Invitation to Tender for Statutory Audit
Irish Sailing Association
Irish Sailing is the national governing body for all forms of recreational and competitive activities involving sail and engine powered craft in Ireland. As national governing body, Irish Sailing promotes high standards and co-ordinates activities in competitive and leisure boating in Ireland.
In line with the terms and conditions of our Sport Ireland funding, Irish Sailing is required to rotate our audit firm every 10 years. We now wish to invite tenders for the performance of our annual statutory audit.
Irish Sailing is an independent company limited by guarantee and operates from a single office building at 3 Park Road, Dun Laoghaire. Its revenues principally emanate from the sailing fraternity; subscriptions and affiliations, publications, handicap registration fees etc (see published accounts for more detail). It is also funded by Sport Ireland for core administration, specific programs (e.g. Women on the Water) and also has a separate funding stream for High Performance athletes (note: two separate ledgers are maintained for Core and High Performance but are consolidated in final accounts). It employs 12 staff at the moment including a bookkeeper. Irish Sailing is self-sufficient in areas such as payroll, tax filings etc. hence this invitation to tender concerns audit services solely.
A key auditing issue will be the confirmation that grant funding from public bodies such as Sport Ireland is used for the purpose provided and will involve your tracing transactions from original grant approval letters to receipt of funds and their subsequent disbursement by Irish Sailing.
Irish Sailing will provide a full pre-audit file to you based on your specifications but including such key areas as; bank reconciliations, debtor and creditor controls, accruals, prepayments, payroll reconciliations etc. Hence it is anticipated that your work will be in providing an audit service only and no accounting will be needed.
Our AGM is scheduled for March 2022 by which time the Board will need to be in a position to appoint auditors for our 2022 accounts to be conducted in January/February 2023.
On this basis we would invite you to submit a quote for statutory audit and subsidiary services. Anticipated advice in company secretarial and tax areas can be excluded (except as applies to the audit process). Any advice sought from yourselves subsequently not of an audit nature will be pre-costed and paid for separately.
We trust the above is sufficient for your needs and look forward to receipt of quote as soon as possible but not later than 22nd November 2021. After this a shortlist of proposed providers will be presented to the Board for their December Board meeting and a choice will be made shortly thereafter.