The UK’s financial watchdog is being forced to change its auditor in a move
which will save £100,000 a year,
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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