---
title: "Professional services for scenario development, facilitation and delivery of an audit market resilience exercise"
ocid: "ocds-b5fd17-0a72f803-9b24-4476-a3e5-295510671279"
canonical_url: "https://d3tenders.com/contract/?ocid=ocds-b5fd17-0a72f803-9b24-4476-a3e5-295510671279"
markdown_url: "https://d3tenders.com/contract/ocds-b5fd17-0a72f803-9b24-4476-a3e5-295510671279.md"
json_url: "https://d3tenders.com/contract/ocds-b5fd17-0a72f803-9b24-4476-a3e5-295510671279.json"
source: "Contracts Finder"
current_stage: "Award"
buyer: "THE FINANCIAL REPORTING COUNCIL LIMITED"
published: "2024-11-08"
---

# Professional services for scenario development, facilitation and delivery of an audit market resilience exercise

Buyer: THE FINANCIAL REPORTING COUNCIL LIMITED  
Current stage: Award  
OCID: ocds-b5fd17-0a72f803-9b24-4476-a3e5-295510671279

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## Summary

The Financial Reporting Council (FRC) has awarded a contract for professional services to facilitate and deliver an audit market resilience exercise. The contract, valued at £95,000, was awarded to PA Consulting Services Limited. The project aligns with the FRC's strategic objective of promoting a more resilient audit market through increased competition and choice. Key stakeholders in the exercise include larger audit firms, UK financial regulators, the Government, and potentially an international audit regulator. The project will be conducted in London (postal code EC2Y 5AS) with key procurement stages including set up, evidence gathering, and reporting between 4th November 2024 and 31st July 2025. The tender process employed an open procedure and was aimed at experienced providers capable of handling confidential and sensitive information.

This tender presents significant growth opportunities for businesses specialising in consulting and business services, particularly those experienced in audit market dynamics and regulatory compliance. SMEs are well-suited to compete in such tenders due to the FRC's focus on promoting competition and choice within the audit market. Organisations that can offer robust project management, data analysis, and compliance with UK competition laws are encouraged to engage, as the project will involve collaboration with various high-profile entities. This contract also offers an opportunity to establish a relationship with the FRC, potentially leading to future engagements and a strengthened market presence.

## Notice

***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. As the Competent Authority for audit in the UK, the FRC sets auditing and ethical standards and monitors and enforces audit quality. A key FRC strategic objective is to create a more resilient audit market through greater competition and choice. The FRC's supervisory activities work towards achieving this aim through its 'four faces' model, that encourages UK audit firms to prudently manage their risks and so reduce their likelihood of failure. The FRC also has a role to play in responding to the challenges faced by the largest providers of audit services, as firm shocks that could harm resilience could cause market instability, and/or could result in reduced audit quality and choice in the market for statutory audit services. The FRC has launched a Project to test its responsiveness to one of its principal market risks occurring. The Resilience Project will culminate in a market-wide exercise involving the FRC and other organisations. The FRC sought tender submissions from experienced providers to help plan and facilitate the proposed market-wide exercise Autumn 2024. The nature of the project will involve a degree of confidential and sensitive information. The audit market resilience exercise is likely to involve representatives from the FRC, the larger audit firms, UK financial regulators who may regulate the clients of the larger audit firms, the Government (i.e., Department for Business & Trade), and possibly an international audit regulator. The FRC required the successful contractor to conduct all three key project stages (set up, evidence gathering, and reporting) in accordance with the Competition Act 1998, Competition and Markets Authority Guidance, and other applicable laws and regulations. ***AWARD NOTICE*** Additional information: THIS IS A CONTRACT AWARD NOTICE. THIS TENDER HAS BEEN COMPLETED.

## Key Details

| Field | Value |
| --- | --- |
| Publication source | Contracts Finder |
| Latest notice | https://www.contractsfinder.service.gov.uk/Notice/9d80d805-cfb0-4e7c-9d66-79b6fc38992b |
| Notice type | Award Notice |
| Procurement type | Standard |
| Procurement category | Services |
| Procurement method | Open |
| Procurement method details | Open procedure (below threshold) |
| Tender suitability | SME |
| Awardee scale | Large |
| All stages | Tender, Award |

## Dates

| Field | Value |
| --- | --- |
| Publication date | 8 Nov 2024 |
| Submission deadline | 7 Oct 2024 |
| Future notice date | Not specified |
| Award date | 28 Oct 2024 |
| Contract period | 4 Nov 2024 - 31 Jul 2025 |
| Recurrence | Not specified |

## Values

| Field | Value |
| --- | --- |
| Tender value | £100,000 |
| Lots value | Not specified |
| Awards value | £95,000 |
| Contracts value | Not specified |

## Status

| Field | Value |
| --- | --- |
| Tender status | Complete |
| Lots status | Not specified |
| Awards status | Active |
| Contracts status | Not specified |

## Buyer

| Field | Value |
| --- | --- |
| Main buyer | THE FINANCIAL REPORTING COUNCIL LIMITED |
| Locality | LONDON |
| Post town | Central London |
| Postcode | EC2Y 5AS |
| Country | England |
| ITL 1 | TLI London |
| ITL 2 | TLI3 Inner London - West |
| ITL 3 | TLI35 Westminster and City of London |
| Local authority | City of London |
| Electoral ward | Bassishaw |
| Westminster constituency | Cities of London and Westminster |
| Delivery location | Not specified |

## Supplier

| Field | Value |
| --- | --- |
| Number of suppliers | 1 |
| Supplier names | PA CONSULTING SERVICES |

## CPV Codes

### Divisions

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

### Codes

- 79000000 - Business services: law, marketing, consulting, recruitment, printing and security

## Release History

- 8 Nov 2024 at 10:53 - Award - Award Notice - https://www.contractsfinder.service.gov.uk/Notice/9d80d805-cfb0-4e7c-9d66-79b6fc38992b
- 28 Aug 2024 at 14:38 - Tender - Tender Notice - https://www.contractsfinder.service.gov.uk/Notice/c9e3a2f0-a319-4634-bdbd-75510a76a8db

## Documents

- https://www.contractsfinder.service.gov.uk/Notice/9d80d805-cfb0-4e7c-9d66-79b6fc38992b
  8th November 2024 - Awarded contract notice on Contracts Finder
- https://www.contractsfinder.service.gov.uk/Notice/c9e3a2f0-a319-4634-bdbd-75510a76a8db
  28th August 2024 - Opportunity notice on Contracts Finder
- https://www.contractsfinder.service.gov.uk/Notice/Attachment/53afd24b-411c-435e-af08-885d501a5d5a
- https://www.contractsfinder.service.gov.uk/Notice/Attachment/6f4c260b-a5ee-4949-9491-3312d6965324

## Notice URLs

- https://www.frc.org.uk/

## Provenance

This Markdown file is an alternate public rendering of the D3 Tenders contract record. The canonical page is https://d3tenders.com/contract/?ocid=ocds-b5fd17-0a72f803-9b24-4476-a3e5-295510671279. The underlying structured data is available as OCDS JSON at https://d3tenders.com/contract/ocds-b5fd17-0a72f803-9b24-4476-a3e5-295510671279.json.