Staff Benefits Scheme External Audit Services

Description

To design and deliver an audit programme to assess the annual report and financial statements for SBS. Tenderers are required to describe how the programme will be delivered including any innovative solutions applied in monitoring and reporting, detailing methodologies, personnel involved and duration of the visits. Lot 1: The University of Edinburgh Staff Benefits Scheme (SBS) is the Defined Benefit pension arrangement based on career average revalued earnings (CARE) for support staff within the University of Edinburgh. Established in 1966, the current market value of the Scheme’s assets is circa GBP 410,000,000 and has approximately 1,700 active, 2,300 deferred and 2,400 pensioner members. Although the University of Edinburgh is the principal employer sponsoring the scheme, the scheme is set up under trust and is governed independently according to its trust deed and rules by a sole corporate trustee, the directors of which are appointed in accordance with the trust deed and articles of the Trustee to run the scheme. Both the University and members contribute to the scheme and the amount of pension payable is dependent upon: - the length of time served in the scheme (known as pensionable service); - career averaged earnings; - the scheme's accrual rate. The accrual rate is the proportion of salary that is received for each year of service. The Trustees of The University of Edinburgh Staff Benefits Scheme (SBS) invite tenders for the provision of external audit services in connection with the annual report and financial statements of the scheme. The successful tenderer is expected to audit the annual report and financial statements for SBS in accordance with all statutory responsibilities, as set out in the International Standards in Auditing (UK) and PA95.