Published date: 5 October 2022

Awarded contract - This means that the contract has been awarded to a supplier.


Closing: 5 September 2022, 5pm

Contract summary

Industry

  • Research and development services and related consultancy services - 73000000

Location of contract

EC2Y 5AS

Value of contract

£22,000 to £30,000

Procurement reference

FRC2022-0146

Published date

5 October 2022

Closing date

5 September 2022

Closing time

5pm

Contract start date

16 September 2022

Contract end date

31 March 2023

Contract type

Service contract

Procedure type

Open procedure (below threshold)

Any interested supplier may submit a tender in response to an opportunity notice.

This procedure can be used for procurements below the relevant contract value threshold.

Contract is suitable for SMEs?

Yes

Contract is suitable for VCSEs?

Yes

Description

***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***

More information

Previous notice about this procurement

Research Services - Innovation and Competition in the Audit Market

  • Opportunity
  • Published 28 June 2022

Attachments

Additional text

THIS IS A CONTRACT AWARD NOTICE. THIS TENDER HAS BEEN COMPLETED.

Award information

Awarded date

26 September 2022

Contract start date

26 September 2022

Contract end date

31 March 2023

Total value of contract

£39,565

This contract was awarded to 2 suppliers.

UEA Consulting Ltd

Address

Rm 1.16 The Registry UEA Norwich Research Park
Norwich
NR4 7TJ

Reference

Companies House number: 06477521

Value of contract

£29,900

Supplier is SME?

No

Supplier is VCSE?

No

LSE Enterprise Ltd

Address

Houghton Street
London
WC2A 2AE

Reference

Companies House number: 2657442

Value of contract

£9,665

Supplier is SME?

No

Supplier is VCSE?

No

About the buyer

Contact name

Head of Procurement

Address

8th Floor, 125 London Wall
LONDON
EC2Y5AS
England

Telephone

020 7492 2300

Email

procurement@frc.org.uk

Website

www.frc.org.uk