Award

Audit Market Database

THE FINANCIAL REPORTING COUNCIL LIMITED

This public procurement record has 2 releases in its history.

Award

20 Aug 2024 at 12:04

Award Notice
Tender

12 Jul 2024 at 08:41

Tender Notice
Summary of the contracting process

The Financial Reporting Council (FRC) has awarded a contract for an audit market database under the tender ID FRC2024-086. This procurement process, classified under the industry category of "Software package and information systems," involves the supply of a subscription-based audit market database. The contract, valued at £128,500, was awarded to Ideagen Audit Analytics and will run from 1 September 2024 to 31 August 2026. The FRC, located at 8th Floor, 125 London Wall, London, EC2Y 5AS, required this database to support its Market Intelligence and Insights team by providing detailed, accessible, and evidence-based insights into the audit and regulatory markets it oversees. The open procedure procurement method used was below the financial threshold for more complex processes.

This contract presents significant business growth opportunities, particularly for firms specialising in data management, software development, and information systems within the audit and corporate governance sectors. Suppliers that can offer advanced database solutions, historical and current audit data, and robust web and data feed access will find this tender particularly lucrative. Small and medium enterprises (SMEs) are noted as suitable participants, highlighting the potential for smaller tech firms to secure contracts with a high-profile regulatory authority like the FRC. This opportunity not only provides financial benefits but also positions successful bidders as key players in the field of financial regulatory technology and corporate governance.

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Notice Information

Notice Title

Audit Market Database

Notice Description

THIS IS A CONTRACT AWARD NOTICE The Financial Reporting Council (FRC) * 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. Further information https://www.frc.org.uk/ * The Government plans to establish the Audit, Reporting and Governance Authority (ARGA) as the successor to the Financial Reporting Council (FRC). ARGA's role will be to protect and promote the interests of investors, other users of corporate reporting and the wider public interest. Background * The FRC's Market Intelligence and Insights (MII) team provides the FRC with understanding of the markets it oversees, the impact of its policies, horizon scanning and evidence-based insight to support and drive policy development. * To fulfil these activities the MII team requires, on an ongoing basis, access to a reliable audit market database that provides details on audit, regulatory and disclosure information both current and historically. Our requirement is therefore an subscription with a database provider (with the breadth and depth of the data we require). * This data must be accessible via web and data feeds. * The FRC will require licences for 12 named users * The FRC will require the rights to publish or reproduce small extracts from, or summaries of, the financial market data and will attribute the database supplier as the source of the information. PLEASE SEE THE STATEMENT OF REQUIREMENTS FOR FULL DETAILS. Additional information: THIS IS A CONTRACT AWARD NOTICE

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-c7c545f3-9eb4-4ded-83dc-e02f178b01cd
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/d7b66723-35e4-4575-a7fc-afed7ecb72bc
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
Awardee Scale
Large

Common Procurement Vocabulary (CPV)

CPV Divisions

48 - Software package and information systems

CPV Codes

48000000 - Software package and information systems

Notice Value(s)

Tender Value
£130,000 £100K-£500K
Lots Value
Not specified
Awards Value
£128,500 £100K-£500K
Contracts Value
Not specified

Notice Dates

Publication Date
20 Aug 20241 years ago
Submission Deadline
26 Jul 2024Expired
Future Notice Date
Not specified
Award Date
19 Aug 20241 years ago
Contract Period
31 Aug 2024 - 31 Aug 2026 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
THE FINANCIAL REPORTING COUNCIL LIMITED
Contact Name
Head of Procurement
Contact Email
procurement@frc.org.uk
Contact Phone
020 7492 2300

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

IDEAGEN AUDIT ANALYTICS

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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