Wednesday 25 April 2018

NAMA to tender for new internal auditors

NAMA’s home in Dublin’s Treasury Building. Tom Burke
NAMA’s home in Dublin’s Treasury Building. Tom Burke
Donal O'Donovan

Donal O'Donovan

NAMA has launched a tender process to recruit new internal auditors, after its contract with accountants Deloitte expired.

The State's spending watchdog the Comptroller and Auditor General acts as external auditor for NAMA - a relationship set out in the legislation establishing the property agency.

However, since it was set up, it has also used the services of Deloitte as an outside agency to provide its internal audits. Deloitte initially won the almost €900,000-a-year audit contract back in 2009.

INVESTIGATION

Along with other work - including a role in the investigation into suspected data leaks from the agency - Deloitte received €6.389m in fees over three years between 2009 and 2012, according to a reply from Finance Minister Michael Noonan to a Parliamentary Question in November last year.

The new contract will be awarded on the basis of the "most economically advantageous tender submitted", according to tender documents published by NAMA.

It will run for three years up to April 30, 2017.

It will be subject to annual review, and may be extended, potentially until NAMA is due to be wound up in 2020.

Firms tendering for the work are warned to treat communications with NAMA as confidential.

They have also been told not to make any comments to the media without "prior approval" from the agency.

Irish Independent

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