--- title: "Financial Audit Services" ocid: "ocds-h6vhtk-04e9e8" canonical_url: "https://d3tenders.com/contract/?ocid=ocds-h6vhtk-04e9e8" markdown_url: "https://d3tenders.com/contract/ocds-h6vhtk-04e9e8.md" json_url: "https://d3tenders.com/contract/ocds-h6vhtk-04e9e8.json" source: "Find A Tender Service" current_stage: "Tender" buyer: "NATIONAL ENERGY SYSTEM OPERATOR LIMITED" published: "2025-03-05" --- # Financial Audit Services Buyer: NATIONAL ENERGY SYSTEM OPERATOR LIMITED Current stage: Tender OCID: ocds-h6vhtk-04e9e8 [View canonical contract page](https://d3tenders.com/contract/?ocid=ocds-h6vhtk-04e9e8) [Download OCDS JSON](https://d3tenders.com/contract/ocds-h6vhtk-04e9e8.json) ## Summary The National Energy System Operator (NESO) is seeking comprehensive financial audit services with the title "Financial Audit Services" under the industry category of financial auditing services. This tender, initiated through a selective negotiation procedure with a prior call for competition, targets the entire UK with specific NESO sites across the country. The procurement stage is currently in the tender phase, with submissions due by 11th March 2025. Key dates include the invitation to the second stage of tendering on 1st April 2025. The procurement falls under the financial auditing services (CPV code 79212100) and is valued at GBP 5,000,000. The selected audit firm will ensure NESO's financial, performance, and regulatory operations are transparent, accountable, and efficient. This tender presents a significant opportunity for businesses capable of providing high-standard financial audit services meeting ISSAI requirements. Ideal candidates would be audit firms experienced in verifying financial records according to IFRS standards, evaluating internal financial controls, and delivering comprehensive audit opinions. The contract entails interacting with senior leadership, attending high-level committee meetings, and producing annual reports, making it well-suited for firms with robust capabilities in financial audits and regulatory compliance. The procurement method suggests a competitive selection with a minimum of 5 and a maximum of 20 candidates to advance to the evaluation phase, offering growth potential for firms meeting these advanced criteria. ## Notice National Energy System Operator (NESO) makes sure that Great Britain has the essential energy it needs by ensuring supply meets demand every second of every day. The UK's 2023 Energy Act established an independent system planner and operator to help accelerate Great Britain's energy transition; creating NESO. NESO is built on our previous experience as the National Grid Electricity System Operator (ESO), where we had extensive expertise in balancing electricity supply and demand 24/7, whilst making sure the networks we operated and the markets we served were prepared for the future. NESO was sold by National Grid to the UK Government on 1st October 2024 , becoming a public sector organisation from this date. We require comprehensive financial audit services compliant with International Standards of Supreme Audit Institutions (ISSAI). The objective is to ensure NESO's financial, performance, and regulatory operations are conducted with transparency, accountability, and efficiency. This specification provides the framework for the required audit services, including scope, planning, reporting, accountability, and SLAs. Scope of Services The audit firm will be responsible for delivering the following detailed services: Financial Audit o Provide reasonable assurance over NESO's financial records in accordance with applicable accounting standards (IFRS ). o Verify that financial statements are free from material misstatements due to fraud, error, or irregularities. o Evaluate internal financial controls, focusing on risks associated with financial misreporting, operational inefficiencies, or compliance failures. o Provide an audit opinion on the true and fair representation of NESO's financial position, performance, and cash flow. o Conduct testing of key accounts to provide reasonable assurance over the financial assertions. o Update NESO leadership and Audit & Risk Committee (ARC) regarding relevant changes in legislation and regulation. o Report on external audit progress to NESO leadership, including attendance at bi-monthly ARC meetings and other board or committee meetings as required. o Provide guidance to NESO leadership in particular the Chief Financial Officer (CFO), chair of ARC, director of financial control, and the accounting & reporting lead on accounting and financial matters. o Liaise and coordinate with the CFO, director of financial control and