NTMA advertises lucrative contract in financial sector seeking internal auditors

The NTMA has sparked a scramble for one of the most prestigious contracts in the financial sector by seeking new internal auditors.

PricewaterhouseCoopers has held the contract since 2010, when it beat off the bids of five competitors. The NTMA has now, however, advertised for a new three-year contract.

The new contract does not involve the internal audit service to Nama.

The State’s spending watchdog, the Comptroller and Auditor General acts as external auditor for the NTMA. According to the published tender documents, the contract is for three years, with the NTMA stating there is the option for an extra two years.

In the tender, the NTMA has advised that the fees to be charged shall be free of any caveats or conditions and that tenderers should note the NTMA may publish the fees of the successful tenderer.

The successful tenderer will report to the NTMA audit committee, which will approve the risk-based audit plan, review progress against said plan, and review key findings from completed audits.

The internal auditor is to review all NTMA corporate activities, and all funding and debt management activities, including short-term products, medium- to long- term products, State savings including prize bonds, and dormant accounts.

Earlier this year, Price-waterhouseCoopers beat off competition from four rivals to secure the lucrative internal audit contract with NAMA.

PwC has secured the three-year contract after the agency initiated a tender process to recruit new auditors in January.

Prior to PwC taking on the work, Deloitte had since 2009 performed the role of internal auditors at Nama in a contract believed to be worth almost €900,000 per annum. The closing date for NTMA tenders is August 22.