---
title: "Independent Expert: Mutual Recognition Agreements (MRAs)"
ocid: "ocds-b5fd17-4c85e0d1-556e-470e-804e-22b82b749b3b"
canonical_url: "https://d3tenders.com/contract/?ocid=ocds-b5fd17-4c85e0d1-556e-470e-804e-22b82b749b3b"
markdown_url: "https://d3tenders.com/contract/ocds-b5fd17-4c85e0d1-556e-470e-804e-22b82b749b3b.md"
json_url: "https://d3tenders.com/contract/ocds-b5fd17-4c85e0d1-556e-470e-804e-22b82b749b3b.json"
source: "Contracts Finder"
current_stage: "Award"
buyer: "THE FINANCIAL REPORTING COUNCIL LIMITED"
published: "2022-10-27"
---

# Independent Expert: Mutual Recognition Agreements (MRAs)

Buyer: THE FINANCIAL REPORTING COUNCIL LIMITED  
Current stage: Award  
OCID: ocds-b5fd17-4c85e0d1-556e-470e-804e-22b82b749b3b

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## Summary

The Financial Reporting Council Limited has awarded a contract for the provision of Independent Expert services for Mutual Recognition Agreements (MRAs). The contract has a value of £36,000 and runs from 26th October 2022 to 31st March 2023. The procurement method used was an Open Procedure, and the contract was awarded to Parcmhor Consulting Services Ltd. The procurement stage is at 'Award', with the closing date for the tender process being 15th July 2022. The project focuses on securing MRAs with key countries post UK's exit from the EU, starting with Australia and New Zealand.

This tender presents an opportunity for businesses with expertise in accounting, auditing, and business consultancy services to contribute to the assessment of qualifications for MRAs. Small and medium-sized enterprises (SMEs) and voluntary, community, and social enterprise (VCSE) organisations are suitable for participation. The contract period offers potential for business growth and collaboration with the Financial Reporting Council in London. Interested parties should follow the provided instructions to register their interest and review the detailed requirements for this closed opportunity.

## Notice

THIS IS A CONTRACT AWARD NOTICE The purpose of the Financial Reporting Council (FRC) is to serve the public interest by setting high standards of corporate governance, reporting and audit and by holding to account those responsible for delivering them. BACKGROUND The FRC is a public body, and a partner body of BEIS. Although funded by member and levy contributions, not by the taxpayer, the FRC is subject to public sector requirements and engages closely with other regulators and public bodies. The UK Stewardship Code is a voluntary code for asset managers (investment managers), asset owners and service providers (such as proxy advisers, investment consultants and data providers). The Stewardship Code promotes the responsible allocation, management and oversight of capital to create long-term value for clients and beneficiaries leading to sustainable benefits for the economy, the environment and society. We also monitor and take action to promote the quality of corporate reporting and operate independent enforcement arrangements for accountants and actuaries. PROJECT & PURPOSE Following the UK's exit from the EU and UK auditors' loss of automatic statutory audit rights, the FRC (as competent authority responsible for approving third country qualifications) is seeking to secure several mutual recognition agreements (MRAs) with key countries around the world. Via a process of engagement with a number of countries we have identified some priorities and have focused, in particular, on the qualifications of accountancy professional bodies in Australia and New Zealand with the intention of reaching MRAs with the authorities in Australia and New Zealand later this calendar year. We are currently reviewing the audit qualifications of Chartered Accountants Australia and New Zealand (CAANZ) and CPA Australia (CPAA) relevant to the approval of their qualifications by the FRC as approved third country qualifications under section 1221 Companies Act 2006. Although Australia and New Zealand are likely to be the earliest MRAs that we are able to achieve, we are seeking an Independent Expert able to assist subsequently in assessing the qualifications of other countries with whom MRAs are agreed. OUR REQUIREMENT To appoint an independent expert to review the evidence we have identified, the conclusions we have drawn and report on the equivalence of the CAANZ, CPAA and audit qualifications granted by UK recognized qualifying bodies. This authoritative report will state whether in the opinion of the author the audit qualifications granted in Australia and New Zealand are comparable to UK qualifications. The report will be carried out with full academic rigour and will be impartial. Accordingly, it will provide assurance to the FRC Board, the accounting profession and government as to the equivalence of the qualifications concerned. Additional information: THIS IS A CONTRACT AWARD NOTICE - THIS OPPORTUNITY IS CLOSED. Notes: - * Download and review the documents * Observe the timelines and tender process * Register your interest in this opportunity by email to procurement@frc.org.uk * You will need to register your interest in this opportunity to receive the Q&A responses. * Spend under this notice will be capped at PS170,000. * The FRC reserves the right to award a reserve place to the second highest scoring supplier if the volume of assessments of qualifications required exceeds expectation or the capacity of an individual independent expert.

## Key Details

| Field | Value |
| --- | --- |
| Publication source | Contracts Finder |
| Latest notice | https://www.contractsfinder.service.gov.uk/Notice/c7b00b52-4542-414f-b196-e96f404b21b1 |
| Notice type | Award Notice |
| Procurement type | Standard |
| Procurement category | Services |
| Procurement method | Open |
| Procurement method details | Open procedure (below threshold) |
| Tender suitability | SME, VCSE |
| Awardee scale | SME |
| All stages | Tender, Award |

## Dates

| Field | Value |
| --- | --- |
| Publication date | 27 Oct 2022 |
| Submission deadline | 15 Jul 2022 |
| Future notice date | Not specified |
| Award date | 24 Oct 2022 |
| Contract period | 25 Oct 2022 - 31 Mar 2023 |
| Recurrence | Not specified |

## Values

| Field | Value |
| --- | --- |
| Tender value | £40,000 |
| Lots value | Not specified |
| Awards value | £36,000 |
| 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 | PARCMHOR CONSULTING SERVICES |

## CPV Codes

### Divisions

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

### Codes

- 79200000 - Accounting, auditing and fiscal services
- 79400000 - Business and management consultancy and related services

## Release History

- 27 Oct 2022 at 15:34 - Award - Award Notice - https://www.contractsfinder.service.gov.uk/Notice/c7b00b52-4542-414f-b196-e96f404b21b1
- 27 Jun 2022 at 13:47 - Tender - Tender Notice - https://www.contractsfinder.service.gov.uk/Notice/afef430e-fe59-4f3d-8de1-ae6892025594

## Documents

- https://www.contractsfinder.service.gov.uk/Notice/c7b00b52-4542-414f-b196-e96f404b21b1
  27th October 2022 - Awarded contract notice on Contracts Finder
- https://www.contractsfinder.service.gov.uk/Notice/afef430e-fe59-4f3d-8de1-ae6892025594
  27th June 2022 - Opportunity notice on Contracts Finder
- https://www.contractsfinder.service.gov.uk/Notice/Attachment/3b2a4ea1-d433-4852-a1c3-769fc2b086c3
- https://www.contractsfinder.service.gov.uk/Notice/Attachment/21ca3cee-fe05-452f-91e6-568aabc80c8f

## Notice URLs

- http://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-b5fd17-4c85e0d1-556e-470e-804e-22b82b749b3b. The underlying structured data is available as OCDS JSON at https://d3tenders.com/contract/ocds-b5fd17-4c85e0d1-556e-470e-804e-22b82b749b3b.json.