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BINDER HAMLYN TO TERMINATE LOCAL AUTHORITY PORTFOLIO

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Council auditor Binder Hamlyn is to withdraw from all of its Audit Commission work. ...
Council auditor Binder Hamlyn is to withdraw from all of its Audit Commission work.

The firm, which became one of global giant Andersen's four UK businesses in 1994, informed its 21 local authority clients on Monday - just days after the news that auditing and consulting giants Coopers & Lybrand and Price Waterhouse plan to merge.

A spokesman for Binder Hamlyn said it had decided to quit because its 'portfolio is very small.'

He said: 'The market is extraordinarily specialised and it is no longer economic for Binder Hamlyn to maintain the quality of service it insists upon'.

The spokesman blamed the continued erosion of audit fee rates but said withdrawal would be gradual.

Both the Audit Commission and CIPFA declined to comment on the proposed Coopers & Lybrand and Price Waterhouse merger.

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