Submitted on Monday 30th April 2018
Published on Friday 4th May 2018
Current status: Closed
Closed: Sunday 4th November 2018
Signatures: 7
Safeguard public funds with full annual NAO risk audit on all outsourcers
The Government should change the law so that the NAO is given responsibly for auditing any company that wins Government contract worth more than £20 million and that any appropriate contract must include an agreement to be audited by the NAO and the results made public.
As illustrated by Carillion and numerous other major corporate failures before it, the ‘Big Four’ independent audit opinion has been confirmed as inherently flawed. There is an inherent risk in the ‘Big Four’ conducting annual audits of companies where senior management are ex-‘Big Four’ themselves. A mutual understanding serves each party in this situation as well as the knowledge that any moral hazard contracts or companies are ultimately backed by the government and UK taxpayers.
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