Wheels in motion
Keith Hickey's step-by-step guide to tendering for external audit
Unless the decision to go out to tender is in response to a specific event, then the process starts many years before an invitation to tender is issued. It is important that the finance director has a thorough knowledge of the audit market – this puts it in the best position to make the most informed choice. It is almost a given that the main accountancy firms active in the sector are more than capable of undertaking a statutory audit. So the final decision is likely to be made around issues such as price, added value, cultural fit, references and experience. The tender process will not always bring all of the information required to make this decision to the table.
Author: Keith Hickey
Keith Hickey joined CFDG as chief executive in April 2006 following seven years as the finance director of Help the Aged. Keith is a member of the Charity Commission SORP committee, among other adviser roles
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