STOP PRESS!
NEED TO ADDRESS NON-AUDIT SERVICES?
"The timing of the non-audit service cap is now clear: the 3 year measuring period only begins for the first financial year commencing after 15/6/2016 and is only measured once 3 financial years are complete, so it will only bite in 2019 or 2020 for most companies. The FTSE100 seem to have got this under control and are anyway down to 30% NAS as % of audit. However we’re convinced that the FTSE250 haven't got their minds around this and need some help: this is not primarily an audit issue but affects all professional services procurement from accounting firms".

Who are Audit Review?

Audit Review brings together a team which combines expertise and methodology of tendering professional services with a knowledge of the auditing and regulatory framework.

Lawrence ReedLawrence Reed MA FCA MCIM

Lawrence trained as a Chartered Accountant at the London office of Deloitte. He moved to another top 10 firm where he progressed to Group Audit Manger and then Marketing Director. In this latter role he wrote that firm's audit tender manual, trained the partners in audit tender approaches and supervised all large audit tender responses.

This special insight into both sides of the tender process enables Lawrence to quickly prioritise the key attributes required from a prospective service provider and provide a robust critique of the responses received.

Lawrence has conducted in-depth external audit effectiveness reviews and managed external audit tenders for FTSE 250 companies and advised firms on tender strategy. In his career as a consultant he has assisted many professional firms in responding to tenders, developing tender response protocols and managing the tender of professional services for organisations like J. Sainsbury, The Institute of Chartered Accountants in England & Wales and the National Pharmacy Association.

Lawrence is a Fellow of The Institute of Chartered Accountants in England & Wales and a Member of the Chartered Institute of Marketing. He regularly publishes articles giving insight into the effective management of external audit relationships and the prevailing governance framework.

David YoungDavid Young BA hons FCA CTA

David trained as a Chartered Accountant at the London office of Arthur Andersen (now Deloitte). Following a spell in investment banking, he became finance director of a London Stock Exchange premium -listed company. In this latter role he was a major user of the audit services and non-audit services of a “Big 4” firm as well as having oversight of internal audit. He combines his role at Audit Review with a number of non-executive directorships. He is a past audit committee chair of a FTSE250 insurance group and currently chairs a number of other audit committees of AIM-listed and private financial service groups.

Being a major user of services from the big 4 accountancy firms both as a finance director and non-executive director gives David a special insight into the needs of company Boards and what leads to a strong but constructive external audit relationship and an effective internal audit department. He has an in depth knowledge of the corporate governance codes and standards which cover listed companies and their auditors and how companies and their audit committees are responding to recent changes. David has conducted has in-depth external audit effectiveness reviews provided comfort opinions on an auditor’s independence for FTSE100, FTSE250 and large AIM-listed groups. He has managed external audit tenders for listed companies and advised firms on tender strategy.

David is a Fellow of The Institute of Chartered Accountants in England & Wales and an Associate of the Chartered Institute of Taxation. He is a past deputy chairman of the ICAEW’s NED Group and regularly lectures on corporate governance, risk and assurance issues.