Award

Research into the challenges faced by SMEs in relation to audit and corporate reporting

THE FINANCIAL REPORTING COUNCIL LIMITED

This public procurement record has 1 release in its history.

Award

10 Apr 2025 at 08:50

Award Notice
Summary of the contracting process

The Financial Reporting Council (FRC), located in London, has awarded a contract titled "Research into the challenges faced by SMEs in relation to audit and corporate reporting." The contract, which falls under the industry category of research and development services and related consultancy services (CPV code: 73000000), was awarded to IFF Research Limited. The procurement process was conducted using a selective method, specifically a call-off from a dynamic purchasing system. This award pertains to the tender with ID FRC2025-031, and the contract period is from April 8, 2025, to September 30, 2025. The tender period ended on March 27, 2025, with the contract award notice published on April 10, 2025. The contract's value is £95,000 GBP, with the awarded amount being £93,927.75 GBP.

This tender presents significant opportunities for businesses operating within the research and development sector, particularly those specialising in consultancy services related to corporate governance and audit practices. SMEs and voluntary, community, and social enterprises (VCSEs) are particularly suited for this engagement due to the FRC's focus on understanding SME challenges. The insights gained through this research could enhance the FRC's ability to support SMEs, creating a favourable business environment. Companies with expertise in financial audit research, corporate reporting, and audit quality standards will find this project highly relevant and beneficial for expanding their services and contributing valuable knowledge to the FRC’s objectives.

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Notice Information

Notice Title

Research into the challenges faced by SMEs in relation to audit and corporate reporting

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. As the Competent Authority for audit in the UK, we set auditing and ethical standards and monitor and enforce audit quality. The purpose of the FRC is to serve the public interest and support UK economic growth by upholding high standards of corporate governance, corporate reporting, audit and actuarial work. 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. The FRC were seeking Research Services into the challenges faced by SMEs in relation to audit and corporate reporting. This research project aims to allow the FRC to build a greater understanding of the challenges affecting SMEs and the decisions they make about financial audits. Additional information: THIS IS A CONTRACT AWARD NOTICE The FRC can extend the Contract for the Extension Period by giving the Supplier no less than 3 Months' written notice before the Contract expires.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-2905acc8-c009-4f8c-b291-0a2b0ef3f2c6
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/2d96bfc6-7bc5-4e14-811b-962773cc95f2
Current Stage
Award
All Stages
Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Dynamic
Procurement Category
Services
Procurement Method
Selective
Procurement Method Details
Call-off from a dynamic purchasing system
Tender Suitability
SME, VCSE
Awardee Scale
SME

Common Procurement Vocabulary (CPV)

CPV Divisions

73 - Research and development services and related consultancy services

CPV Codes

73000000 - Research and development services and related consultancy services

Notice Value(s)

Tender Value
£95,000 Under £100K
Lots Value
Not specified
Awards Value
£93,927 Under £100K
Contracts Value
Not specified

Notice Dates

Publication Date
10 Apr 202510 months ago
Submission Deadline
27 Mar 2025Expired
Future Notice Date
Not specified
Award Date
6 Apr 202510 months ago
Contract Period
7 Apr 2025 - 30 Sep 2025 1-6 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
E14 9GE
Post Town
East London
Country
England
Major Region (ITL 1)
TLI London
Basic Region (ITL 2)
TLI4 Inner London - East
Small Region (ITL 3)
TLI42 Tower Hamlets
Delivery Location
Not specified
Local Authority
Tower Hamlets
Electoral Ward
Blackwall & Cubitt Town
Westminster Constituency
Poplar and Limehouse

Supplier Information

Number of Suppliers
1
Supplier Name

IFF RESEARCH

Further Information

Notice Documents

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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