Deloittes wins FSA audit
Deloitte & Touche has won the prestigious Financial Services Authority audit, replacing Ernst & Young which has become its first ever internal auditor.
Ernst & Young is not seeking re-appointment following its move to becoming the FSA’s first ‘hands-on’ internal auditor, helping the authority with its ‘Internal Effort’.
The decision to appoint D&T followed an open competitive tender.
A resolution to appoint D&T as auditors will be put to members at the next FSA annual general meeting.
A spokesman for E&Y, said: ‘We had been the external auditor for the FSA for a considerable time. However, it was realised the internal audit could be improved by having a hands-on advisor.
‘We have given up the role as external auditor as it is difficult to get a true and fair view if the same party is undertaking both the internal and external work.’
D&T was unable to comment due to client confidentiality.