Published date: 28 August 2024

This notice was replaced on 8 November 2024

This notice does not contain the most up-to-date information about this procurement. The most recent notice is:

Awarded contract (published 8 November 2024)

Closed opportunity - This means that the contract is currently closed. The buying department may be considering suppliers that have already applied, or no suitable offers were made.


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

28 August 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

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 now seeks 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 will require 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.

PLEASE SEE THE ITT FOR FULL DETAILS.

More information

Attachments

Additional text

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.

About the buyer

Contact name

Head of Procurement

Address

8th Floor,125 London Wall
London
EC2Y 5AS
United Kingdom

Telephone

020 7492 2300

Email

procurement@frc.org.uk

Website

https://www.frc.org.uk/