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.
The FRC has said that the investigation will 'consider, but not be restricted to, issues regarding misstated accounting balances'
Craig Maxwell joins the audit and assurance team in Scotland
Stephen Grayson to join the audit department in Manchester
Promotions have been made in the private clients tax team and corporate business team