accounting & reporting lead via a monthly progress meeting to ensure full exchange of information. o Produce an annual SOC1 report evaluating the effectiveness of NESO financial controls in relation to transmission revenue charging, for external distribution to UK transmission owners, including National Grid Electricity Transmission (NGET). ### Lot Information Lot 1 NESO was sold by National Grid to the UK Government on 1st October 2024 , becoming a public sector organisation from this date. We require comprehensive financial audit services compliant with International Standards of Supreme Audit Institutions (ISSAI). The objective is to ensure NESO's financial, performance, and regulatory operations are conducted with transparency, accountability, and efficiency. This specification provides the framework for the required audit services, including scope, planning, reporting, accountability, and SLAs. ________________________________________ 4. Scope of Services (Detailed) The audit firm is responsible for delivering the following detailed services: Financial Audit o Provide reasonable assurance over NESO's financial records in accordance with applicable accounting standards (IFRS ). o Verify that financial statements are free from material misstatements due to fraud, error, or irregularities. o Evaluate internal financial controls, focusing on risks associated with financial misreporting, operational inefficiencies, or compliance failures. o Provide an audit opinion on the true and fair representation of NESO's financial position, performance, and cash flow. o Conduct testing of key accounts to provide reasonable assurance over the financial assertions. o Update NESO leadership and Audit & Risk Committee (ARC) regarding relevant changes in legislation and regulation. o Report on external audit progress to NESO leadership, including attendance at bi-monthly ARC meetings and other board or committee meetings as required. o Provide guidance to NESO leadership in particular the Chief Financial Officer (CFO), chair of ARC, director of financial control, and the accounting & reporting lead on accounting and financial matters. o Liaise and coordinate with the CFO, director of financial control and accounting & reporting lead via a monthly progress meeting to ensure full exchange of information. o Produce an annual SOC1 report evaluating the effectiveness of NESO financial controls in relation to transmission revenue charging, for external distribution to UK transmission owners, including National Grid Electricity Transmission (NGET). Options: Extension would be within the allowable regulations only ## Key Details | Field | Value | | --- | --- | | Publication source | Find A Tender Service | | Latest notice | https://www.find-tender.service.gov.uk/Notice/008106-2025 | | Notice type | Tender Notice | | Procurement type | Standard | | Procurement category | Services | | Procurement method | Selective | | Procurement method details | Negotiated procedure with prior call for competition | | Tender suitability | Not specified | | Awardee scale | Not specified | | All stages | Tender | ## Dates | Field | Value | | --- | --- | | Publication date | 5 Mar 2025 | | Submission deadline | 11 Mar 2025 | | Future notice date | Not specified | | Award date | Not specified | | Contract period | Not specified | | Recurrence | Not specified | ## Values | Field | Value | | --- | --- | | Tender value | £5,000,000 | | Lots value | Not specified | | Awards value | Not specified | | Contracts value | Not specified | ## Status | Field | Value | | --- | --- | | Tender status | Active | | Lots status | Active | | Awards status | Not specified | | Contracts status | Not specified | ## Buyer | Field | Value | | --- | --- | | Main buyer | NATIONAL ENERGY SYSTEM OPERATOR LIMITED | | Locality | TOWN | | Post town | Not specified | | Postcode | POSTC ODE | | Country | Not specified | | ITL 1 | Not specified | | ITL 2 | Not specified | | ITL 3 | Not specified | | Local authority | Not specified | | Electoral ward | Not specified | | Westminster constituency | Not specified | | Delivery location | Not specified | ## CPV Codes ### Divisions - 79 - Business services: law, marketing, consulting, recruitment, printing and security ### Codes - 79212100 - Financial auditing services ## Release History - 5 Mar 2025 at 16:39 - Tender - Tender Notice - https://www.find-tender.service.gov.uk/Notice/008106-2025 ## Notice URLs - https://www.ariba.com - https://www.neso.energy/ ## 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-h6vhtk-04e9e8. The underlying structured data is available as OCDS JSON at https://d3tenders.com/contract/ocds-h6vhtk-04e9e8.json.