Published date: 25 September 2023

This notice was replaced on 11 November 2023

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

Awarded contract (published 11 November 2023)

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

  • Performance review services - 79313000

  • Business and management consultancy and related services - 79400000

Location of contract

EC2Y 5AS

Value of contract

£45,000 to £65,000

Procurement reference

FRC2023-0111

Published date

25 September 2023

Closing date

16 October 2023

Closing time

12pm

Contract start date

6 November 2023

Contract end date

14 March 2024

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

BACKGROUND AND CONTEXT
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.

Role of the Board

The Board of the Financial Reporting Council (FRC) is made up of non-executive and executive directors and is collectively responsible for the long-term success of the FRC. All Board Members, including the CEO and Chairman, are appointed by the Secretary of State for Business and Trade.

The Board's role is to provide strategic leadership of the FRC within a framework of prudent and effective controls which enables risk to be assessed and managed. The Board sets the FRC's strategic aims, ensures that the necessary financial and human resources are in place for the FRC to meet its objectives and reviews management performance.

The Board also sets the FRC's values and culture and ensures that its obligations to its stakeholders and others are understood and met. All directors must act in what they consider to be the best interests of the FRC, consistent with their statutory duties.

The Board delegates some of its responsibilities to its five Committees to carry out on its behalf. Further information about the FRC Board role and structure can be found on our website https://www.frc.org.uk/about-the-frc/structure-of-the-frc/frc-board

The FRC is seeking an independent external Board effectiveness review provider to objectively assess the effectiveness of the Board.

The review to focus on:
• The composition and structure of the Board and its Committees.
• The effectiveness of the Board and its Committees at agenda setting and forward planning to ensure efficient and effective meetings.
• How the board and its committees support the Accounting Officer in meeting the requirements set out within Managing Public Money.
• The decision-making processes of the Board and its Committees.
• The quality and timeliness of the information and materials provided to the Board and its Committees.
• The Board's role in strategy development.
• The roles, responsibilities, and performance of each Committee and how they contribute to and support the Board.
The interaction and collaboration between the Committees and the Board. This includes the dynamics and effectiveness of Board and Committee discussions, decision-making, and conflict resolution.
• How the board's practices, relationships and culture compare with other Arm's Length Public Bodies.
• The performance of individual directors, including the quality of their contribution and engagement.

PLEASE SEE ATTACHED INVITATION TO TENDER (ITT) FOR FULL DESCRIPTION AND FURTHER DETAILS.

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