Award

Internal Audit Services

FINANCIAL SERVICES COMPENSATION SCHEME

This public procurement record has 1 release in its history.

Award

25 Jul 2022 at 15:40

Award Notice
Summary of the contracting process

The Financial Services Compensation Scheme is seeking to enhance its internal audit capabilities through a recently completed public procurement process for Internal Audit Services. This competitive tender involved a selective procurement method and concluded on 12 July 2022, with a total contract value of £1,200,000. The contract commenced on 25 July 2022 and is set to last until 5 July 2024. Services are to be provided primarily within London, UK, and encompass auditing methodologies, governance advice, and quality assurance services, among other specialised internal audit functions.

This tender presents a significant opportunity for businesses, particularly those specialising in financial services, consultancy, and auditing, to expand their offerings and client base. Small and medium-sized enterprises (SMEs) and voluntary, community, and social enterprises (VCSEs) are encouraged to consider this contract, as their expertise could align well with the scheme’s needs for innovative audit strategies and services. Engaging in this contract could provide a platform for these businesses to demonstrate their capabilities, build a relationship with a major public body, and enhance their reputation in the industry.

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Notice Information

Notice Title

Internal Audit Services

Notice Description

The Scheme wishes to competitively tender for an internal audit partner reporting into the Audit Committee. This will include internal audit services, input into the annual internal audit plan, development of internal audit strategy and / or methodologies, advice, benchmarking and external good practice on governance, risk management and internal control, benchmarking and quality assurance of internal audit performance, specialist internal audit assurance and advisory service e.g. IT audit. The partner will use its own internal audit methodology, its own quality assurance process and will produce reports and working papers under its own branding.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-50e8c94a-1336-4489-9eb0-8ef4a7515f05
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/61d01c30-ade0-45c9-88d3-f2cb6dced303
Current Stage
Award
All Stages
Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Selective
Procurement Method Details
Restricted procedure
Tender Suitability
SME, VCSE
Awardee Scale
Large

Common Procurement Vocabulary (CPV)

CPV Divisions

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

CPV Codes

79212200 - Internal audit services

Notice Value(s)

Tender Value
£1,200,000 £1M-£10M
Lots Value
Not specified
Awards Value
£1,200,000 £1M-£10M
Contracts Value
Not specified

Notice Dates

Publication Date
25 Jul 20223 years ago
Submission Deadline
11 Jul 2022Expired
Future Notice Date
Not specified
Award Date
11 Jul 20223 years ago
Contract Period
24 Jul 2022 - 5 Jul 2024 1-2 years
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
FINANCIAL SERVICES COMPENSATION SCHEME
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
EC3A 7QU
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
TLI London
Local Authority
City of London
Electoral Ward
Portsoken
Westminster Constituency
Cities of London and Westminster

Supplier Information

Number of Suppliers
1
Supplier Name

GRANT THORNTON (UK

Further Information

Notice Documents

Open Contracting Data Standard (OCDS)

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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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