On 29 May 2014, the Institutional Investor Committee (made up of representatives from ABI, IMA and NAPF) published guidance for audit committees when companies put their audit contracts out to tender. The areas addressed by the guidance include transparency when companies decide to tender, identifying tender candidates, the tender process and selection criteria and audit firms' transparency when they cease to hold office.
The paper published by the Institutional Investor Committee is available at: http://www.iicomm.org/docs/IIC_The_Audit_Tendering_Process.pdf
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
