Award

BBC Property valuation review_1

NATIONAL AUDIT OFFICE

This public procurement record has 1 release in its history.

Award

06 Oct 2022 at 09:25

Award Notice
Summary of the contracting process

The National Audit Office has awarded a contract for the BBC Property valuation review_1 to MONTAGU EVANS LLP. The procurement stage was an award, and the contract value is £138,750 GBP. The contract period starts from July 18, 2022, and ends on July 17, 2027. The procurement method used was selective, calling off from a framework agreement. The tender period ended on June 18, 2022. The contract involves financial auditing services and is suitable for SMEs. The procurement location is in London with the postal code SW1W9SP.

This tender for financial auditing services by the National Audit Office presents opportunities for businesses specializing in valuation services to participate in the audit of the Department for Digital Culture Media and Sport's financial statements. Companies with expertise in property valuation, especially those with RICS qualifications, are well-suited to compete for this contract. The tailored valuation support required by the NAO offers a niche opportunity for businesses seeking to grow through public procurement contracts in the financial auditing sector.

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Notice Information

Notice Title

BBC Property valuation review_1

Notice Description

The NAO requires specialist valuation support from RICS qualified surveyors for the audit of the Department for Digital Culture Media and Sport (DCMS) 2021-22, 2022-23 and 2023-24 group financial statements. The BBC's freehold and leasehold property assets are consolidated into the DCMS group accounts at fair value (as defined in IAS 16 and IFRS 13) under the Government's Financial Reporting Manual (FReM). The BBC commission Lambert Smith Hampton to value its freehold and leasehold properties on a cyclical basis in accordance with the FReM. As part of our audit the NAO requires an explicit conclusion, based on reasonably sufficient and appropriate procedures over each property within the sample of assets, as to whether the valuation reached by BBC and LSH is within a reasonable range. The NAO requires specialist valuation support (an auditor expert) to reperform an independent valuation of the sampled assets. As part of completing this engagement, the auditor expert will: * review the valuation reports and valuation model/calculations provided by BBC and LSH; * review the explicit/implicit (including completeness of) assumptions supporting the BBC's valuation; * arrange and undertake physical inspections, to understand the particular properties and determine a valuation range. The NAO will test the accuracy of significant factual inputs (for example passing rents for leasehold or leased away properties) to supporting documentation as part of reaching a conclusion on the appropriateness of the valuation of each sampled property.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-ed3a64f3-186e-45de-a48f-3335541f1e28
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/b4196150-1bf6-4340-81e0-04ebe73270b9
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
£138,750 £100K-£500K
Lots Value
Not specified
Awards Value
£138,750 £100K-£500K
Contracts Value
Not specified

Notice Dates

Publication Date
6 Oct 20223 years ago
Submission Deadline
18 Jun 2022Expired
Future Notice Date
Not specified
Award Date
3 Jul 20223 years ago
Contract Period
17 Jul 2022 - 17 Jul 2027 Over 5 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
NATIONAL AUDIT OFFICE
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
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

MONTAGU EVANS

Further Information

Notice Documents

Open Contracting Data Standard (OCDS)

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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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