The body plans to create a diverse panel of small, niche and large firms.

Ernst & Young is providing the ODA with current financial and audit advice, and KPMG is also on the payroll, a spokeswoman said.

She confirmed that the authority set up a framework agreement with E&Y to support the ODA’s startup. KPMG is advising on the budget for the Games and insiders think all of the Big Four will eventually become involved.‘We will also be tendering for corporate assurance (internal audit and risk assurance) work by the end of this financial year. Tenders will be placed on the London 2012 website,’ she said.

The ODA hired a financial director recently. Dennis Hone took up office two weeks ago.

Hone, who was appointed on 8 June, last served as regional director for Eastern England and Milton Keynes.

See alastinglegacy.co.uk