PracticeAuditAxing Audit Commission ‘will save £50m’

Axing Audit Commission 'will save £50m'

Abolishing the Audit Commission will save £50m a year, local government minister Grant Shapps told a committee of MPs

SCRAPPING the Audit Commission would save the public purse £50m a year, MPs have heard.

Local government minister Grant Shapps told the committee future generations would look back with amazement at the decision to use a quango for public audits.

Amyas Morse, head of the National Audit Office, also gave evidence, although he refused to say whether he agreed with plans to replace the commission with a mutual partnership.

Proponents say the structure would create a strong new competitor in the audit market and would cost just a few million a year to oversee, the responsibility for which would lie with the Financial Reporting Council and NAO.

Morse said the plan could work, but required “a strong approach, not just lip service”.

Related Articles

PCAOB sanctions former Deloitte Turkey CEOs over altered documents

Audit PCAOB sanctions former Deloitte Turkey CEOs over altered documents

2w Alia Shoaib, Reporter
The future of the audit industry: From masses of data, to meaning

Audit The future of the audit industry: From masses of data, to meaning

1y Acccountancy Age
Deloitte scoops GSK 'mega audit' from PwC

Audit Deloitte scoops GSK 'mega audit' from PwC

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

2y Kevin Reed, Writer
BDO appointed new auditor of Game Digital as Deloitte ditched

Audit BDO appointed new auditor of Game Digital as Deloitte ditched

2y Stephanie Wix, Writer
BDO's 'agility' makes it well placed to succeed - Eagland

Accounting Firms BDO's 'agility' makes it well placed to succeed - Eagland

2y Kevin Reed, Writer
Friday Afternoon Live: Accountants in government; audit market concentration; Top 40 Networks

Audit Friday Afternoon Live: Accountants in government; audit market concentration; Top 40 Networks

2y Kevin Reed, Writer
The impact of Brexit on EU audit reform

Audit The impact of Brexit on EU audit reform

2y Richard Crump, Writer