We are delighted to announce that, together with our partners Equation (in France) and Domus (in Germany), Lubbock Fine has been awarded an audit framework contract as first ranked contractor. This is to provide financial audit services for the European Commission (EC) in respect of research grants under the Seventh Framework Programme for research, technological development and demonstration activities (FP7). These research grants are principally provided to universities, higher education establishments, companies, not for profit organisations, quasi-government bodies and SMEs.
We expect to carry out 500 to 600 audits per annum throughout Europe between now and 2017, with around 60% of these taking place in more than 30 countries outside of the UK, France and Germany. Many of the firms working with usin these other countries are members of our global network, Russell Bedford International, and therefore this new contract will have a major impact.
Lubbock Fine’s role as the lead firm is that of audit coordinator which means that we are involved in planning and reviewing every assignment, irrespective of the location, as well as carrying out audits in the UK and in a number of other countries.
The Lubbock Fine team, led by partners Laurence Newman and Rohit Majithia and senior managers Duncan Bolton and Andrew Saxby, has since the late 1990s operated as a dedicated EC team and therefore has extensive expertise in this highly specialised arena. The key to winning the contract is in the ability of the existing people, all of whom have a great deal of experience gained from many years of working on similar, if smaller, contracts.
The team is now being significantly increased to around 20 people including audit managers, audit seniors, financial analysers and contract administrators. Our European colleagues have also geared up and taken on new people in anticipation of the significant increase in volume of work.
‘Our success has been achieved amidst very strong competition from the large, international audit firms,’ said Laurence Newman. ‘It is a singularly impressive achievement and testament to the expertise and quality of services provided to the EC over the course of our lengthy relationship with them - which began back in the early 1990s.’