---
title: "Research Services - Innovation and Competition in the Audit Market"
ocid: "ocds-b5fd17-8c50ff07-5094-4a64-936b-88df1af45661"
canonical_url: "https://d3tenders.com/contract/?ocid=ocds-b5fd17-8c50ff07-5094-4a64-936b-88df1af45661"
markdown_url: "https://d3tenders.com/contract/ocds-b5fd17-8c50ff07-5094-4a64-936b-88df1af45661.md"
json_url: "https://d3tenders.com/contract/ocds-b5fd17-8c50ff07-5094-4a64-936b-88df1af45661.json"
source: "Contracts Finder"
current_stage: "Award"
buyer: "THE FINANCIAL REPORTING COUNCIL LIMITED"
published: "2022-10-05"
---

# Research Services - Innovation and Competition in the Audit Market

Buyer: THE FINANCIAL REPORTING COUNCIL LIMITED  
Current stage: Award  
OCID: ocds-b5fd17-8c50ff07-5094-4a64-936b-88df1af45661

[View canonical contract page](https://d3tenders.com/contract/?ocid=ocds-b5fd17-8c50ff07-5094-4a64-936b-88df1af45661)  
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## Summary

The Financial Reporting Council (FRC), a regulator of auditors and accountants in the UK, has awarded a contract for Research Services - Innovation and Competition in the Audit Market. This tender falls under the CPV classification for Research and Development Services and Related Consultancy Services. The contract, valued at £30,000 GBP, was awarded to UEA Consulting Ltd. The procurement method used was an open procedure below threshold. The tender period ended on September 5, 2022, with a contract duration from September 16, 2022, to March 31, 2023. The delivery address is in London, EC2Y 5AS.

This tender presents an opportunity for businesses involved in research and consultancy services to engage in projects focusing on innovation and competition in the audit market. Small and medium-sized enterprises (SMEs) and other organizations interested in promoting audit quality and market resilience through innovation are well-suited to compete. Businesses can monitor similar opportunities from the FRC, which is transitioning into the Audit, Reporting, and Governance Authority (ARGA) to enhance regulatory functions and oversight in the auditing sector.

## Notice

***THIS IS A CONTRACT AWARD NOTICE*** ABOUT THE FRC 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. The FRC will be transformed into a new regulator: the Audit, Reporting and Governance Authority (ARGA) in the future, following three independent reviews and recommendations, and the Government's 2021 consultation "Restoring trust in audit and corporate governance" and the Government's response to that consultation. ABOUT THE RESEARCH PROJECT The aim of this research project is to further our understanding of how innovation and competition interact in the market for audit services. The FRC's strategic objectives for 2022-25 include promoting improvements and innovation in the areas for which we are responsible and creating a more resilient audit market through greater competition and choice. The outputs of this research project will inform the FRC's work to drive up audit quality and improve the functioning of the audit market. The outputs that will be delivered by this research project (included but not limited to): - A short literature and (secondary) evidence review. This should include: * a summary of any research on the links between innovation and competition in the audit market. For this research project we are concerned predominantly with the audit market for FTSE 350 companies but would also be interested in innovation-competition dynamics in any other parts of the audit market for UK Public Interest Entities (PIEs) or in audit markets elsewhere in the world. * a summary of the latest research, both empirical and theoretical, on the interaction between innovation and competition at a more general level. This does not necessarily need to be audit specific providing findings could be of relevance to the audit market. * a summary of the available (secondary) evidence on innovations in audit since the previous work by the Competition Commission referenced above. - Informed by the literature review and the evidence identified above, a short discussion paper with questions for discussion at the workshop (see below) with relevant innovation and competition experts. - A small-scale structured (online) workshop with relevant innovation and competition experts from academia and other institutions such as think tanks and regulators (including the FRC). - A short, written report. ***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/23c83c32-7f32-4bad-a5b5-edde8589a0db |
| 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 | Large |
| All stages | Tender, Award |

## Dates

| Field | Value |
| --- | --- |
| Publication date | 5 Oct 2022 |
| Submission deadline | 5 Sep 2022 |
| Future notice date | Not specified |
| Award date | 25 Sep 2022 |
| Contract period | 25 Sep 2022 - 31 Mar 2023 |
| Recurrence | Not specified |

## Values

| Field | Value |
| --- | --- |
| Tender value | £30,000 |
| Lots value | Not specified |
| Awards value | £39,565 |
| 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 | LSE ENTERPRISE; UEA CONSULTING |

## CPV Codes

### Divisions

- 73 - Research and development services and related consultancy services

### Codes

- 73000000 - Research and development services and related consultancy services

## Release History

- 5 Oct 2022 at 09:04 - Award - Award Notice - https://www.contractsfinder.service.gov.uk/Notice/23c83c32-7f32-4bad-a5b5-edde8589a0db
- 28 Jun 2022 at 16:06 - Tender - Tender Notice - https://www.contractsfinder.service.gov.uk/Notice/4b3138ae-9a2a-4a86-a88e-3840eadbb613

## Documents

- https://www.contractsfinder.service.gov.uk/Notice/23c83c32-7f32-4bad-a5b5-edde8589a0db
  5th October 2022 - Awarded contract notice on Contracts Finder
- https://www.contractsfinder.service.gov.uk/Notice/4b3138ae-9a2a-4a86-a88e-3840eadbb613
  28th June 2022 - Opportunity notice on Contracts Finder
- https://www.contractsfinder.service.gov.uk/Notice/Attachment/87356fae-658e-4cd7-9bc4-c2eee89c82f7
- https://www.contractsfinder.service.gov.uk/Notice/Attachment/0e3e796c-18c4-4961-8f77-d7db013dc88b

## 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-b5fd17-8c50ff07-5094-4a64-936b-88df1af45661. The underlying structured data is available as OCDS JSON at https://d3tenders.com/contract/ocds-b5fd17-8c50ff07-5094-4a64-936b-88df1af45661.json.