Many Company Boards are faced with the need to put their audit out to tender, either driven by regulatory requirements or increasing investor pressure. In 2018, I was appointed Global Finance Project Manager charged with defining and managing a Global Audit Tender Process for one of Europe’s most valuable companies with operations in over 180 countries. I have thus experienced first-hand the full end to end process from the decision to tender through the set-up of the tender process, the tender, the decision and subsequent transition of auditors.

​

The decision to Tender an audit is a complex and troubling one for many companies, this often due to the high level of change in the organisation. The 2020 COVID-19 Pandemic adds further to the stress already faced by many companies. During my own experience of this decision process I often heard management exchange counter views for example:

 

 

“we are going through so much change as an organisation, this is not the time to be contemplating a change in auditor”

 

or on the other hand...

 

“it is because we are going through so much change, that now is the time to change auditor”

​

An audit tender is best described as a true journey of discovery. This certainly applies to the firms and their people working on the pursuit, but also for many people working for the company, who have had little experience of what the other firms could bring to an audit and have created a close affinity and comfort with the incumbent firm.

 

Having taken the decision to move ahead with a tender, it is crucial to ensure a strong project manager is appointed, this person needs a strong knowledge of the business and a reasonable high profile across its finance community in order to ensure all aspects of the business engage and collaborate with the process.

​

Please get in contact to learn more about our consultation services on planning or carrying out related audit tenders.