NAO extends audit contracts for Crown Estate and BFI by £9.6m.
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The National Audit Office has modified its existing Financial Audit and Assurance Services contracts, originally awarded under GEN_20_22, to increase the total contract value by £9.6 million and extend the term. The contracts cover audit and assurance services for The Crown Estate and the British Film Institute, requiring expertise in valuation of investment property in retail and environmental sectors, and auditing complex valuations under IFRS 9. The modification ensures continuity of statutory audit delivery, as changing contractors would cause significant inconvenience, duplication of costs, and disruption. The nature, scope, and objectives of the contracts remain unchanged.