Award

Internal Audit Services

FINANCIAL SERVICES COMPENSATION SCHEME

This public procurement record has 3 releases in its history.

Award

25 Jul 2022 at 18:05

Tender

04 Nov 2021 at 18:15

Planning

17 Sep 2021 at 13:15

Summary of the contracting process

The Financial Services Compensation Scheme (FSCS) is seeking an internal audit partner through a tender process for the provision of internal audit services. This contract, valued at £1,200,000, will be awarded in London, and the procurement stage is currently active. The tender period is scheduled to end on 7th December 2021, with a second stage invitation set for 10th January 2022. The procurement method employed is a selective procedure, and key criteria for this tender include an emphasis on quality and price, with a weighting of 80% and 20% respectively.

This tender presents significant opportunities for businesses specialising in internal audit services, particularly for those experienced in providing high-quality, risk-based audit solutions. Companies that have established methodologies and quality assurance processes, as well as those familiar with governance, risk management, and internal control, would be particularly well-suited to compete. The FSCS is also open to engaging with small and medium enterprises (SMEs) that can demonstrate their capability and innovation in this field.

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Notice Title

Internal Audit Services

Notice Description

The Scheme wishes to competitively tender for an internal audit partner reporting into the Audit Committee. This will include internal audit services, input into the annual internal audit plan, development of internal audit strategy and / or methodologies, advice, benchmarking and external good practice on governance, risk management and internal control, benchmarking and quality assurance of internal audit performance, specialist internal audit assurance and advisory service e.g. IT audit. The partner will use its own internal audit methodology, its own quality assurance process and will produce reports and working papers under its own branding.

Lot Information

Lot 1

The Scheme wishes to competitively tender for an internal audit partner reporting into the Audit Committee. This will include internal audit services, input into the annual internal audit plan, development of internal audit strategy and / or methodologies, advice, benchmarking and external good practice on governance, risk management and internal control, benchmarking and quality assurance of internal audit performance, specialist internal audit assurance and advisory service e.g. IT audit. The partner will use its own internal audit methodology, its own quality assurance process and will produce reports and working papers under its own branding.

Renewal: There will be an option for FSCS to extend the contract on up to 2 occasions for a maximum duration of 12 months on each of those occasions, therefore making the Effective Service Term a potential total term of four (4) years.

Publication & Lifecycle

Open Contracting ID
ocds-h6vhtk-02e215
Publication Source
Find A Tender Service
Latest Notice
https://www.find-tender.service.gov.uk/Notice/020224-2022
Current Stage
Award
All Stages
Planning, Tender, Award

Procurement Classification

Notice Type
Planning Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Selective
Procurement Method Details
Restricted procedure
Tender Suitability
Not specified
Awardee Scale
Large

Common Procurement Vocabulary (CPV)

CPV Divisions

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


CPV Codes

79212200 - Internal audit services

Notice Value(s)

Tender Value
£1,200,000 £1M-£10M
Lots Value
£1,200,000 £1M-£10M
Awards Value
Not specified
Contracts Value
£1,200,000 £1M-£10M

Notice Dates

Publication Date
25 Jul 20223 years ago
Submission Deadline
7 Dec 2021Expired
Future Notice Date
21 Oct 2021Expired
Award Date
11 Jul 20223 years ago
Contract Period
Not specified - Not specified
Recurrence
4

Notice Status

Tender Status
Complete
Lots Status
Cancelled
Awards Status
Active
Contracts Status
Active

Contracting Authority (Buyer)

Main Buyer
FINANCIAL SERVICES COMPENSATION SCHEME
Contact Name
Jean Mutudza
Contact Email
procurement@fscs.org.uk
Contact Phone
+44 2073758175

Buyer Location

Locality
LONDON
Postcode
EC3A 7QU
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
TLI London, TLI4 Inner London - East

Local Authority
City of London
Electoral Ward
Portsoken
Westminster Constituency
Cities of London and Westminster

Supplier Information

Number of Suppliers
1
Supplier Name

GRANT THORNTON (UK

Open Contracting Data Standard (OCDS)

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