NEW ENTRANTS WILL be encouraged to bid for local government audit work, Audit Commission bosses say.
According to chief executive Eugene Sullivan, the process by which more than £180m of public sector audit work will be up for grabs, following the scrapping of the Audit Commission, should be more competitive.
Speaking to Public Finance, Sullivan said only time would tell if new entrants would come forward in the formal bidding, but interest levels were "high" and the right environment for competition had been created.
The 70% of local audits currently undertaken by the commission will be made available in three- or five-year contracts.
Did I miss something? If firms are 'bidding' for council audit, who takes their bids? I believe the government has admitted that till 2017 it will be the Audit Commission miraculously saved from the 'scrapping' that the article talks about.
Posted by: David Walker, 30 Aug 2011 | 13:28
You may also like
If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.
In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.