"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".

Why use Audit Review?

Independence and objectivity

The obligation under the Corporate Governance Code for audit committees to review the effectiveness of the external audit requires an objective assessment. One of the best ways of complying within the spirit of this regulatory requirement is to involve an independent third party. Audit Review provides that expert service.

Audit Review delivers independent and objective assessments of audits with no pre-existing value judgements. We can challenge past and current thinking. Our third party validation of internal views avoids conflicts of interest and cuts through existing embedded relationships which can lead to subjective evaluations. We are able to test and challenge the audit review or audit tender responses to ensure that the terms and conditions of each proposal are achievable and aligned to your objectives.

From setting clear audit review or audit tender objectives to facilitating the final audit appointment decision, we can ensure that only the relevant issues and facts are reviewed against defined objectives and that all decisions are made on a clear objective basis.

Appointing Audit Review to manage your audit review or audit tender independently will

  • send a powerful message to audit firms and stakeholders that you are taking the process seriously and that decisions will be made objectively and aligned to what is best for your organisation

  • remove the potential conflict of one or two people having too much influence

  • create a welcome level playing field for audit firms.

Review and tender experience with a proven methodology

Your audit review or audit tender will be managed by a team with extensive experience of professional service and tender review. Audit Review use proven review and tender methodology which results in the highest levels of objectivity and decisions that match clearly defined objectives.

We have worked with many organisations managing professional service review or tender projects and all of our clients have achieved the objectives they have set. Indeed the results of the review or tenders we have managed have exceeded the expectations of many of our clients in terms of savings achieved and improvements to service levels experienced.

We can help you avoid common pitfalls around timescales, tender timing, non-audit services NAS and we will ensure you get the best team available in the market.

Proper resources for effective review or tender management

Audit review or audit tendering is a time consuming process and requires a large one-off deployment of resource. Our involvement is extremely cost-effective because it allows you to

  • minimise disruption and stress on resources that an internally run audit review or audit tender will cause

  • focus on your core responsibilities while secure in the knowledge that the review or tender will achieve your set objectives

  • provide the audit committee with the proper resource to conduct the review or tender in accordance with best corporate governance standards.

We will agree and manage a strict audit review or tender timetable and you will have the comfort of knowing that our team have a track record of completing projects on time and within budget.

A specialist team

Audit Review's team of consultants have combined experience in audit, finance, risk and project management roles and we understand the key requirements to a successful audit relationship. We understand the role of the audit committee, the finance function and internal audit together with the evolving regulatory framework they work in.

We have a good appreciation of the audit needs of large organisations and how the audit community is able to respond to these needs. Our understanding of the information requirements that the audit community needs to properly respond ensures that

  • you obtain maximum value through the review or tender process

  • the terms of the review or tender are aligned to your objectives.

Our team has a deserved reputation for honesty, integrity and the highest levels of professionalism and are able to work with your board, audit committee, finance, internal audit and procurement teams to set review or tender objectives, assess responses and ensure your objectives are met.