---
title: "Independent Review of Financial Model"
ocid: "ocds-b5fd17-8b949388-8d3d-4c4c-9fd9-942ea95c3d0d"
canonical_url: "https://d3tenders.com/contract/?ocid=ocds-b5fd17-8b949388-8d3d-4c4c-9fd9-942ea95c3d0d"
markdown_url: "https://d3tenders.com/contract/ocds-b5fd17-8b949388-8d3d-4c4c-9fd9-942ea95c3d0d.md"
json_url: "https://d3tenders.com/contract/ocds-b5fd17-8b949388-8d3d-4c4c-9fd9-942ea95c3d0d.json"
source: "Contracts Finder"
current_stage: "Award"
buyer: "WATER SERVICES REGULATION AUTHORITY"
published: "2017-06-02"
---

# Independent Review of Financial Model

Buyer: WATER SERVICES REGULATION AUTHORITY  
Current stage: Award  
OCID: ocds-b5fd17-8b949388-8d3d-4c4c-9fd9-942ea95c3d0d

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## Summary

The WATER SERVICES REGULATION AUTHORITY is conducting a tender for an "Independent Review of Financial Model," aimed at ensuring the PR19 financial model’s reliability for stakeholders. The procurement is categorised under internal audit services and business consultancy services, with a focus on the services industry. The contract period spans from 28 February 2017 to 31 March 2017, while the tender submission deadline was 17 February 2017. The primary locations for delivery are in the West Midlands and London, United Kingdom. The award for this contract, valued at £40,000, was published on 2 June 2017 and was notably awarded to KPMG LLP.

This tender presents significant opportunities for businesses specialising in internal auditing and management consultancy services, particularly small to medium-sized enterprises (SMEs) which can offer tailored, agile responses to the requirements outlined. Firms with expertise in financial modelling, compliance, and regulatory advisory services would be well positioned to compete effectively for similar contracts. The need for independent assurance in financial processes within regulatory frameworks creates a landscape where knowledgeable providers can expand their market presence and client base.

## Notice

The objective of the work is ensure the W2020 Senior Responsible Officer and other stakeholders will have independent assurance that the developing PR19 financial model is fit for purpose. This will help create trust and confidence in the PR19 financial model, and allow stakeholders such as water companies to have greater assurance in the results generates. The scope of the work is to: * Advise Ofwat on the appropriateness of the overall model build. In particular, provide advice on whether: o The migration of the PR14 financial model to FAST has been performed appropriately o The simplification of the model from nine live phases to one live phase has been performed appropriately * Advise Ofwat whether the second phase of the model development has been implemented appropriately. In particular, provide advice on whether: o the methodology used in the model fits with Ofwat's policy requirements o the formulae in the model have been implemented correctly o the model meets 'usability' best practice * Provide advice on the model structure and design. Does it comply with the FAST modelling standard? * Provide advice on how to correct issues found with the model and to ensure it complies with best practice * Provide advice on the quality of model documentation and make recommendations to ensure it complies with best practice It should be noted that the contractor will not be expected to implement any of the changes or recommendation that are identified.

## Key Details

| Field | Value |
| --- | --- |
| Publication source | Contracts Finder |
| Latest notice | https://www.contractsfinder.service.gov.uk/Notice/c45ae668-824c-4fb5-b41e-d2f589d69b88 |
| Notice type | Award Notice |
| Procurement type | Standard |
| Procurement category | Services |
| Procurement method | Not Specified |
| Procurement method details | Other - |
| Tender suitability | SME |
| Awardee scale | Large |
| All stages | Award |

## Dates

| Field | Value |
| --- | --- |
| Publication date | 2 Jun 2017 |
| Submission deadline | 17 Feb 2017 |
| Future notice date | Not specified |
| Award date | 23 Feb 2017 |
| Contract period | 28 Feb 2017 - 31 Mar 2017 |
| Recurrence | Not specified |

## Values

| Field | Value |
| --- | --- |
| Tender value | Not specified |
| Lots value | Not specified |
| Awards value | £40,000 |
| 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 | WATER SERVICES REGULATION AUTHORITY |
| Locality | BIRMINGHAM |
| Post town | Birmingham |
| Postcode | B5 4UA |
| Country | England |
| ITL 1 | TLG West Midlands (England) |
| ITL 2 | TLG3 West Midlands |
| ITL 3 | TLG31 Birmingham |
| Local authority | Birmingham |
| Electoral ward | Ladywood |
| Westminster constituency | Birmingham Ladywood |
| Delivery location | TLG West Midlands (England), TLI London |

## Supplier

| Field | Value |
| --- | --- |
| Number of suppliers | 1 |
| Supplier names | KPMG |

## CPV Codes

### Divisions

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

### Codes

- 79212200 - Internal audit services
- 79410000 - Business and management consultancy services

## Release History

- 2 Jun 2017 at 14:51 - AwardUpdate - Award Notice - https://www.contractsfinder.service.gov.uk/Notice/c45ae668-824c-4fb5-b41e-d2f589d69b88
- 24 Apr 2017 at 15:44 - Award - Award Notice - https://www.contractsfinder.service.gov.uk/Notice/c45ae668-824c-4fb5-b41e-d2f589d69b88

## Documents

- https://www.contractsfinder.service.gov.uk/Notice/c45ae668-824c-4fb5-b41e-d2f589d69b88
  2nd June 2017 - Awarded contract notice on Contracts Finder
- https://www.contractsfinder.service.gov.uk/Notice/Attachment/961df922-c96f-410c-8355-07fbcdb24916
  Contract

## Provenance

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