The key issues considered by the NAO Report is whether the MoD obtained a fair price for the sale of part of Qinetiq in February 2003 to the Carlyle Group and to Qinetiq's senior management, and whether the privatisation process was conducted in accordance with proper standards of corporate governance.
The NAO Report focuses exclusively on how the privatisation of Qinetiq was implemented, so its scope is much narrower than earlier HCDC enquiries which considered whether the MoD's policy decision to adopt a PPP for DERA was in the public interest.
In my notes below I have included references to the relevant paragraphs in the NAO Report.