"If you're thinking of getting all the big-4 firms to compete on your tender you may be in for a surprise. Audit Review have already encountered situations where firms have declined due to a high level of profitable consultancy fees or because after assessing the risk and the work required to respond professionally they have judged these too high. Add to that conflicts with other services such as tax and internal audit and things may narrow considerably. Now a new factor has emerged. There are so many tenders taking place that big-6 firms may be reluctant to respond to tenders in their 'busy season' between January and March.

Those who don't have a December year end need to consider the timing implications. Management of the relationships with audit firms together with a sound tender strategy and a robust timetable are going to become even more critical."


Governance article 09-2014 Lawrence Reed & David YoungNAS: the new nightmare

September 2014 - © Governance Publishing
Author: Lawrence Reed and David Young - PDF 609KB

David Young and Lawrence Reed look at the implications of the recent EU regulations on Non-Audit Services (NAS) which companies and their auditors need to have regard to well before the regulations
come into force

Governance article 05-2014 Lawrence ReedMateriality - a new era of transparency and scrutiny

May 2014 - © Governance Publishing
Author: Lawrence Reed - PDF 488KB

Lawrence Reed considers new audit report disclosure requirements which call for more transparency from external auditors as to how they go about setting levels of materiality

Governance article 08-2015 Lawrence ReedNew Audit report disclosures

August 2014 - © Governance Publishing
Author: Lawrence Reed - PDF 142KB

Lawrence Reed takes a look at some potential impacts of new disclosures set out in the FRC’s revision to ISA 700


Governance article 02-2013 Lawrence ReedStatutory audits - a divergence in views

February 2013 - © Governance Publishing
Author: Lawrence Reed - PDF 109KB

Lawrence Reed looks at recent research undertaken by the Competition Commission, the differences in opinion between FDs and Audit Committee Chairmen it brings to light and asks what impact this is likely to have on the audit of the future.

Governance article 09-2012 Lawrence ReedExternal audit tendering

September 2012 - © Governance Publishing
Author: Audit Review - PDF 162KB

Lawrence Reed looks at critical factors for a successful external audit tender