Russell Bedford Firms Win Major EC Audit Contract
A major European Commission framework contract for audit services has been won by a grouping of three Russell Bedford member firms. The group, led by Lubbock Fine (London), includes Equation (Paris) and Domus (Berlin).
Russell Bedford International is a global network of independent firms of accountants, auditors, tax advisers and business consultants. Ranked amongst the world’s leading accounting and audit networks, Russell Bedford is represented by some 460 partners, 5000 staff and 280 offices in more than 90 countries in Europe, the Americas, the Middle East, Africa and Asia-Pacific.
The substantial contract is to provide financial audit services to the EC in relation to research grants under the Seventh Framework Programme for Research and Technological Development (FP7). Such research grants are typically extended to universities, higher education establishments, not-for-profit organisations and companies, including SMEs.
Under the framework arrangement, the consortium expects to conduct between 500 and 600 audits per year between 2014 and 2017. The audit assignments will take place throughout Europe, with around 60 per cent taking place in more than 30 countries outside of the UK, France and Germany. In most cases, audit firms supporting the consortium in other countries are also members of the Russell Bedford network.
As lead firm, Lubbock Fine will act as coordinator as well as conducting the UK audits. The firm’s dedicated EC team, which is headed by partners Laurence Newman and Rohit Majithia, has taken on additional staff at all levels in anticipation of the significant increase in volume of work. Member firms in Germany, France, Italy, Spain and Belgium, as well as those in other countries, have also geared up and taken on new people.
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