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08 Feb 2010
The UK’s financial watchdog is being forced to change its auditor in a move which will save £100,000 a year, The Independent reports.
The Financial Services Authority will switch auditor from mid-tier firm Grant Thornton (GT) to the National Audit Office (NAO), the government auditor.
The NAO does not charge for the audit of government departments. Grant Thornton will finish its present audit before handing over to the NAO.
A GT spokesman said the decision was announced to Parliament in October 2009 on the grounds that it would enable the Public Accounts Committee to receive and investigate reports into aspects of the economy, efficiency and effectiveness of the FSA’s performance.
"There was no competitive tender."
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Briefings
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