Audit of National Highways Land and Property Valuations by Knight Frank

About

National Audit Office awarded a contract to Knight Frank for auditing the detailed valuations underpinning the National Highways land and property provision.

The work involved reviewing the Valuation Office Agency's methodology for calculating land and property liabilities to confirm alignment with the Compensation Code, and assessing a sample of five valuations to determine whether key assumptions and judgements were materially consistent with the Compensation Code and provided a reasonable estimate of the forecast outturn cost to settle compensation.

The contract value was £21,960, with an initial period to the end of the final audit period in July 2022 and an option to extend for subsequent audit cycles at the NAO's discretion.