an efficient audit process using our DPS, emphasising time and resource savings. We’ll also introduce our fantastic DPS suppliers and explain the benefits of this streamlined approach.
The Challenge of External Audit Procurement
External audits are a fundamental aspect of financial management in educational institutions. They provide assurance to stakeholders that public funds are managed appropriately, and they help identify areas for improvement. However, the process of procuring external audit services can be time-consuming and complex, requiring schools and academies to navigate the Public Contracts Regulations 2015 (PCR2015) and ensure compliance.
Education Buying's DPS: A Solution for Efficient External Audit Procurement
Education Buying’s DPS offers a PCR15-compliant way to access the market through an easy Further Competition process for external audit services. Let’s explore the key benefits and how it simplifies the external audit procurement process:
- Pre-Vetted Suppliers for Efficiency: Our DPS includes pre-vetted suppliers, which streamlines the supplier selection process. These suppliers are ready to provide external audit services, ensuring a faster award process.
- Flexibility to Respond to Market Changes: The DPS is designed specifically for external audit requirements in the education sector. It offers the flexibility to adapt to changes in the market, ensuring that schools have access to the most current and relevant services.
- Geographical Split (Lots) for Local and National Suppliers: To accommodate the needs of schools across the country, the DPS has been divided into geographical areas or “Lots.” This approach allows both local and national suppliers to offer their services, providing a diverse range of options for schools.
This DPS offers several advantages to schools and academies seeking external audit services:
Simplicity in Procurement:
We provide ready-to-use Further Competition documents with step-by-step instructions, saving you time. Templates are supported by a detailed user guide and ancillary documents.
Further Competition documents are checked by our experts before processing, ensuring accuracy and providing peace of mind. You can trust that you’ll get the right external audit service to meet your school’s specific needs.
Varied Specification Options:
The DPS offers a range of model specifications that you can use as templates for your audit contract. Whether you prefer a risk-based approach or a more traditional schedule of audits, we have you covered.
Introducing Our Fantastic DPS Suppliers
Education Buying’s DPS is supported by a roster of outstanding suppliers, ready to provide high-quality external audit services to schools and academies. Let’s meet a few of them:
- Armstrong Watson LLP
- David Allen
- Haysmacintyre LLP
- Landau Baker Limited
- Randall & Payne LLP
- Saint & Co
- UHY Hacker Young (Birmingham) LLP
These suppliers bring a wealth of experience and expertise to the table, ensuring that schools have access to reliable audit services.
Checklist for a Successful Audit Process
Preparing for a successful audit process involves several key steps. Here’s a checklist to help you navigate the process efficiently:
- Define Your Audit Requirements: Clearly outline the scope and objectives of your external audit.
- Select the Appropriate Model Specification: Choose a model specification that aligns with your school’s needs and preferences.
- Initiate a Further Competition: Use Education Buying’s DPS to launch a Further Competition, following the provided templates and guidelines.
- Review and Evaluate Supplier Responses: Carefully assess the responses from pre-vetted suppliers to select the one that best meets your requirements.
- Finalise the Audit Contract: Work with the chosen supplier to finalise the audit contract and ensure all terms and conditions are clear.
- Engage in Ongoing Communication: Maintain open and clear communication with the selected supplier to ensure the audit process runs smoothly.
Education Buying: Your Partner in Successful Audits
Education Buying’s DPS is designed to simplify the external audit procurement process for schools and academies. With pre-vetted suppliers, clear guidance, and a range of specification options, we ensure that you can access reliable and capable audit services while saving time and resources. Trust in our expertise, and together, we can make the audit process a seamless and successful part of your financial management.
Are you ready to streamline your external audit procurement process? Contact Education Buying today to learn more about how our DPS can support your school’s financial transparency and compliance needs.