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The internal audit team at Wbg has secured seven new clients and retained a further five following a re-tender process in the first quarter of the year, generating more than £285,000 in recurring fee income.
The expanded client base includes public sector organisations such as National Museums Scotland, National Library of Scotland and National Trust for Scotland.
New contracts have also been awarded by Heart of Worcestershire College, Cairn Housing Association, Newcastle and Staffordshire Colleges Group, Kendal College, Glasgow Kelvin College, Learning in Harmony Trust and Cairngorms National Park Authority.
Clients retained following competitive re-tenders include Lanarkshire Housing Association, Godalming College, Rosehill Housing Association, Abbeyfield and Wesley Housing Association and the Department for Education.
As a result of this growth, the firm’s internal audit fee income has doubled over the past three years from £900,000 to £1.8m, with projections exceeding £2m for the current financial year.
Graham Gillespie, partner at Wbg, said: “Recent years have seen us earn a reputation for excellence across various public sector bodies, resulting in a high conversion rate at tender stage.
“Our specialist internal audit service has enabled us to exploit a market niche. Indeed, we remain the only Scottish independent accountancy practice with audit activity throughout all four parts of the UK.
And the growth of the internal audit team means that Wbg is on target to realise its aim to grow its turnover from £13m to £30m over the next five years.”
