Forensic Audit RFP Template for England and Wales

When you suspect financial misconduct or fraud within your organization, a Forensic Audit Request for Proposal (RFP) is essential for engaging qualified investigative accounting services. This specialized procurement document allows you to formally invite forensic auditors to bid on conducting detailed investigations into your financial records, transactions, and controls. The RFP ensures you receive comprehensive proposals that meet your specific investigative needs while complying with English and Welsh legal requirements.

When do you need this document?

You'll need a Forensic Audit RFP when internal controls have failed and you require independent investigation. Common scenarios include suspected employee fraud, management misconduct, unexplained financial discrepancies, or preparation for litigation. If you're dealing with regulatory investigations by the Financial Conduct Authority or Serious Fraud Office, a forensic audit may be mandatory. You'll also need this document when insurance claims require fraud investigation, during due diligence for mergers and acquisitions where financial irregularities are suspected, or when shareholders demand independent verification of financial statements following whistleblower allegations.

Key legal considerations

Your RFP must address critical legal requirements including data protection obligations under UK GDPR and the Data Protection Act 2018. You must specify how forensic auditors will handle sensitive personal and financial data, including employee records and customer information. Evidence preservation protocols are crucial, as findings may be used in criminal proceedings under the Fraud Act 2006 or Proceeds of Crime Act 2002. The RFP should require adherence to professional standards set by bodies like the Institute of Chartered Accountants in England and Wales. You must also consider privilege issues, particularly if the audit may lead to litigation, and ensure the forensic auditor understands their potential role as expert witness in court proceedings.

Legal requirements in England and Wales

Under the Companies Act 2006, directors have statutory duties that may require forensic investigation when breached. Your RFP must reference compliance with the Financial Services and Markets Act 2000 if investigating regulated financial institutions. The document should specify requirements for money laundering reporting under the Proceeds of Crime Act 2002, including Suspicious Activity Reports to the National Crime Agency. For regulated entities, the RFP must address Financial Conduct Authority reporting obligations and potential regulatory action. You must ensure forensic auditors understand their duties regarding disclosure to law enforcement agencies and compliance with court disclosure orders. The RFP should also address professional indemnity insurance requirements and specify that all work must meet standards required by English courts for expert evidence.