--- title: "Audit Firm Culture" ocid: "ocds-b5fd17-e0593a2e-1dee-4fe2-bed4-622eb42ad6c8" canonical_url: "https://d3tenders.com/contract/?ocid=ocds-b5fd17-e0593a2e-1dee-4fe2-bed4-622eb42ad6c8" markdown_url: "https://d3tenders.com/contract/ocds-b5fd17-e0593a2e-1dee-4fe2-bed4-622eb42ad6c8.md" json_url: "https://d3tenders.com/contract/ocds-b5fd17-e0593a2e-1dee-4fe2-bed4-622eb42ad6c8.json" source: "Contracts Finder" current_stage: "Award" buyer: "THE FINANCIAL REPORTING COUNCIL LIMITED" published: "2022-01-11" --- # Audit Firm Culture Buyer: THE FINANCIAL REPORTING COUNCIL LIMITED Current stage: Award OCID: ocds-b5fd17-e0593a2e-1dee-4fe2-bed4-622eb42ad6c8 [View canonical contract page](https://d3tenders.com/contract/?ocid=ocds-b5fd17-e0593a2e-1dee-4fe2-bed4-622eb42ad6c8) [Download OCDS JSON](https://d3tenders.com/contract/ocds-b5fd17-e0593a2e-1dee-4fe2-bed4-622eb42ad6c8.json) ## Summary The Financial Reporting Council (FRC) has completed the procurement process for the project titled "Audit Firm Culture". This tender, classified under Research and development services and related consultancy services, was aimed at enhancing the transparency and integrity of audits within the UK. The process began with a tender period that ended on 24th November 2021, and the contract was awarded on 14th December 2021. The contract, valued at £55,000, runs from 16th December 2021 to 29th April 2022, and involved research into the cultural practices of audit firms to support an FRC thematic review. This project presents significant opportunities for businesses, specifically small and medium enterprises (SMEs) and voluntary, community, and social enterprises (VCSEs), to engage in consultancy and research activities. Firms specialising in audit practices, organisational culture assessments, and risk management would be particularly well-suited to compete in such tenders. By participating in similar opportunities, these businesses can not only contribute to enhancing audit quality but also expand their market presence in the public and private sectors. ## 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. In May 2018 the FRC published a thematic review on Audit Culture. Audit firm culture is a critical component of an audit firm's ability to deliver high quality audits in the public interest therefore the review looked at audit firms' activities to establish, promote and embed a culture that is committed to delivering consistently high-quality audits. One key attribute of a good, healthy audit culture is auditors being able to challenge companies' management teams effectively and exercise professional scepticism when performing audits. The FRC's work continues to show that auditors often struggle to challenge the management of audited entities effectively, especially on issues that involve judgement. This can result in auditors failing to obtain sufficient and appropriate audit evidence, and in some cases, failing to identify or seek the correction of potential misstatements of the financial statements. The research project was to provide evidence and analysis to support the FRC's current thematic review on audit culture. 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/362f8d5f-b3b2-4096-a3b1-ab6ceaa9bb75 | | 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 | 11 Jan 2022 | | Submission deadline | 24 Nov 2021 | | Future notice date | Not specified | | Award date | 14 Dec 2021 | | Contract period | 16 Dec 2021 - 29 Apr 2022 | | Recurrence | Not specified | ## Values | Field | Value | | --- | --- | | Tender value | £60,000 | | Lots value | Not specified | | Awards value | £55,000 | | 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 | C M MONITOR (BRITAIN THINKS | ## CPV Codes ### Divisions - 73 - Research and development services and related consultancy services ### Codes - 73000000 - Research and development services and related consultancy services ## Release History - 11 Jan 2022 at 15:12 - Award - Award Notice - https://www.contractsfinder.service.gov.uk/Notice/362f8d5f-b3b2-4096-a3b1-ab6ceaa9bb75 - 27 Oct 2021 at 16:26 - Tender - Tender Notice - https://www.contractsfinder.service.gov.uk/Notice/9bcdee1d-acf6-4313-9f3d-2e34a09e68e4 ## Documents - https://www.contractsfinder.service.gov.uk/Notice/362f8d5f-b3b2-4096-a3b1-ab6ceaa9bb75 11th January 2022 - Awarded contract notice on Contracts Finder - https://www.contractsfinder.service.gov.uk/Notice/9bcdee1d-acf6-4313-9f3d-2e34a09e68e4 27th October 2021 - Opportunity notice on Contracts Finder - https://www.contractsfinder.service.gov.uk/Notice/Attachment/67a372ea-5d34-42db-bd45-77a6d50a6f3a - https://www.contractsfinder.service.gov.uk/Notice/Attachment/b4aff6ef-9e92-4746-b030-a02d68491834 ## 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-e0593a2e-1dee-4fe2-bed4-622eb42ad6c8. The underlying structured data is available as OCDS JSON at https://d3tenders.com/contract/ocds-b5fd17-e0593a2e-1dee-4fe2-bed4-622eb42ad6c8.json.