Briefing you on the latest technical audit news
Mazars is the only mid-tier accounting firm – apart from Grant Thornton – that has been awarded a public sector audit contract by the Audit Commission.
Of the 10 local government contracts awarded in the run-up to the abolition of the Audit Commission, Grant Thornton secured four.
Three and two contracts were awarded to KPMG and Ernst & Young respectively, while DA Partnership, a spinoff of the Commission, secured a single £5m contract for the North East & North Yorkshire and was immediately absorbed by Mazars.
BDO tendered for all 10 contracts, but walked away without any business. The firm put this down to their relative inexperience in public sector auditing, but also citied under-cutting by rivals.
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