Southern Water has awarded an AMP7 contract for statutory and regulatory audit services relating to the financial reporting and audit of company accounts worth an estimated £6 million.
The water company went out to tender both for itself and on behalf of the Greensands Holdings Group - of which it is the principal operating company.
As part of the process, Southern Water has also renewed the audit of its regulatory accounting statements within its annual performance report for each financial year as required by its licence under the Water Industry Act 1991 specified by Ofwat.
In addition to the regulatory audit required by Ofwat, Southern Water was also seeking to renew additional assurance on an “Agreed Upon Procedures” basis for other elements of its annual reporting.
Deloitte LLP,the only company in the bidding for the work, has been awarded the contract which will run for up to 10 years subject to annual audit committee and board approval.
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