Award

Independent Review of Financial Model

WATER SERVICES REGULATION AUTHORITY

This public procurement record has 2 releases in its history.

AwardUpdate

02 Jun 2017 at 14:51

Award Notice
Award

24 Apr 2017 at 15:44

Award Notice
Summary of the contracting process

The WATER SERVICES REGULATION AUTHORITY is conducting a tender for an "Independent Review of Financial Model," aimed at ensuring the PR19 financial model’s reliability for stakeholders. The procurement is categorised under internal audit services and business consultancy services, with a focus on the services industry. The contract period spans from 28 February 2017 to 31 March 2017, while the tender submission deadline was 17 February 2017. The primary locations for delivery are in the West Midlands and London, United Kingdom. The award for this contract, valued at £40,000, was published on 2 June 2017 and was notably awarded to KPMG LLP.

This tender presents significant opportunities for businesses specialising in internal auditing and management consultancy services, particularly small to medium-sized enterprises (SMEs) which can offer tailored, agile responses to the requirements outlined. Firms with expertise in financial modelling, compliance, and regulatory advisory services would be well positioned to compete effectively for similar contracts. The need for independent assurance in financial processes within regulatory frameworks creates a landscape where knowledgeable providers can expand their market presence and client base.

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Notice Information

Notice Title

Independent Review of Financial Model

Notice Description

The objective of the work is ensure the W2020 Senior Responsible Officer and other stakeholders will have independent assurance that the developing PR19 financial model is fit for purpose. This will help create trust and confidence in the PR19 financial model, and allow stakeholders such as water companies to have greater assurance in the results generates. The scope of the work is to: * Advise Ofwat on the appropriateness of the overall model build. In particular, provide advice on whether: o The migration of the PR14 financial model to FAST has been performed appropriately o The simplification of the model from nine live phases to one live phase has been performed appropriately * Advise Ofwat whether the second phase of the model development has been implemented appropriately. In particular, provide advice on whether: o the methodology used in the model fits with Ofwat's policy requirements o the formulae in the model have been implemented correctly o the model meets 'usability' best practice * Provide advice on the model structure and design. Does it comply with the FAST modelling standard? * Provide advice on how to correct issues found with the model and to ensure it complies with best practice * Provide advice on the quality of model documentation and make recommendations to ensure it complies with best practice It should be noted that the contractor will not be expected to implement any of the changes or recommendation that are identified.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-8b949388-8d3d-4c4c-9fd9-942ea95c3d0d
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/c45ae668-824c-4fb5-b41e-d2f589d69b88
Current Stage
Award
All Stages
Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Not Specified
Procurement Method Details
Other -
Tender Suitability
SME
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

79410000 - Business and management consultancy services

Notice Value(s)

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

Notice Dates

Publication Date
2 Jun 20178 years ago
Submission Deadline
17 Feb 2017Expired
Future Notice Date
Not specified
Award Date
23 Feb 20179 years ago
Contract Period
28 Feb 2017 - 31 Mar 2017 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
WATER SERVICES REGULATION AUTHORITY
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
BIRMINGHAM
Postcode
B5 4UA
Post Town
Birmingham
Country
England
Major Region (ITL 1)
TLG West Midlands (England)
Basic Region (ITL 2)
TLG3 West Midlands
Small Region (ITL 3)
TLG31 Birmingham
Delivery Location
TLG West Midlands (England), TLI London
Local Authority
Birmingham
Electoral Ward
Ladywood
Westminster Constituency
Birmingham Ladywood

Supplier Information

Number of Suppliers
1
Supplier Name

KPMG

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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