Published date: 28 June 2022

This notice was replaced on 5 October 2022

This notice does not contain the most up-to-date information about this procurement. The most recent notice is:

Awarded contract (published 5 October 2022)

Closed opportunity - This means that the contract is currently closed. The buying department may be considering suppliers that have already applied, or no suitable offers were made.


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

28 June 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

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.

We envisage that some of 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.

FURTHER DETAILS
Full details are available in the attached Invitation to Tender (ITT) document.

More information

Attachments

Additional text

Notes:-

• Download and review the documents;

• Observe the timelines and tender process

• Register your interest in this opportunity by email to procurement@frc.org.uk

• You will need to register your interest in this opportunity to receive the Q&A responses.

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