---
title: "Research into firm entry, growth and exit in the Public Interest Entity (PIE) audit market and non-PIE audit market"
ocid: "ocds-b5fd17-80beadb9-8bb5-4d26-ba90-a8b50bb62298"
canonical_url: "https://d3tenders.com/contract/?ocid=ocds-b5fd17-80beadb9-8bb5-4d26-ba90-a8b50bb62298"
markdown_url: "https://d3tenders.com/contract/ocds-b5fd17-80beadb9-8bb5-4d26-ba90-a8b50bb62298.md"
json_url: "https://d3tenders.com/contract/ocds-b5fd17-80beadb9-8bb5-4d26-ba90-a8b50bb62298.json"
source: "Contracts Finder"
current_stage: "Award"
buyer: "THE FINANCIAL REPORTING COUNCIL LIMITED"
published: "2022-08-23"
---

# Research into firm entry, growth and exit in the Public Interest Entity (PIE) audit market and non-PIE audit market

Buyer: THE FINANCIAL REPORTING COUNCIL LIMITED  
Current stage: Award  
OCID: ocds-b5fd17-80beadb9-8bb5-4d26-ba90-a8b50bb62298

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## Summary

The Financial Reporting Council (FRC) has awarded a contract for a research project titled "Research into firm entry, growth and exit in the Public Interest Entity (PIE) audit market and non-PIE audit market". The FRC aims to enhance understanding of firm entry, growth, and exit in these markets to create a more resilient audit market through greater competition and choice. The contract has a value of £85,000 and is awarded to Touchstone Renard Ltd. The contract period is from 10th August 2022 to 30th April 2023.

This tender opportunity presents a chance for businesses involved in research and development services to engage with the Financial Reporting Council. Small and medium-sized enterprises (SMEs) are encouraged to participate in this open procedure. Interested businesses should consider registering their interest by contacting procurement@frc.org.uk. The opportunity is focused on enhancing competition and choice in the PIE and non-PIE audit markets, providing insights that can influence future regulatory approaches and support the growth of the audit market.

## Notice

THIS IS A CONTRACT AWARD NOTICE. THIS OPPORTUNITY IS CLOSED. 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. A high-quality audit provides investors and other stakeholders with a high level of assurance that the financial statements of an entity give a true and fair view of its performance and financial position, and provide a reliable and trustworthy basis for taking decisions. All companies in the UK are required, under the Companies Act, to have their annual accounts audited externally, unless exempt. There are many firms in the UK that can carry out these statutory audits. The Financial Reporting Council (FRC) is commissioning research to enhance understanding of firm entry, growth and exit in the PIE and non-PIE audit markets. The research should generate insights that will help inform the FRC's future work and regulatory approaches and support the FRC's objective to create a more resilient audit market through greater competition and choice. The project will be comprised of two parts: A. PIE audit market B. Non-PIE audit market The purpose of the project is to support the FRC in its objective to 'create a more resilient audit market through greater competition and choice'. The research will generate insights into the PIE and non-PIE audit markets to help inform the FRC's future work and regulatory approaches. The overall objective of the research is to enhance understanding of firm entry, growth and exit in the PIE and non-PIE audit markets. * The objective of Part A is to better understand the appetite of audit and non-audit firms to enter, or expand their presence in, the PIE audit market. This will include understanding any barriers they face in achieving this, and what action(s) may lower these barriers. * The objective of Part B is to better understand the economics of audit firms in the non-PIE audit market, as well as what has driven the decline in the number of such firms over the last five years. The research in Part B should also produce an analysis of the implications of the declining number of firms, whether positive or negative, for choice, competition and audit quality. Additional information: THIS IS A CONTRACT AWARD NOTICE. THIS OPPORTUNITY IS CLOSED.

## Key Details

| Field | Value |
| --- | --- |
| Publication source | Contracts Finder |
| Latest notice | https://www.contractsfinder.service.gov.uk/Notice/765c0769-ad54-4ed6-992d-293c78cef537 |
| 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 | 23 Aug 2022 |
| Submission deadline | 27 Jun 2022 |
| Future notice date | Not specified |
| Award date | 3 Aug 2022 |
| Contract period | 9 Aug 2022 - 30 Apr 2023 |
| Recurrence | Not specified |

## Values

| Field | Value |
| --- | --- |
| Tender value | £135,000 |
| Lots value | Not specified |
| Awards value | £133,000 |
| 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 | 2 |
| Supplier names | FRONTIER ECONOMIC; TOUCHSTONE RENARD |

## CPV Codes

### Divisions

- 73 - Research and development services and related consultancy services

### Codes

- 73000000 - Research and development services and related consultancy services

## Release History

- 23 Aug 2022 at 09:45 - Award - Award Notice - https://www.contractsfinder.service.gov.uk/Notice/765c0769-ad54-4ed6-992d-293c78cef537
- 20 May 2022 at 18:20 - Tender - Tender Notice - https://www.contractsfinder.service.gov.uk/Notice/4fc4fba1-36db-463a-9582-b48ece835534

## Documents

- https://www.contractsfinder.service.gov.uk/Notice/765c0769-ad54-4ed6-992d-293c78cef537
  23rd August 2022 - Awarded contract notice on Contracts Finder
- https://www.contractsfinder.service.gov.uk/Notice/4fc4fba1-36db-463a-9582-b48ece835534
  20th May 2022 - Opportunity notice on Contracts Finder
- https://www.contractsfinder.service.gov.uk/Notice/Attachment/c3e16c1c-461b-414e-a658-99270fe51690
- https://www.contractsfinder.service.gov.uk/Notice/Attachment/868a666c-55e1-4251-bed3-11c374de817c
- https://www.contractsfinder.service.gov.uk/Notice/Attachment/c1efe41a-7dac-4df3-8b4f-fc2b626bd7c9

## Provenance

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