Published date: 8 November 2024
Awarded contract - This means that the contract has been awarded to a supplier.
Contract summary
Industry
Business services: law, marketing, consulting, recruitment, printing and security - 79000000
Location of contract
EC2Y 5AS
Value of contract
£60,000 to £100,000
Procurement reference
FRC2024-005
Published date
8 November 2024
Closing date
7 October 2024
Closing time
12pm
Contract start date
4 November 2024
Contract end date
31 July 2025
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?
No
Description
***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.
A key FRC strategic objective is to create a more resilient audit market through greater competition and choice. The FRC's supervisory activities work towards achieving this aim through its 'four faces' model, that encourages UK audit firms to prudently manage their risks and so reduce their likelihood of failure. The FRC also has a role to play in responding to the challenges faced by the largest providers of audit services, as firm shocks that could harm resilience could cause market instability, and/or could result in reduced audit quality and choice in the market for statutory audit services.
The FRC has launched a Project to test its responsiveness to one of its principal market risks occurring. The Resilience Project will culminate in a market-wide exercise involving the FRC and other organisations.
The FRC sought tender submissions from experienced providers to help plan and facilitate the proposed market-wide exercise Autumn 2024.
The nature of the project will involve a degree of confidential and sensitive information.
The audit market resilience exercise is likely to involve representatives from the FRC, the larger audit firms, UK financial regulators who may regulate the clients of the larger audit firms, the Government (i.e., Department for Business & Trade), and possibly an international audit regulator.
The FRC required the successful contractor to conduct all three key project stages (set up, evidence gathering, and reporting) in accordance with the Competition Act 1998, Competition and Markets Authority Guidance, and other applicable laws and regulations.
***AWARD NOTICE***
More information
Previous notice about this procurement
- Opportunity
- Published 28 August 2024
Attachments
-
- FRC_Audit_Market_Resilience_Exercises_ITT Final.pdf
- Technical specifications
-
- Tender Response Document.docx
- Bidding documents
Additional text
-
THIS IS A CONTRACT AWARD NOTICE.
THIS TENDER HAS BEEN COMPLETED.
Award information
Awarded date
28 October 2024
Contract start date
4 November 2024
Contract end date
31 July 2025
Total value of contract
£95,000
This contract was awarded to 1 supplier.
PA CONSULTING SERVICES LIMITED
Address
10 Bressenden Place
SW1E 5DN
GBReference
Companies House number: 00414220
Value of contract
£95,000
Supplier is SME?
No
Supplier is VCSE?
No
About the buyer
Contact name
Head of Procurement
Address
8th Floor,125 London Wall
London
EC2Y 5AS
United Kingdom
Telephone
020 7492 2300
Website
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Closing: 7 October 2024, 12pm
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