Notice Information
Notice Title
Financial Audit Services
Notice Description
National Energy System Operator (NESO) makes sure that Great Britain has the essential energy it needs by ensuring supply meets demand every second of every day. The UK's 2023 Energy Act established an independent system planner and operator to help accelerate Great Britain's energy transition; creating NESO. NESO is built on our previous experience as the National Grid Electricity System Operator (ESO), where we had extensive expertise in balancing electricity supply and demand 24/7, whilst making sure the networks we operated and the markets we served were prepared for the future. NESO was sold by National Grid to the UK Government on 1st October 2024 , becoming a public sector organisation from this date. We require comprehensive financial audit services compliant with International Standards of Supreme Audit Institutions (ISSAI). The objective is to ensure NESO's financial, performance, and regulatory operations are conducted with transparency, accountability, and efficiency. This specification provides the framework for the required audit services, including scope, planning, reporting, accountability, and SLAs. Scope of Services The audit firm will be responsible for delivering the following detailed services: Financial Audit o Provide reasonable assurance over NESO's financial records in accordance with applicable accounting standards (IFRS ). o Verify that financial statements are free from material misstatements due to fraud, error, or irregularities. o Evaluate internal financial controls, focusing on risks associated with financial misreporting, operational inefficiencies, or compliance failures. o Provide an audit opinion on the true and fair representation of NESO's financial position, performance, and cash flow. o Conduct testing of key accounts to provide reasonable assurance over the financial assertions. o Update NESO leadership and Audit & Risk Committee (ARC) regarding relevant changes in legislation and regulation. o Report on external audit progress to NESO leadership, including attendance at bi-monthly ARC meetings and other board or committee meetings as required. o Provide guidance to NESO leadership in particular the Chief Financial Officer (CFO), chair of ARC, director of financial control, and the accounting & reporting lead on accounting and financial matters. o Liaise and coordinate with the CFO, director of financial control and accounting & reporting lead via a monthly progress meeting to ensure full exchange of information. o Produce an annual SOC1 report evaluating the effectiveness of NESO financial controls in relation to transmission revenue charging, for external distribution to UK transmission owners, including National Grid Electricity Transmission (NGET).
Lot Information
Lot 1
NESO was sold by National Grid to the UK Government on 1st October 2024 , becoming a public sector organisation from this date. We require comprehensive financial audit services compliant with International Standards of Supreme Audit Institutions (ISSAI). The objective is to ensure NESO's financial, performance, and regulatory operations are conducted with transparency, accountability, and efficiency. This specification provides the framework for the required audit services, including scope, planning, reporting, accountability, and SLAs. ________________________________________ 4. Scope of Services (Detailed) The audit firm is responsible for delivering the following detailed services: Financial Audit o Provide reasonable assurance over NESO's financial records in accordance with applicable accounting standards (IFRS ). o Verify that financial statements are free from material misstatements due to fraud, error, or irregularities. o Evaluate internal financial controls, focusing on risks associated with financial misreporting, operational inefficiencies, or compliance failures. o Provide an audit opinion on the true and fair representation of NESO's financial position, performance, and cash flow. o Conduct testing of key accounts to provide reasonable assurance over the financial assertions. o Update NESO leadership and Audit & Risk Committee (ARC) regarding relevant changes in legislation and regulation. o Report on external audit progress to NESO leadership, including attendance at bi-monthly ARC meetings and other board or committee meetings as required. o Provide guidance to NESO leadership in particular the Chief Financial Officer (CFO), chair of ARC, director of financial control, and the accounting & reporting lead on accounting and financial matters. o Liaise and coordinate with the CFO, director of financial control and accounting & reporting lead via a monthly progress meeting to ensure full exchange of information. o Produce an annual SOC1 report evaluating the effectiveness of NESO financial controls in relation to transmission revenue charging, for external distribution to UK transmission owners, including National Grid Electricity Transmission (NGET).
Options: Extension would be within the allowable regulations only
Notice Details
Publication & Lifecycle
- Open Contracting ID
- ocds-h6vhtk-04e9e8
- Publication Source
- Find A Tender Service
- Latest Notice
- https://www.find-tender.service.gov.uk/Notice/008106-2025
- Current Stage
- Tender
- All Stages
- Tender
Procurement Classification
- Notice Type
- Tender Notice
- Procurement Type
- Standard
- Procurement Category
- Services
- Procurement Method
- Selective
- Procurement Method Details
- Negotiated procedure with prior call for competition
- Tender Suitability
- Not specified
- Awardee Scale
- Not specified
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
- £5,000,000 £1M-£10M
- Lots Value
- Not specified
- Awards Value
- Not specified
- Contracts Value
- Not specified
Notice Dates
- Publication Date
- 5 Mar 202511 months ago
- Submission Deadline
- 11 Mar 2025Expired
- Future Notice Date
- Not specified
- Award Date
- Not specified
- Contract Period
- Not specified - Not specified
- Recurrence
- Not specified
Notice Status
- Tender Status
- Active
- Lots Status
- Active
- Awards Status
- Not Specified
- Contracts Status
- Not Specified
Buyer & Supplier
Contracting Authority (Buyer)
- Main Buyer
- NATIONAL ENERGY SYSTEM OPERATOR LIMITED
- Contact Name
- Tennille Madigan
- Contact Email
- tennille.madigan@nationalenergyso.com
- Contact Phone
- +44 7795483583
Buyer Location
- Locality
- TOWN
- Postcode
- POSTC ODE
- Post Town
- Not specified
- Country
- Not specified
-
- Major Region (ITL 1)
- Not specified
- Basic Region (ITL 2)
- Not specified
- Small Region (ITL 3)
- Not specified
- Delivery Location
- Not specified
-
- Local Authority
- Not specified
- Electoral Ward
- Not specified
- Westminster Constituency
- Not specified
Further Information
Notice URLs
Open Contracting Data Standard (OCDS)
View full OCDS Record for this contracting process
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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