The abolition of the Audit Commission, the watchdog responsible for checking on efficiency and effectiveness in local public services, will create new business opportunities for private sector graduate recruiters with audit practices.
Communities and local government secretary Eric Pickles recently announced plans to disband the Audit Commission. He said that local councils would be free to appoint their own independent external auditors from a more competitive and open market.
The Audit Commission’s in-house practice, which is the fifth largest audit practice in the country, will be transferred out of public ownership and a range of options will be considered for converting it into a business independent of the government.
Mr Pickles said, ‘Audit should remain to ensure taxpayers’ money is properly spent, but this can be done in a competitive environment, drawing on professional audit expertise across the country.’
Audit Commission chairman Michael O’Higgins said he regretted the decision and praised the Audit Commission, which has more than 2,000 staff nationwide, for its successes over the years. He said options for the future of its audit practice could include sale, a management buyout, or the setting up of some form of mutual organisation.
Posted by Alison_TARGETjobs on 25 August 2010
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