Published date: 24 October 2021

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


Closing: 29 September 2021, 12pm

Contract summary

Industry

  • Research and development services and related consultancy services - 73000000

Location of contract

EC2Y 5AS

Value of contract

£43,000 to £45,000

Procurement reference

FRC2021-0108 Updated

Published date

24 October 2021

Closing date

29 September 2021

Closing time

12pm

Contract start date

11 October 2021

Contract end date

31 January 2022

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 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. As the Competent Authority for audit in the UK, the FRC sets auditing and ethical standards and monitors and enforces audit quality.
Auditor reports form a key element in the financial reporting ecosystem as they represent the only conduit of information about an audit for those who are external to the audit process. Extended auditor reports were introduced by the FRC for the audit of Public Interest Entities (PIEs) from 2013. Following this, the FRC published two reports in 2015 and 2016 reviewing the experience of this innovation.

Requirements around auditor reporting have subsequently changed as a consequence of further revisions to ISA (UK) 700 in 2019, the introduction of ISA (UK) 701 in 2016, and subsequent further changes to both standards in 2019. These changes require auditors to include meaningful disclosures on their approach to, and observations arising from, key matters impacting the audit (known as 'Key Audit Matters').

This research project supports a broader FRC exercise assessing current practice in long-form auditor reporting in the UK. This broader exercise has two objectives:
• improved understanding of current auditor reporting practice
• promoting good practice in auditor reporting
The intention is that the FRC exercise will result in a publication and the analytical report from this research project will be included as an annex, providing supporting evidence and analysis.

Purpose and Scope:
The research project has two distinct parts:

Part A: Literature review
This will be a review of research literature on the impact of extended auditor reporting in the UK since its introduction in 2013, as produced by researchers, academics, and other appropriate bodies.

Part B: Data collection and analysis
A sample of auditor reports will be analysed using both quantitative and qualitative techniques. The sample itself will be sufficient to support robust statistical comparisons between market segments, audit firms and market sectors. The sample should be drawn from:
• the population of all component members of the FTSE 350 as at 31 December 2020.
• UK incorporated companies listed on AIM with a market capitalisation greater than €200m on the same date.
The dataset will need to be designed so that it can support comparisons between:
• market segment (FTSE 100, FTSE 250, AIM)
• audit firm and
• market sector

Note - Budget exc VAT
This replaced the previous notice referenced "FRC2021-0108 Extended Auditor Reporting Research"

More information

Previous notice about this procurement

Extended Auditor Reporting Research

  • Opportunity
  • Published 23 July 2021, last edited 8 September 2021

Attachments

Additional text

THIS OPPORTUNITY IS CLOSED. THIS IS A CONTRACT AWARD NOTICE.

Award information

Awarded date

11 October 2021

Contract start date

11 October 2021

Contract end date

31 January 2022

Total value of contract

£45,000

This contract was awarded to 1 supplier.

UNIVERSITY OF PORTSMOUTH ENTERPRISE LIMITED

Address

University House
PO1 2UP
GB

Reference

Companies House number: 02353125

Value of contract

£45,000

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