Award

National Highways Knight Frank L&P 2021-22

NATIONAL AUDIT OFFICE

This public procurement record has 1 release in its history.

Award

26 Apr 2022 at 10:37

Award Notice
Summary of the contracting process

The National Audit Office is seeking an expert auditor for the contract titled "National Highways Knight Frank L&P 2021-22," aimed at reviewing valuations supporting National Highways' land and property provision. This procurement, classified under financial auditing services, is currently in the Award stage, with the contract period set from 16 April 2022 to 15 September 2022, and a minimum contract value of £18,300 up to £21,960. The tender period closed on 18 February 2022, and the auditor will assess multiple property valuations to ensure compliance with the Compensation Code.

This tender presents a valuable opportunity for small and medium-sized enterprises (SMEs) specialising in financial auditing and valuation services to engage with a prominent public sector authority. Companies with expertise in land valuation methodologies and auditing practices would be particularly well-suited to compete for such contracts, as they can provide insights into fair valuation estimates and support the government's infrastructure projects efficiently.

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Notice Information

Notice Title

National Highways Knight Frank L&P 2021-22

Notice Description

We are engaging an auditor's expert to assist in auditing the detailed valuations underpinning the National Highways land and property provision. The specific work required is as follows: * Review of VOA's methodology for calculating the land and property liabilities and confirmation that this is in line with the Compensation Code. * Review of a sample of 5 valuations supporting land and property provisions to assess whether, based on the information provided in the detailed valuation, the key assumptions and judgements are materially consistent with the Compensation Code. In terms of providing a reasonable estimate for valuation on the anticipated forecast outturn cost to settle compensation. This should also confirm that the area of land included in the liability is appropriate. These valuations will, depending on sample selection, cover multiple properties (e.g. where they cover the acquisition area for a whole road scheme) and so some degree of consideration of items contributing to the overall valuation may be necessary in these larger samples, as opposed to them being tightly restricted to a single property. Regardless of item size, we would in each case be looking for the auditor's expert to assess the material reasonableness of the valuation in question. In the prior year, a review of 5 valuations were reviewed by our auditor's expert; this review will focus attention on a different sample of 5 land and property valuations. The initial contract period shall be to the end of the final audit period (July 2022), with an option to extend to cover subsequent audit cycles at the NAO's discretion.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-e38f36ed-1e16-4929-a62b-e6985fee763b
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/a40ed5fb-8722-4650-8081-53f645296270
Current Stage
Award
All Stages
Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Framework
Procurement Category
Services
Procurement Method
Selective
Procurement Method Details
Call-off from a framework agreement
Tender Suitability
SME
Awardee Scale
SME

Common Procurement Vocabulary (CPV)

CPV Divisions

79 - Business services: law, marketing, consulting, recruitment, printing and security

CPV Codes

79212100 - Financial auditing services

Notice Value(s)

Tender Value
£21,960 Under £100K
Lots Value
Not specified
Awards Value
£21,960 Under £100K
Contracts Value
Not specified

Notice Dates

Publication Date
26 Apr 20223 years ago
Submission Deadline
18 Feb 2022Expired
Future Notice Date
Not specified
Award Date
18 Mar 20223 years ago
Contract Period
15 Apr 2022 - 15 Sep 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
NATIONAL AUDIT OFFICE
Contact Name
Tania Khan
Contact Email
nao.procurement@nao.org.uk
Contact Phone
02077987000

Buyer Location

Locality
LONDON
Postcode
SW1W 9SP
Post Town
South West 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
Westminster
Electoral Ward
Pimlico North
Westminster Constituency
Cities of London and Westminster

Supplier Information

Number of Suppliers
1
Supplier Name

KNIGHT FRANK

Further Information

Notice Documents

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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