Award

Qualitative research with audit committee chairs on audit quality

THE FINANCIAL REPORTING COUNCIL LIMITED

This public procurement record has 2 releases in its history.

Award

31 Mar 2021 at 15:04

Award Notice
Tender

25 Jan 2021 at 12:41

Tender Notice
Summary of the contracting process

The Financial Reporting Council Limited has recently completed a public procurement process for a tender titled "Qualitative research with audit committee chairs on audit quality." This project falls under the research and development services category and was located in London, England. The procurement process was carried out using the open method, specifically an open procedure below the threshold, concluding with contract awards on February 25, 2021. The contract period commenced on March 12, 2021, and concluded on August 13, 2021, with a total contract value of £175,000, including potential future research.

This tender presents a significant opportunity for businesses, particularly small and medium-sized enterprises (SMEs) and voluntary, community, and social enterprises (VCSEs) specialising in qualitative research and consultancy services. Companies that have expertise in conducting in-depth interviews and analysis of audit quality will find this tender aligns well with their capabilities. With the possibility of additional research being commissioned by the FRC in future years, interested businesses should consider engaging with this authority to establish ongoing collaboration and growth opportunities in the field of audit quality and corporate governance.

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Notice Information

Notice Title

Qualitative research with audit committee chairs on audit quality

Notice Description

**THIS IS A CONTRACT AWARD NOTICE - THIS TENDER IS CLOSED** The Financial Reporting Council sets the UK Corporate Governance and UK Stewardship Codes; sets UK standards for accounting and actuarial work; monitors and takes action to promote the quality of corporate reporting; and operates independent enforcement arrangements for accountants and actuaries. As the competent authority for audit in the UK the FRC sets auditing and ethical standards and monitors and enforces audit quality. The FRC works in the public interest. Our work is aimed at investors and others who rely on company reports, audit and high-quality risk management. The research project objective is to obtain qualitative research with Audit Committee Chairs (ACCs) of Public Interest Entities (PIEs) - a rich, in-depth understanding of ACCs' views on audit quality. This will build on similar research undertaken in 2020. The FRC does not anticipate tender bids over PS50,000 excluding VAT Note: The FRC may in future decide to repeat this research in future years to provide an over-time comparison. If the FRC takes up this option, it will do so before the end of 2025 (and the total expenditure including repeat(s) will be capped at no more than PS175,000). The overarching objective of the project is to provide the FRC with a rich understanding of ACCs' views on, and approach to, audit quality. This may include: * ACC's views on the key drivers of audit quality * What does a good/bad audit look like to an ACC? * Selection of auditors / tender process * Audit planning * Considerations of quality during the audit and post-audit, including ACC's views of the impact, if any, of audit firm culture * How ACC's use the results of AQR inspections to drive improved audit quality * How ACC's satisfy themselves as to the independence and suitability of their auditor * How ACC's assess the work of their committees The above list of questions is not exhaustive. ** This is a summary only ** Additional information: ** THIS OPPORTUNITY IS CLOSED. THIS IS A CONTRACT AWARD NOTICE**

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-823c15fd-c4b3-44e4-baf7-8d3a348ad7a5
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/b95fa42a-cbda-4e23-b4cf-5f329f3d5790
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
Large

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
£50,000 Under £100K
Lots Value
Not specified
Awards Value
£175,000 £100K-£500K
Contracts Value
Not specified

Notice Dates

Publication Date
31 Mar 20214 years ago
Submission Deadline
17 Feb 2021Expired
Future Notice Date
Not specified
Award Date
25 Feb 20215 years ago
Contract Period
12 Mar 2021 - 13 Aug 2021 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

YOUGOV

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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