Published date: 27 October 2022

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


Closing: 15 July 2022, 12pm

Contract summary

Industry

  • Accounting, auditing and fiscal services - 79200000

  • Business and management consultancy and related services - 79400000

Location of contract

EC2Y 5AS

Value of contract

£30,000 to £40,000

Procurement reference

FRC2022-0113

Published date

27 October 2022

Closing date

15 July 2022

Closing time

12pm

Contract start date

8 August 2022

Contract end date

8 August 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?

Yes

Description

THIS IS A CONTRACT AWARD NOTICE

The purpose of the Financial Reporting Council (FRC) is to serve the public interest by setting high standards of corporate governance, reporting and audit and by holding to account those responsible for delivering them.

BACKGROUND
The FRC is a public body, and a partner body of BEIS. Although funded by member and levy contributions, not by the taxpayer, the FRC is subject to public sector requirements and engages closely with other regulators and public bodies.

The UK Stewardship Code is a voluntary code for asset managers (investment managers), asset owners and service providers (such as proxy advisers, investment consultants and data providers). The Stewardship Code promotes the responsible allocation, management and oversight of capital to create long-term value for clients and beneficiaries leading to sustainable benefits for the economy, the environment and society.

We also monitor and take action to promote the quality of corporate reporting and operate independent enforcement arrangements for accountants and actuaries.

PROJECT & PURPOSE
Following the UK's exit from the EU and UK auditors' loss of automatic statutory audit rights, the FRC (as competent authority responsible for approving third country qualifications) is seeking to secure several mutual recognition agreements (MRAs) with key countries around the world.

Via a process of engagement with a number of countries we have identified some priorities and have focused, in particular, on the qualifications of accountancy professional bodies in Australia and New Zealand with the intention of reaching MRAs with the authorities in Australia and New Zealand later this calendar year.

We are currently reviewing the audit qualifications of Chartered Accountants Australia and New Zealand (CAANZ) and CPA Australia (CPAA) relevant to the approval of their qualifications by the FRC as approved third country qualifications under section 1221 Companies Act 2006. Although Australia and New Zealand are likely to be the earliest MRAs that we are able to achieve, we are seeking an Independent Expert able to assist subsequently in assessing the qualifications of other countries with whom MRAs are agreed.

OUR REQUIREMENT

To appoint an independent expert to review the evidence we have identified, the conclusions we have drawn and report on the equivalence of the CAANZ, CPAA and audit qualifications granted by UK recognized qualifying bodies.

This authoritative report will state whether in the opinion of the author the audit qualifications granted in Australia and New Zealand are comparable to UK qualifications. The report will be carried out with full academic rigour and will be impartial. Accordingly, it will provide assurance to the FRC Board, the accounting profession and government as to the equivalence of the qualifications concerned.

More information

Previous notice about this procurement

Independent Expert: Mutual Recognition Agreements (MRAs)

  • Opportunity
  • Published 27 June 2022

Attachments

Additional text

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

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.

* Spend under this notice will be capped at £170,000.

* The FRC reserves the right to award a reserve place to the second highest scoring supplier if the volume of assessments of qualifications required exceeds expectation or the capacity of an individual independent expert.

Award information

Awarded date

25 October 2022

Contract start date

26 October 2022

Contract end date

31 March 2023

Total value of contract

£36,000

This contract was awarded to 1 supplier.

Parcmhor Consulting Services Ltd

Address

3 Redhall House Avenue,
Edinburgh,
EH14 1JJ

Reference

Companies House number: SC713283

Value of contract

£36,000

Supplier is SME?

Yes

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