HS1 Ltd - Financial Audit Firm Rotation

Tender description

The FRC guidance on audit rotation states that FTSE 350 firms and Public Interest Entities (“PIE”) (i.e. entities listed on regulated exchange, unlisted banks, and unlisted insurers) must tender their audit every 10 years and rotate every 20 years. For non-listed audit businesses, such as the HS1 group, there is no 10-year rule on independence and rotation however HS1 Ltd has chosen to re-tender the contract (10-year contract) for the FY25 (year ending 31 March 2025) audit and beyond, as detailed in the corresponding PIN (reference 2023/S 000-036585) published on 'Find a Tender') on 12 December 2023, 6:50pm. This is the call for competition via an initial PQQ, and subsequent ITT. The instructions, service specification, evaluation criteria, and indicative timelines are provided in the attachment to the PQQ.