Down to earth external audit fees... Finally?

The recent announcement that the Audit Commission is to be disbanded should herald an era of greater choice and keener prices within the public sector external audit market.  The operative word here is “should”.  The onus is very much on public sector organisations to demand that such a market is created.  A good starting point would be to allow smaller auditing practices to enter what has traditionally been a market for the privileged few.  Public sector organisations would benefit immediately through a marked and long overdue reduction in external audit fees.