Market Engagement

Prior to the publication of Contract Notices on 7 February 2022 for our procurement of audit services for the period from April 2023, we undertook market engagement with potential suppliers to share details of our plans and to hear their views.

On 26 January 2022, we provided an overview of the contract terms. This included how remuneration will be calculated, the payment mechanism, and contract management arrangements including the proposed KPIs, together with a recap of the main points from the November webinar. We also confirmed our expected procurement and auditor appointment timescales throughout 2022. On 23 November 2021 we outlined our current thinking on the detail of our procurement strategy and answered questions.

In June 2021, we sought the views of current and potential suppliers to help us shape important features of our procurement strategy for our procurement of audit services from April 2023.

Feedback from the sector and the market was extremely helpful and enabled us to refine our proposals which are set out in the scheme prospectus and our procurement strategy.