---
title: "Extended Auditor Reporting Research"
ocid: "ocds-b5fd17-a511825a-b2de-4cad-9271-90a6cb1b8e0b"
canonical_url: "https://d3tenders.com/contract/?ocid=ocds-b5fd17-a511825a-b2de-4cad-9271-90a6cb1b8e0b"
markdown_url: "https://d3tenders.com/contract/ocds-b5fd17-a511825a-b2de-4cad-9271-90a6cb1b8e0b.md"
json_url: "https://d3tenders.com/contract/ocds-b5fd17-a511825a-b2de-4cad-9271-90a6cb1b8e0b.json"
source: "Contracts Finder"
current_stage: "Award"
buyer: "THE FINANCIAL REPORTING COUNCIL LIMITED"
published: "2021-10-24"
---

# Extended Auditor Reporting Research

Buyer: THE FINANCIAL REPORTING COUNCIL LIMITED  
Current stage: Award  
OCID: ocds-b5fd17-a511825a-b2de-4cad-9271-90a6cb1b8e0b

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## Summary

The Financial Reporting Council (FRC) has recently concluded a procurement process for a project titled "Extended Auditor Reporting Research". This initiative falls under the category of research and development services and aims to assess current auditing practices in the UK. The tender period ended on 29 September 2021, with the contract period commencing on 11 October 2021 and lasting until 31 January 2022. The contract was awarded following an open procurement method, with a total value of £45,000 awarded to the University of Portsmouth Enterprise Limited. The project is located in London, with postal code EC2Y 5AS.

This tender presents significant opportunities for businesses specializing in research and consultancy within the auditing domain, especially those with capabilities in data analysis and reporting. Small and medium-sized enterprises (SMEs) and voluntary, community, and social enterprises (VCSEs) are particularly well-suited to compete, given their expertise in providing innovative solutions and insights. Engaging in such projects can enhance their visibility and reputation in the industry, while also contributing to the development of best practices in financial reporting.

## Notice

***THIS OPPORTUNITY IS CLOSED. 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. Auditor reports form a key element in the financial reporting ecosystem as they represent the only conduit of information about an audit for those who are external to the audit process. Extended auditor reports were introduced by the FRC for the audit of Public Interest Entities (PIEs) from 2013. Following this, the FRC published two reports in 2015 and 2016 reviewing the experience of this innovation. Requirements around auditor reporting have subsequently changed as a consequence of further revisions to ISA (UK) 700 in 2019, the introduction of ISA (UK) 701 in 2016, and subsequent further changes to both standards in 2019. These changes require auditors to include meaningful disclosures on their approach to, and observations arising from, key matters impacting the audit (known as 'Key Audit Matters'). This research project supports a broader FRC exercise assessing current practice in long-form auditor reporting in the UK. This broader exercise has two objectives: * improved understanding of current auditor reporting practice * promoting good practice in auditor reporting The intention is that the FRC exercise will result in a publication and the analytical report from this research project will be included as an annex, providing supporting evidence and analysis. Purpose and Scope: The research project has two distinct parts: Part A: Literature review This will be a review of research literature on the impact of extended auditor reporting in the UK since its introduction in 2013, as produced by researchers, academics, and other appropriate bodies. Part B: Data collection and analysis A sample of auditor reports will be analysed using both quantitative and qualitative techniques. The sample itself will be sufficient to support robust statistical comparisons between market segments, audit firms and market sectors. The sample should be drawn from: * the population of all component members of the FTSE 350 as at 31 December 2020. * UK incorporated companies listed on AIM with a market capitalisation greater than EUR200m on the same date. The dataset will need to be designed so that it can support comparisons between: * market segment (FTSE 100, FTSE 250, AIM) * audit firm and * market sector Note - Budget exc VAT This replaced the previous notice referenced "FRC2021-0108 Extended Auditor Reporting Research" Additional information: THIS OPPORTUNITY IS CLOSED. THIS IS A CONTRACT AWARD NOTICE.

## Key Details

| Field | Value |
| --- | --- |
| Publication source | Contracts Finder |
| Latest notice | https://www.contractsfinder.service.gov.uk/Notice/98a8a483-6fa0-4302-b469-a830086a2b8f |
| 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 | 24 Oct 2021 |
| Submission deadline | 29 Sep 2021 |
| Future notice date | Not specified |
| Award date | 10 Oct 2021 |
| Contract period | 10 Oct 2021 - 31 Jan 2022 |
| Recurrence | Not specified |

## Values

| Field | Value |
| --- | --- |
| Tender value | £45,000 |
| Lots value | Not specified |
| Awards value | £45,000 |
| 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 | UNIVERSITY OF PORTSMOUTH ENTERPRISE |

## CPV Codes

### Divisions

- 73 - Research and development services and related consultancy services

### Codes

- 73000000 - Research and development services and related consultancy services

## Release History

- 24 Oct 2021 at 14:36 - Award - Award Notice - https://www.contractsfinder.service.gov.uk/Notice/98a8a483-6fa0-4302-b469-a830086a2b8f
- 8 Sep 2021 at 12:33 - TenderAmendment - Tender Notice - https://www.contractsfinder.service.gov.uk/Notice/02cf2d14-38b9-476a-8780-fbcb43bd7d56
- 23 Jul 2021 at 12:17 - Tender - Tender Notice - https://www.contractsfinder.service.gov.uk/Notice/02cf2d14-38b9-476a-8780-fbcb43bd7d56

## Documents

- https://www.contractsfinder.service.gov.uk/Notice/98a8a483-6fa0-4302-b469-a830086a2b8f
  24th October 2021 - Awarded contract notice on Contracts Finder
- https://www.contractsfinder.service.gov.uk/Notice/02cf2d14-38b9-476a-8780-fbcb43bd7d56
  8th September 2021 - Opportunity notice on Contracts Finder
- https://www.contractsfinder.service.gov.uk/Notice/Attachment/c00df230-90b2-4ada-9c60-9773f47f4ca7
- https://www.contractsfinder.service.gov.uk/Notice/Attachment/09ecee64-79c7-41f3-80ed-1e57f9bceb24
- https://www.contractsfinder.service.gov.uk/Notice/Attachment/d4d55ebc-57b9-49c5-893b-4a13011dd00a
- https://www.contractsfinder.service.gov.uk/Notice/Attachment/2bbe354d-a2b9-4735-aa31-f712f10218f8

## 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-a511825a-b2de-4cad-9271-90a6cb1b8e0b. The underlying structured data is available as OCDS JSON at https://d3tenders.com/contract/ocds-b5fd17-a511825a-b2de-4cad-9271-90a6cb1b8e0b.json.