Invitation to supply for panel of suppliers to conduct financial capability assessments
The Victorian Registration and Qualification Authority (VRQA) is conducting an Invitation To Supply (ITS) in order to establish a panel of suppliers to conduct Financial Capability Assessments (FCAs).
VRQA is inviting insolvency practitioners to participate in the ITS.
If you're interested in applying please read the documentation.
Summary of the ITS requirements
The Victorian Registration and Qualifications Authority (VRQA) is a statutory authority that regulates the education and training sector in Victoria under the legal framework of the Education and Training Reform Act 2006 (the ETR Act) and Education and Training Reform Regulations 2017.
As well as other categories of education providers, the VRQA is responsible for registering and regulating:
- registered training organisations (RTOs)
- non-school senior secondary providers (NSSSPs)
- secondary student exchange organisations (SEOs)
- group training organisations (GTOs).
The VRQA aims to ensure that the providers it registers meet the minimum requirements for registration, which includes a requirement to be in good financial health. This ensures that the provider has the capacity to sustain quality operations in the future to be able to deliver quality education and training services to students. The suppliers may be sought to undertake forensic accounting assignments and assess organisational governance structures.
To discharge its regulatory responsibilities, the VRQA is seeking responses to this Invitation to Supply (ITS) 19/20-003 in order to establish a Panel of Suppliers to conduct Financial Capability Assessments (FCAs).
The FCA reports confirm relative risks regarding the capacity of the provider to have sufficient resources to deliver quality educational services to students and training participants. This information is referenced by the VRQA to confirm registration or undertake follow up compliance activities.
The contracted suppliers must have the capacity and capability to manage and conduct FCAs of RTOs, Independent Schools, SEOs and NSSSPs and GTOs applying for initial registration and recognition with the VRQA. FCAs are also used when a provider is under review or when they are seeking to make amendments, or re-register their registration and reapply for their recognition.
FCA services performed under this contract are expected to commence from 1 January 2020 for a period of up to 3 years with an option for an additional 2 years at the sole discretion of the VRQA. The contract will provide for two options to extend the completion date by 12 months each, exercisable at the total discretion of the VRQA.
Invitees are referred to the ITS documentation for detailed requirements related to the services.