Award

Independent Expert: Mutual Recognition Agreements (MRAs)

THE FINANCIAL REPORTING COUNCIL LIMITED

This public procurement record has 2 releases in its history.

Award

27 Oct 2022 at 15:34

Award Notice
Tender

27 Jun 2022 at 13:47

Tender Notice
Summary of the contracting process

The Financial Reporting Council Limited has awarded a contract for the provision of Independent Expert services for Mutual Recognition Agreements (MRAs). The contract has a value of £36,000 and runs from 26th October 2022 to 31st March 2023. The procurement method used was an Open Procedure, and the contract was awarded to Parcmhor Consulting Services Ltd. The procurement stage is at 'Award', with the closing date for the tender process being 15th July 2022. The project focuses on securing MRAs with key countries post UK's exit from the EU, starting with Australia and New Zealand.

This tender presents an opportunity for businesses with expertise in accounting, auditing, and business consultancy services to contribute to the assessment of qualifications for MRAs. Small and medium-sized enterprises (SMEs) and voluntary, community, and social enterprise (VCSE) organisations are suitable for participation. The contract period offers potential for business growth and collaboration with the Financial Reporting Council in London. Interested parties should follow the provided instructions to register their interest and review the detailed requirements for this closed opportunity.

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Notice Information

Notice Title

Independent Expert: Mutual Recognition Agreements (MRAs)

Notice Description

THIS IS A CONTRACT AWARD NOTICE The purpose of the Financial Reporting Council (FRC) is to serve the public interest by setting high standards of corporate governance, reporting and audit and by holding to account those responsible for delivering them. BACKGROUND The FRC is a public body, and a partner body of BEIS. Although funded by member and levy contributions, not by the taxpayer, the FRC is subject to public sector requirements and engages closely with other regulators and public bodies. The UK Stewardship Code is a voluntary code for asset managers (investment managers), asset owners and service providers (such as proxy advisers, investment consultants and data providers). The Stewardship Code promotes the responsible allocation, management and oversight of capital to create long-term value for clients and beneficiaries leading to sustainable benefits for the economy, the environment and society. We also monitor and take action to promote the quality of corporate reporting and operate independent enforcement arrangements for accountants and actuaries. PROJECT & PURPOSE Following the UK's exit from the EU and UK auditors' loss of automatic statutory audit rights, the FRC (as competent authority responsible for approving third country qualifications) is seeking to secure several mutual recognition agreements (MRAs) with key countries around the world. Via a process of engagement with a number of countries we have identified some priorities and have focused, in particular, on the qualifications of accountancy professional bodies in Australia and New Zealand with the intention of reaching MRAs with the authorities in Australia and New Zealand later this calendar year. We are currently reviewing the audit qualifications of Chartered Accountants Australia and New Zealand (CAANZ) and CPA Australia (CPAA) relevant to the approval of their qualifications by the FRC as approved third country qualifications under section 1221 Companies Act 2006. Although Australia and New Zealand are likely to be the earliest MRAs that we are able to achieve, we are seeking an Independent Expert able to assist subsequently in assessing the qualifications of other countries with whom MRAs are agreed. OUR REQUIREMENT To appoint an independent expert to review the evidence we have identified, the conclusions we have drawn and report on the equivalence of the CAANZ, CPAA and audit qualifications granted by UK recognized qualifying bodies. This authoritative report will state whether in the opinion of the author the audit qualifications granted in Australia and New Zealand are comparable to UK qualifications. The report will be carried out with full academic rigour and will be impartial. Accordingly, it will provide assurance to the FRC Board, the accounting profession and government as to the equivalence of the qualifications concerned. Additional information: THIS IS A CONTRACT AWARD NOTICE - THIS OPPORTUNITY IS CLOSED. Notes: - * Download and review the documents * Observe the timelines and tender process * Register your interest in this opportunity by email to procurement@frc.org.uk * You will need to register your interest in this opportunity to receive the Q&A responses. * Spend under this notice will be capped at PS170,000. * The FRC reserves the right to award a reserve place to the second highest scoring supplier if the volume of assessments of qualifications required exceeds expectation or the capacity of an individual independent expert.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-4c85e0d1-556e-470e-804e-22b82b749b3b
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/c7b00b52-4542-414f-b196-e96f404b21b1
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, VCSE
Awardee Scale
SME

Common Procurement Vocabulary (CPV)

CPV Divisions

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

CPV Codes

79200000 - Accounting, auditing and fiscal services

79400000 - Business and management consultancy and related services

Notice Value(s)

Tender Value
£40,000 Under £100K
Lots Value
Not specified
Awards Value
£36,000 Under £100K
Contracts Value
Not specified

Notice Dates

Publication Date
27 Oct 20223 years ago
Submission Deadline
15 Jul 2022Expired
Future Notice Date
Not specified
Award Date
24 Oct 20223 years ago
Contract Period
25 Oct 2022 - 31 Mar 2023 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
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

PARCMHOR CONSULTING SERVICES

Further Information

Notice URLs

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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