Financial Audit and Assurance Services Contract

Description

Modification Notice Original description: The Crown Estate is one of our most high profile clients with a varied portfolio of investment and development of lands and holdings to generate revenue for HM Treasury. For British Film Institute (BFI), they carry out a diverse range of activities to meet its charitable objects. Expertise in valuation of investment property in the retail and environment sectors, and expertise in auditing complex valuations accounted for under IFRS 9. Description of the modifications The Financial Audit and Assurance Services contracts awarded under procurement reference GEN_20_22 have been modified to increase the overall contract value by £9.6 million and extend the existing arrangements. The modification ensures continuity of audit and assurance services and supports the National Audit Office in meeting its statutory responsibilities. The nature, scope and objectives of the contracts remain unchanged. Description of the economic or technical reasons and the inconvenience or duplication of cost preventing a change of contractor: Additional audit and assurance services are required from the original contractors to ensure continuity of statutory audit delivery. Changing contractors at this stage would cause significant inconvenience, duplication of costs and disruption to audit planning, delivery and quality assurance. The modification does not alter the overall nature of the contracts and the increase remains below 50% of the original contract value.