Award

Professional services for scenario development, facilitation and delivery of an audit market resilience exercise

THE FINANCIAL REPORTING COUNCIL LIMITED

This public procurement record has 2 releases in its history.

Award

08 Nov 2024 at 10:53

Award Notice
Tender

28 Aug 2024 at 14:38

Tender Notice
Summary of the contracting process

The Financial Reporting Council (FRC) has awarded a contract for professional services to facilitate and deliver an audit market resilience exercise. The contract, valued at £95,000, was awarded to PA Consulting Services Limited. The project aligns with the FRC's strategic objective of promoting a more resilient audit market through increased competition and choice. Key stakeholders in the exercise include larger audit firms, UK financial regulators, the Government, and potentially an international audit regulator. The project will be conducted in London (postal code EC2Y 5AS) with key procurement stages including set up, evidence gathering, and reporting between 4th November 2024 and 31st July 2025. The tender process employed an open procedure and was aimed at experienced providers capable of handling confidential and sensitive information.

This tender presents significant growth opportunities for businesses specialising in consulting and business services, particularly those experienced in audit market dynamics and regulatory compliance. SMEs are well-suited to compete in such tenders due to the FRC's focus on promoting competition and choice within the audit market. Organisations that can offer robust project management, data analysis, and compliance with UK competition laws are encouraged to engage, as the project will involve collaboration with various high-profile entities. This contract also offers an opportunity to establish a relationship with the FRC, potentially leading to future engagements and a strengthened market presence.

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Notice Information

Notice Title

Professional services for scenario development, facilitation and delivery of an audit market resilience exercise

Notice Description

***THIS IS A CONTRACT AWARD NOTICE*** The Financial Reporting Council (FRC) regulates auditors, accountants and actuaries and sets the UK's Corporate Governance and Stewardship Codes. We seek to promote transparency and integrity in business; our work is aimed at investors and others who rely on company accounts, audit, and high-quality risk management. As the Competent Authority for audit in the UK, the FRC sets auditing and ethical standards and monitors and enforces audit quality. A key FRC strategic objective is to create a more resilient audit market through greater competition and choice. The FRC's supervisory activities work towards achieving this aim through its 'four faces' model, that encourages UK audit firms to prudently manage their risks and so reduce their likelihood of failure. The FRC also has a role to play in responding to the challenges faced by the largest providers of audit services, as firm shocks that could harm resilience could cause market instability, and/or could result in reduced audit quality and choice in the market for statutory audit services. The FRC has launched a Project to test its responsiveness to one of its principal market risks occurring. The Resilience Project will culminate in a market-wide exercise involving the FRC and other organisations. The FRC sought tender submissions from experienced providers to help plan and facilitate the proposed market-wide exercise Autumn 2024. The nature of the project will involve a degree of confidential and sensitive information. The audit market resilience exercise is likely to involve representatives from the FRC, the larger audit firms, UK financial regulators who may regulate the clients of the larger audit firms, the Government (i.e., Department for Business & Trade), and possibly an international audit regulator. The FRC required the successful contractor to conduct all three key project stages (set up, evidence gathering, and reporting) in accordance with the Competition Act 1998, Competition and Markets Authority Guidance, and other applicable laws and regulations. ***AWARD NOTICE*** Additional information: THIS IS A CONTRACT AWARD NOTICE. THIS TENDER HAS BEEN COMPLETED.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-0a72f803-9b24-4476-a3e5-295510671279
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/9d80d805-cfb0-4e7c-9d66-79b6fc38992b
Current Stage
Award
All Stages
Tender, Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Open procedure (below threshold)
Tender Suitability
SME
Awardee Scale
Large

Common Procurement Vocabulary (CPV)

CPV Divisions

79 - Business services: law, marketing, consulting, recruitment, printing and security

CPV Codes

79000000 - Business services: law, marketing, consulting, recruitment, printing and security

Notice Value(s)

Tender Value
£100,000 £100K-£500K
Lots Value
Not specified
Awards Value
£95,000 Under £100K
Contracts Value
Not specified

Notice Dates

Publication Date
8 Nov 20241 years ago
Submission Deadline
7 Oct 2024Expired
Future Notice Date
Not specified
Award Date
28 Oct 20241 years ago
Contract Period
4 Nov 2024 - 31 Jul 2025 6-12 months
Recurrence
Not specified

Notice Status

Tender Status
Complete
Lots Status
Not Specified
Awards Status
Active
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
THE FINANCIAL REPORTING COUNCIL LIMITED
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
LONDON
Postcode
EC2Y 5AS
Post Town
Central London
Country
England
Major Region (ITL 1)
TLI London
Basic Region (ITL 2)
TLI3 Inner London - West
Small Region (ITL 3)
TLI35 Westminster and City of London
Delivery Location
Not specified
Local Authority
City of London
Electoral Ward
Bassishaw
Westminster Constituency
Cities of London and Westminster

Supplier Information

Number of Suppliers
1
Supplier Name

PA CONSULTING SERVICES

Further Information

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

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The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts. 

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