"The FRC has just announced in their latest 3-year strategy that they want only 10% of audits covered by AQRT to be 'not up to standard'. It might surprise you to know that it's currently 30%! You may want to take a closer look at your auditors in your next external audit effectiveness review".

External audit tender management

Even if reviews prove favourable to your existing audit provider, there may still be advantages in tendering your external audit – especially if the existing provider has been in place for a very long period. Audit Review can ensure a professionally run independent audit tender which

  • sends a clear message to shareholders, other stakeholders and potential investors that proper processes and good corporate governance are being observed

  • provides an opportunity to review and benchmark the performance of current external auditors in the areas of fees, service and value for money

  • highlights any complacency and puts current auditors on alert to ensure highest service levels

  • helps ensure you get the very best teams competing

  • challenges historical procedures and protocols

  • delivers advice, solutions and insight from other advisers with a fresh and independent perspective

  • ensures any conflicts of interest your auditor may have are properly handled

  • enables you to address any issues you have been unhappy about with your current auditor… poor service, escalating costs and changes of personnel being the most common

  • fulfils the audit committee's obligation under the UK Governance Code, for making recommendations to the board on the auditors.

Audit Review uses a tried and tested tender methodology which

  • clearly defines your audit tender objectives

  • examines any likely conflicts of interest

  • collects the data the tenderers will require

  • designs the RFP document

  • objectively evaluates the responses

  • manages questions and meetings with management

  • assists the audit committee in making a decision.