The firm FTI have been appointed to provide advice on the most cost effective options for disbanding the Audit Commission and transferring audit into the private sector. The Government is taking forward plans to transfer the audit function of the Audit Commission out of public ownership. The changes to auditing will establish an audit market that offers greater competition and choice and it is anticipated that the reforms will save the taxpayer £50 million a year. FTI have been appointed to provide professional, independent advice on the financial implications of the options for transferring the in-house audit practice to the private sector including the possibility of mutualisation. Read more on the CLG website.
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