Market Engagement (June 2021)

During Autumn 2021 all eligible bodies will need to make important decisions about their external audit arrangements for the period commencing from the financial year 2023/24.

In relation to appointing auditors eligible bodies have options to arrange their own procurement and make the appointment themselves or in conjunction with other bodies, or they can join and take advantage of the national collective scheme administered by PSAA.

We have issued a draft prospectus (available in PDF and accessible long read format) to all eligible bodies that provides an introduction to the PSAA national scheme from April 2023 and invites views and comments in relation to the aims of the scheme and how it needs to develop going forward.

We have launched a Request for Information to seek the views of current and potential suppliers to help us shape important features of our procurement strategy ahead of issuing formal invitations to opt in to all eligible bodies in the Autumn, and then in early 2022 initiating a procurement for the delivery of audit services from April 2023.

You can find out more information and participate in this market engagement exercise at www.surveymonkey.co.uk/r/V36MG371. The deadline for response is on or before Thursday 8 July 2021.

We will also be holding two short webinars to provide an overview of the questionnaire and answer any questions that you may have. You can reserve a place via these two links:

17 June 2021 15:45 webinar 1: aimed primarily at firms accredited as a local auditor with the ICAEW

24 June 2021 12:15 webinar 2: aimed primarily at firms that are not currently accredited

We expect to publish an anonymous summary of the responses received in late August.

If you have a specific enquiry about the market engagement exercise, please contact us at [email protected].