The mystery of audit tenders: what you need to know

Although the audit profession is very much in the spotlight at the moment, audit tenders have remained below the radar. Amy Austin, reporter at Accountancy Daily, investigates what is involved in a tender, why costs are so high and how firms compete against one another

Over the past year the audit profession has taken blows from all directions. First came the raft of multimillion-pound fines from the Financial Reporting Council (FRC) for audit failures, including £5.1m, reduced from £6m after settlement, for PwC’s audit of RSM Tenon and Deloitte’s £4m fine for failures over the audit of Aero Inventory and its subsidiary Aero Inventory (UK) Ltd.

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