To help us deliver more than 560 annual financial audits for public sector organisations, we employ a panel of ASPs to perform audit work on our behalf.
In 2020–21 we refreshed this panel. This involved a thorough procurement process, guided by a specialist procurement consultant, probity advisor and an independent probity auditor. We evaluated all firms that applied in a fair and ethical manner in accordance with our evaluation and probity plans.
We refreshed our panel due to the rapid evolution of the audit industry and our clients’ focus on ensuring public sector auditing is not left behind. Our clients have told us they:
- are unwilling to compromise on data protection and want to be certain that their data is stored in suitably mature environments
- want us to increase our use of data analysis and machine learning to improve the efficiency of our financial audits, in addition to providing insights about their organisation to improve performance
- expect us to keep pace with large global auditing firms, who are well advanced in delivering critical audit elements through multidisciplinary teams and centres of excellence.
Our earlier panel requirements and processes were no longer fit for purpose.
The objectives of our new panel are to:
- access a consistent level of audit quality and value for money audit services
- elevate our focus on data protection and governance and higher assurance about firm audit quality control through critical new qualification requirements
- achieve continuous improvement towards best practice in financial audit services through innovative methods such as embedding and leveraging the use of data analytics and data automation
- engage providers who demonstrate a strong cultural fit with VAGO
- achieve process efficiency and effectiveness.
In conducting the refresh, we reduced the number of ASPs on our panel from 25 to eight. Our current list of ASPs are below:
- Ernst & Young
- RSM Audit
- HLB Mann Judd
- Crowe Audit Australia
- BDO Audit
- Johnson MME Audit & Assurance Services
For any questions about the Financial Audit Services Panel please contact:
Assistant Auditor-General, Financial Audit
Phone: (03) 8601 7068