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Russell Bedford firms win major EC audit contract

04 of April of 2014

A major European Commission (EC) 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).  

The substantial contract, awarded to the consortium as first-ranked contractor, 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, quasi-governmental bodies 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 – 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.

“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.”

Prof. Dr. Klaus-Peter Hillebrand, chairman of Domus and a board member of Russell Bedford International, added: “This important win testifies to the ability of our cross-border teams.  Close integration and long-standing working relationships are key to projects of this size and I believe the proven ability of the Russell Bedford network was a significant factor in securing this contract.”

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