Some terminology

The overarching framework for thinking about funding arrangements

“Public entities” – all the public sector organisations that we audit across central and local government (~4000)
“Funding arrangements” – the range of relationships for funding external parties (purchases, grants, and gifts)
“External parties” – anyone that you fund, whether a commercial provider, NGO, individual, or public entity
“Procurement” – the process for purchasing goods or services, often used to refer to large scale projects
“Contract” – the set of legal obligations agreed as part of a funding arrangement