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With you on overhaul of management and cutting manual staff for automation is a must in any business especially now IP strengthening was mentioned earlier this year utilising Mirriads partnership with Microsoft also improving their AI capabilities also programmatic only mentioned last week in the TU stating to start in q4 once some technical hurdles sorted

FRC has issued Audit Tenders: Notes on best practice. It offers suggestions to improve the tendering process. It is aimed at FTSE 350 companies but could equally be used as guidance for any tender. The best practice key steps highlighted are:

establish clearly the objectives for the tender, why it has been initiated and engage with major investors on these points;

choose which firms to invite to tender based on clear criteria and the views of investors;

ensure the process is led by the Audit Committee chairman;

provide audit firms with adequate information for them to understand the company’s needs;

make the decision based on audit quality not price and do not rule out the incumbent auditor without good reason;

manage an orderly transition to ensure a seamless handover;

ensure the regulatory requirements such as independence rules are met;

make use of audit inspection reports

Here's the letter when PWC resigned from Lloyds Bank a couple of years ago as an example of out to tender which Mirriad Audit Committee started for cost cutting if you search on Google you can find out that Mirriad got it down to £148k also confirming no reasons

29 March 2021Dear Ladies and Gentlemen,Statement of Reasons connected with ceasing to hold office as AuditorsIn accordance with Section 519 of the Companies Act 2006 (the “Act”), we set out below the reasons connected with PricewaterhouseCoopers LLP, registered auditor number C001004062, ceasing to hold office as auditors of Lloyds Banking Group plc, registered no: SC095000 (the “Company”) effective from 29 March 2021.The reason we are ceasing to hold office is that the Company undertook a competitive tender process for the position of statutory auditor and we mutually agreed with the Audit Committee not to participate due to the time of our tenure.There are no reasons for and no other matters connected with our ceasing to hold office as auditors of the Company that we consider need to be brought to the attention of the Company’s members or creditors.Yours faithfully,PricewaterhouseCoopers LLP

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