Draft Prospectus for 2023 and beyond

Consultation: Tell us your views

We welcomed comments on the proposals contained in our draft prospectus via an online consultation, which closed on 8 July 2021. Captured below is the set of questions that were shared via our online survey.  

A summary of the results of the consultation will be published in late Summer.

We also held three, well-attended interactive Q&A webinars during June and early July, to provide an overview of the draft prospectus and to answer any questions. We have updated our FAQs to include the questions covered in these sessions.

  • Is PSAA right to prioritise the awarding of new longer term contracts with firms, based on realistic market bid prices, mitigating the risks of a less than fully successful procurement by holding in reserve the option to extend one or more of the existing audit services contracts for up to two years if required?
  • Is five years an appropriate term for bodies to sign up to scheme membership?
  • Is five years with the option to extend for up to two years subject to the supplier’s agreement an appropriate term for the next audit services contracts?
  • Is PSAA right to evaluate tender submissions on the basis of 80% quality and 20% price to align with market expectations and other recent public sector audit procurements?
  • Is PSAA right to seek to encourage market sustainability within the local audit market by accepting bids from firms that are currently proceeding through the local audit registration process; by accepting consortia bids which may involve an unregistered firm gaining experience by working alongside a registered firm; and by considering the inclusion of one or two lots specifically aimed at seeking to encourage additional capacity into the market?
  • Is PSAA’s proposed approach to social value appropriate given the services to be procured will be delivered across the whole of England? Are there any alternative approaches that should be considered?
  • Is PSAA right to carry out research and to consider setting a minimum audit fee in the next appointing period, recognising the increasing level of audit work now required and the risk that smaller scale fees may not be sufficient to cover the actual cost of the audit? What would be the key issues for PSAA to consider in the event that it opts to set a minimum fee for a Code-compliant audit?
  • In the context of the recent NAO report, should PSAA and other market participants strive to prioritise the timeliness of audit opinions in the next appointing period? What actions should PSAA or other market participants take in order to avoid delayed opinions blighting the next period?
  • Which specific benefits of the national scheme are most valuable to you? Are there other benefits we should strive to develop?
  • What are the key issues which will influence your decision about scheme membership for the second appointing period?
  • To inform the further development of our procurement approach, please indicate whether or not you anticipate that your organisation is likely to opt into our scheme?
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