Deloitte & Touche wins €900k NAMA contract → rte.ie/news/2010/1130/nama.html
Competetive by what standards?
Are the basis and quotations for selectoin of DandT open for public review and screwtiny?
Probably NOT and if they are they are probably limited in terms of “commercial sensitivity” or better still the “national interest”
We can read this as limited in terms of protecting those who made the decisions to appoint these crowd of accountants and protecting their interests from charge in the future when ultimately someone is going to have to pay.
Alarm bells should be sounding on this one.
It is further proof of their addiction to professional services and their belief that somehow it is better to outsource this to Deloitte than to have a separate in-house internal audit.
Does the NTMA not have an internal auditor already or is that outsourced as well?
8000 hours per annum is maybe equivalent to 4/5 staff full time all year round in internal audit.
Are they saying that they can’t afford to employ 5 internal auditors for less than 900k?
Or maybe on the NTMA payscale they can’t
What NAMA will end up with isn’t 5 experienced staff all year round.
It will be a hoard of trainee accountants descending regularly on-masse to peripatetically look at things they don’t understand, in an organisation whose aim they won’t understand (because no-one does)
Are the department of finance going to outsource their internal audit too. Can I have that job please. That would be fun.
I won’t claim to fully understand internal audit but how can they possibly seek to internally audit all the horse trading that NAMA will be doing. It is all window dressing. And it won’t be 900k because they’ll low-ball the initial fee.
I wonder what big 4 firm completes Brian Lenihans tax return?
the amount of money the government is giving the big 4 + 1 is shocking. From the comparisions that ive seen between actual vs forecasting, government sources is proping them up. Consider how much the government is essentially paying for banking audits, of how many government banks, considering how many professional firms are involved with nama (at least 3 of the big 5 by my count, plus others on a smaller basis, plus legal counsel…), then add up the amount of liqudiations which the banks are being charged for. And its not at 110 an hour. its higher, and there is little or no controls on the costs of these liquidations.
If the guys get 900k for 5 trainees, and each of the big four has roughly 1000 trainees, think of what their total turnover is per year. it really is sky high. And a decent percentage is being given to them by the government coffers one way or another.