Published date: 31 March 2021

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


Closing: 17 February 2021, 4pm

Contract summary

Industry

  • Research and development services and related consultancy services - 73000000

Location of contract

EC2Y 5AS

Value of contract

£40,000 to £50,000

Procurement reference

FRC2021- 013

Published date

31 March 2021

Closing date

17 February 2021

Closing time

4pm

Contract start date

12 March 2021

Contract end date

13 August 2021

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 IS A CONTRACT AWARD NOTICE - THIS TENDER IS CLOSED**

The Financial Reporting Council sets the UK Corporate Governance and UK Stewardship Codes; sets UK standards for accounting and actuarial work; monitors and takes action to promote the quality of corporate reporting; and operates independent enforcement arrangements for accountants and actuaries. As the competent authority for audit in the UK the FRC sets auditing and ethical standards and monitors and enforces audit quality. The FRC works in the public interest. Our work is aimed at investors and others who rely on company reports, audit and high-quality risk management.

The research project objective is to obtain qualitative research with Audit Committee Chairs (ACCs) of Public Interest Entities (PIEs) - a rich, in-depth understanding of ACCs' views on audit quality. This will build on similar research undertaken in 2020.

The FRC does not anticipate tender bids over £50,000 excluding VAT

Note: The FRC may in future decide to repeat this research in future years to provide an over-time comparison. If the FRC takes up this option, it will do so before the end of 2025 (and the total expenditure including repeat(s) will be capped at no more than £175,000).

The overarching objective of the project is to provide the FRC with a rich understanding of ACCs' views on, and approach to, audit quality. This may include:
• ACC's views on the key drivers of audit quality
• What does a good/bad audit look like to an ACC?
• Selection of auditors / tender process
• Audit planning
• Considerations of quality during the audit and post-audit, including ACC's views of the impact, if any, of audit firm culture
• How ACC's use the results of AQR inspections to drive improved audit quality
• How ACC's satisfy themselves as to the independence and suitability of their auditor
• How ACC's assess the work of their committees

The above list of questions is not exhaustive.


** This is a summary only **

More information

Previous notice about this procurement

Qualitative research with audit committee chairs on audit quality

  • Opportunity
  • Published 25 January 2021

Attachments

Additional text

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

Award information

Awarded date

25 February 2021

Contract start date

12 March 2021

Contract end date

13 August 2021

Total value of contract

£175,000

This contract was awarded to 1 supplier.

YOUGOV PLC

Address

50 Featherstone Street
LONDON
EC1Y 8RT
GB

Reference

Companies House number: 03607311

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