Accountancy Magazine
Grant Thornton loses FSA audit contract
NAO to audit City watchdog
08 February 2010
Grant Thornton is to lose its audit of the City watchdog, as government proposals to force the Financial Services Authority to switch its auditor to the National Audit Office come into play.
Political pressure from MPs to change the FSA’s auditor to the NAO will see the regulator save around £100,000 a year, The Independent reports.
The savings come from paying for a commercial auditor fee, as the NAO doesn’t charge other government departments for its services.
A spokesman for the firm said: ‘We will complete our last audit: we’re not being fired. This is no reflection on the work we’ve done.’
Political pressure from MPs to change the FSA’s auditor to the NAO will see the regulator save around £100,000 a year, The Independent reports.
The savings come from paying for a commercial auditor fee, as the NAO doesn’t charge other government departments for its services.
A spokesman for the firm said: ‘We will complete our last audit: we’re not being fired. This is no reflection on the work we’ve done.’
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