Award

Audit Firm Culture

THE FINANCIAL REPORTING COUNCIL LIMITED

This public procurement record has 2 releases in its history.

Award

11 Jan 2022 at 15:12

Award Notice
Tender

27 Oct 2021 at 16:26

Tender Notice
Summary of the contracting process

The Financial Reporting Council (FRC) has completed the procurement process for the project titled "Audit Firm Culture". This tender, classified under Research and development services and related consultancy services, was aimed at enhancing the transparency and integrity of audits within the UK. The process began with a tender period that ended on 24th November 2021, and the contract was awarded on 14th December 2021. The contract, valued at £55,000, runs from 16th December 2021 to 29th April 2022, and involved research into the cultural practices of audit firms to support an FRC thematic review.

This project presents significant opportunities for businesses, specifically small and medium enterprises (SMEs) and voluntary, community, and social enterprises (VCSEs), to engage in consultancy and research activities. Firms specialising in audit practices, organisational culture assessments, and risk management would be particularly well-suited to compete in such tenders. By participating in similar opportunities, these businesses can not only contribute to enhancing audit quality but also expand their market presence in the public and private sectors.

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Notice Information

Notice Title

Audit Firm Culture

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. In May 2018 the FRC published a thematic review on Audit Culture. Audit firm culture is a critical component of an audit firm's ability to deliver high quality audits in the public interest therefore the review looked at audit firms' activities to establish, promote and embed a culture that is committed to delivering consistently high-quality audits. One key attribute of a good, healthy audit culture is auditors being able to challenge companies' management teams effectively and exercise professional scepticism when performing audits. The FRC's work continues to show that auditors often struggle to challenge the management of audited entities effectively, especially on issues that involve judgement. This can result in auditors failing to obtain sufficient and appropriate audit evidence, and in some cases, failing to identify or seek the correction of potential misstatements of the financial statements. The research project was to provide evidence and analysis to support the FRC's current thematic review on audit culture. Additional information: THIS OPPORTUNITY IS CLOSED. THIS IS A CONTRACT AWARD NOTICE.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-e0593a2e-1dee-4fe2-bed4-622eb42ad6c8
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/362f8d5f-b3b2-4096-a3b1-ab6ceaa9bb75
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
SME

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
£60,000 Under £100K
Lots Value
Not specified
Awards Value
£55,000 Under £100K
Contracts Value
Not specified

Notice Dates

Publication Date
11 Jan 20224 years ago
Submission Deadline
24 Nov 2021Expired
Future Notice Date
Not specified
Award Date
14 Dec 20214 years ago
Contract Period
16 Dec 2021 - 29 Apr 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
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

C M MONITOR (BRITAIN THINKS

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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