Section one: Contracting authority
one.1) Name and addresses
Development Bank of Wales
Development Bank of Wales plc, Unit J, Yale Business Village, Ellis Way
Wrexham
LL13 7Y
Contact
leanne m millard
procurement@developmentbank.wales
Telephone
+44 2920338100
Fax
+44 2920338101
Country
United Kingdom
NUTS code
UKL - Wales
Internet address(es)
Main address
http://www.developmentbank.wales
Buyer's address
https://www.sell2wales.gov.wales/search/Search_AuthProfile.aspx?ID=AA0555
one.2) Information about joint procurement
The contract is awarded by a central purchasing body
one.4) Type of the contracting authority
Body governed by public law
one.5) Main activity
Other activity
Finance
Section two: Object
two.1) Scope of the procurement
two.1.1) Title
External Auditor Services
Reference number
DBW00116.00
two.1.2) Main CPV code
- 79212000 - Auditing services
two.1.3) Type of contract
Services
two.1.4) Short description
DBW wishes to procure external audit services for the group for the financial year ended 31 March 2026 which should include:
The audit of the group’s Annual Report and Financial Statements, prepared under IFRS, noting that any future changes to IFRS should be incorporated into all future audits under this agreement.
The audit of the group’s subsidiary accounts, to include:
Limited companies and General partners, prepared under FRS101
Limited Partnerships, one of which is consolidated and is prepared under FRS101, the remainder are non-consolidated and prepared under FRS102
Client Asset Sourcebook (CASS) assurance for FW Capital
Providing audit confirmations on a Component Auditor basis to the Welsh Audit Wales Office.
two.1.6) Information about lots
This contract is divided into lots: No
two.1.7) Total value of the procurement (excluding VAT)
Value excluding VAT: £3,350,000
two.2) Description
two.2.2) Additional CPV code(s)
- 79212100 - Financial auditing services
- 79212000 - Auditing services
two.2.3) Place of performance
NUTS codes
- UK - United Kingdom
Main site or place of performance
Cardiff
two.2.4) Description of the procurement
DBW wishes to procure external audit services for the group for the financial year ended 31 March 2026 which should include:
The audit of the group’s Annual Report and Financial Statements, prepared under IFRS, noting that any future changes to IFRS should be incorporated into all future audits under this agreement.
The audit of the group’s subsidiary accounts, to include:
Limited companies and General partners, prepared under FRS101
Limited Partnerships, one of which is consolidated and is prepared under FRS101, the remainder are non-consolidated and prepared under FRS102
Client Asset Sourcebook (CASS) assurance for FW Capital
Providing audit confirmations on a Component Auditor basis to Audit Wales.
Please note that the successful bidder will also be required to share the Group Audit Completion Memo with Welsh Government employees.
Selection Process
The tender process will include four stages as follows:
Assessment of Capability and Knowledge – this will be a written submission in response to the questions in the Technical Envelope on etenderWales.
Submission of Fees – bidders are requested to submit their proposed fees for the services using the template provided in the attachment section on etenderWales. Volume 2 Commercial Evaluation.
Presentation – following the evaluation of the written and commercial submissions, the four top scoring bidders will be asked to attend a presentation with members of DBWs Audit and Risk Committee (ARC) and senior members of the finance team. The topic of the presentation is set out in Section 12 of the ITT Volume 1. We expect senior members of the audit team to be present.
Informal meeting with key members of the finance team - the four top scoring bidders that proceed to the presentation stage will be asked to attend an informal meeting with key members of the finance team. This will not be scored as part of the bid.
two.2.5) Award criteria
Quality criterion - Name: Presentation / Weighting: 10
Quality criterion - Name: Technical Evaluation / Weighting: 60
Price - Weighting: 30
two.2.11) Information about options
Options: No
two.2.13) Information about European Union Funds
The procurement is related to a project and/or programme financed by European Union funds: No
two.2.14) Additional information
Please refer to scope within Volume 1 ITT for further information
Section four. Procedure
four.1) Description
four.1.1) Type of procedure
Open procedure
four.1.8) Information about the Government Procurement Agreement (GPA)
The procurement is covered by the Government Procurement Agreement: No
four.2) Administrative information
four.2.1) Previous publication concerning this procedure
Notice number: 2024/S 000-038568
Section five. Award of contract
Contract No
DBW000116.00
A contract/lot is awarded: Yes
five.2) Award of contract
five.2.1) Date of conclusion of the contract
4 March 2025
five.2.2) Information about tenders
Number of tenders received: 2
Number of tenders received from SMEs: 0
Number of tenders received from tenderers from other EU Member States: 0
Number of tenders received from tenderers from non-EU Member States: 0
Number of tenders received by electronic means: 2
The contract has been awarded to a group of economic operators: No
five.2.3) Name and address of the contractor
FORVIS MAZARS LLP
30 Old Bailey
London
EC4M7AU
Telephone
+44 7770980213
Country
United Kingdom
NUTS code
- UKI - London
The contractor is an SME
No
five.2.4) Information on value of contract/lot (excluding VAT)
Total value of the contract/lot: £3,350,000
Section six. Complementary information
six.3) Additional information
Please refer to Volume 1 ITT for further information. In order for commercially sensitive information to be shared a NDA will need to be completed and returned.
(WA Ref:148724)
six.4) Procedures for review
six.4.1) Review body
High Court
Royal Courts of Justice, The Strand
London
WC2A 2LL
Telephone
+44 2079477501
Country
United Kingdom