Award

Extended Auditor Reporting Research

THE FINANCIAL REPORTING COUNCIL LIMITED

This public procurement record has 3 releases in its history.

Award

24 Oct 2021 at 14:36

Award Notice
TenderAmendment

08 Sep 2021 at 12:33

Tender Notice
Tender

23 Jul 2021 at 12:17

Tender Notice
Summary of the contracting process

The Financial Reporting Council (FRC) has recently concluded a procurement process for a project titled "Extended Auditor Reporting Research". This initiative falls under the category of research and development services and aims to assess current auditing practices in the UK. The tender period ended on 29 September 2021, with the contract period commencing on 11 October 2021 and lasting until 31 January 2022. The contract was awarded following an open procurement method, with a total value of £45,000 awarded to the University of Portsmouth Enterprise Limited. The project is located in London, with postal code EC2Y 5AS.

This tender presents significant opportunities for businesses specializing in research and consultancy within the auditing domain, especially those with capabilities in data analysis and reporting. Small and medium-sized enterprises (SMEs) and voluntary, community, and social enterprises (VCSEs) are particularly well-suited to compete, given their expertise in providing innovative solutions and insights. Engaging in such projects can enhance their visibility and reputation in the industry, while also contributing to the development of best practices in financial reporting.

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Notice Information

Notice Title

Extended Auditor Reporting Research

Notice Description

***THIS OPPORTUNITY IS CLOSED. 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. 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. As the Competent Authority for audit in the UK, the FRC sets auditing and ethical standards and monitors and enforces audit quality. Auditor reports form a key element in the financial reporting ecosystem as they represent the only conduit of information about an audit for those who are external to the audit process. Extended auditor reports were introduced by the FRC for the audit of Public Interest Entities (PIEs) from 2013. Following this, the FRC published two reports in 2015 and 2016 reviewing the experience of this innovation. Requirements around auditor reporting have subsequently changed as a consequence of further revisions to ISA (UK) 700 in 2019, the introduction of ISA (UK) 701 in 2016, and subsequent further changes to both standards in 2019. These changes require auditors to include meaningful disclosures on their approach to, and observations arising from, key matters impacting the audit (known as 'Key Audit Matters'). This research project supports a broader FRC exercise assessing current practice in long-form auditor reporting in the UK. This broader exercise has two objectives: * improved understanding of current auditor reporting practice * promoting good practice in auditor reporting The intention is that the FRC exercise will result in a publication and the analytical report from this research project will be included as an annex, providing supporting evidence and analysis. Purpose and Scope: The research project has two distinct parts: Part A: Literature review This will be a review of research literature on the impact of extended auditor reporting in the UK since its introduction in 2013, as produced by researchers, academics, and other appropriate bodies. Part B: Data collection and analysis A sample of auditor reports will be analysed using both quantitative and qualitative techniques. The sample itself will be sufficient to support robust statistical comparisons between market segments, audit firms and market sectors. The sample should be drawn from: * the population of all component members of the FTSE 350 as at 31 December 2020. * UK incorporated companies listed on AIM with a market capitalisation greater than EUR200m on the same date. The dataset will need to be designed so that it can support comparisons between: * market segment (FTSE 100, FTSE 250, AIM) * audit firm and * market sector Note - Budget exc VAT This replaced the previous notice referenced "FRC2021-0108 Extended Auditor Reporting Research" Additional information: THIS OPPORTUNITY IS CLOSED. THIS IS A CONTRACT AWARD NOTICE.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-a511825a-b2de-4cad-9271-90a6cb1b8e0b
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/98a8a483-6fa0-4302-b469-a830086a2b8f
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
£45,000 Under £100K
Lots Value
Not specified
Awards Value
£45,000 Under £100K
Contracts Value
Not specified

Notice Dates

Publication Date
24 Oct 20214 years ago
Submission Deadline
29 Sep 2021Expired
Future Notice Date
Not specified
Award Date
10 Oct 20214 years ago
Contract Period
10 Oct 2021 - 31 Jan 2022 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

UNIVERSITY OF PORTSMOUTH ENTERPRISE

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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