Following a tender exercise for the audit of the Radian Group, BDO LLP has been appointed as external auditors of Radian Capital plc and the rest of the group, after the Big Four firm held the audit contract for the last nine years.

In the annual report and financial statements for year end 31 March 2016, Radian incurred total audit and non-audit fees of £139,000, down from £156,000 in financial year 2014-15, which was attributable to a fall in tax advisory series from £26,000 to £6,000. The total audit fee was £110,000 covering the audit of the company’s subsidiaries.

In last year’s annual report, Radian stated: ‘A resolution to reappoint Deloitte LLP will be proposed at the forthcoming Annual General Meeting’, although it subsequently made the announcement about a change of auditor on 2 March.'

However, Deloitte's audit contract was not renewed and the company undertook a three-month audit procurement exercise to find a replacement auditor.

Anne Costain, director of finance designate at Radian, said: ‘Over the last nine years, Deloitte have fully supported Radian’s external auditing requirements. When Deloitte’s contract ended, Radian undertook a procurement exercise utilising the government’s Crown Commercial Service framework to find a new provider for these services.

‘The results of this three month exercise led to us awarding BDO LLP with our external auditor contract, allowing us to benefit from their extensive experience of working within the sector. We look forward to beginning our working relationship with BDO LLP.’

The company has also confirmed that director of finance Andrew Newberry is to retire in April 2017 and will be replaced by Anne Costain, who was appointed as director of finance designate in July 2016.