Published date: 26 April 2022
Awarded contract - This means that the contract has been awarded to a supplier.
Contract summary
Industry
Financial auditing services - 79212100
Location of contract
SW1W 9SP
Value of contract
£18,300 to £21,960
Procurement reference
C-2419
Published date
26 April 2022
Closing date
18 February 2022
Closing time
5pm
Contract start date
16 April 2022
Contract end date
15 September 2022
Contract type
Service contract
Procedure type
Call-off from a framework agreement
A mini-competition or direct purchase from a pre-established framework agreement.
Contract is suitable for SMEs?
Yes
Contract is suitable for VCSEs?
No
Description
We are engaging an auditor's expert to assist in auditing the detailed valuations underpinning the National Highways land and property provision. The specific work required is as follows:
• Review of VOA's methodology for calculating the land and property liabilities and confirmation that this is in line with the Compensation Code.
• Review of a sample of 5 valuations supporting land and property provisions to assess whether, based on the information provided in the detailed valuation, the key assumptions and judgements are materially consistent with the Compensation Code. In terms of providing a reasonable estimate for valuation on the anticipated forecast outturn cost to settle compensation. This should also confirm that the area of land included in the liability is appropriate. These valuations will, depending on sample selection, cover multiple properties (e.g. where they cover the acquisition area for a whole road scheme) and so some degree of consideration of items contributing to the overall valuation may be necessary in these larger samples, as opposed to them being tightly restricted to a single property. Regardless of item size, we would in each case be looking for the auditor's expert to assess the material reasonableness of the valuation in question. In the prior year, a review of 5 valuations were reviewed by our auditor's expert; this review will focus attention on a different sample of 5 land and property valuations. The initial contract period shall be to the end of the final audit period (July 2022), with an option to extend to cover subsequent audit cycles at the NAO's discretion.
Award information
Awarded date
18 March 2022
Contract start date
16 April 2022
Contract end date
15 September 2022
Total value of contract
£21,960
This contract was awarded to 1 supplier.
Knight Frank
Address
7Th Floor Fountain Precinct
S1 2JA
GBReference
No reference - other
Supplier is SME?
Yes
Supplier is VCSE?
No
About the buyer
Contact name
Tania Khan
Address
157-197 Buckingham Palace Road
LONDON
SW1W9SP
England
Telephone
02077987000
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Closing: 18 February 2022, 5pm
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