4.17 An important element of the partnership is "open-book" accounting. This permits both the Agency and CMG full access to the financial records of the joint venture company. This supplements the knowledge the Agency gain from their representation at Board level and permits a full review of financial transactions. The contract also provides for access to the books of the joint venture company and CMG by the Comptroller and Auditor General as is relevant for the purposes of examining and certifying the Agency's accounts and determining the economy, efficiency and effectiveness with which the Agency have used their resources.
4.18 The contract with the joint venture company for the supply of IT services permits the Agency to benchmark costs by going out to tender for certain IT services, including modifications to existing services and the development of new systems. It is a requirement of the contract that the Agency give Radio Spectrum International the opportunity to participate in such a competition. These provisions permit the Agency to compare what they are paying under the contract with market prices and provide the Agency with flexibility in securing specific skills not available from Radio Spectrum International. In paragraph 3.33 we have given an example of the Agency exercising this option to good effect.