The Code of Audit Practice (COAP) sets out what local auditors of relevant local public bodies are required to do to fulfil their statutory responsibilities under the Local Audit and Accountability Act 2014. Local auditors must comply with the COAP. Para 2.6 requires auditors to apply the extant auditing standards set for the UK by the […]
Fees for new recurring audit requirements are only consolidated into the scale fee once we have sufficiently reliable information of the ongoing audit work needed. The audit work for ISA (UK) 315 (risks of material misstatement) and linked work on ISA (UK) 240 (fraud) has been included in the 2024/25 scale fees, but we process […]
Work on VFM arrangements comprises two elements: The VFM arrangements commentary fee variation in the statement may be higher than determined for other audit years. This is due to the fee variation also including the scale fee element for core VFM work. The only fees for these bodies are the VFM arrangements related fees and […]
The proximity of the backstop dates for the up to 2022/23 and 2023/24 audits means that we will receive fee variation proposals for over 700 audits in a short period. We expect it will take us several months to process them and we are working to ensure we do so thoroughly, effectively and efficiently. The […]
We have chosen not to determine fee variations related to the issuing of a disclaimed opinion until the funding position is resolved. Until that process is complete, we are reviewing all fee variation proposals we receive from auditors but will only determine those not related to the production of a disclaimed opinion. We explained this […]
Firms are required to comply with the Code of Audit Practice (CoAP), and when issuing a disclaimed audit opinion under the CoAP they must have regard to the statutory guidance, which sets out that they should use professional judgement. The firms have performed work to issue a disclaimer opinion in line with the CoAP/statutory guidance, […]
For bodies with only VFM arrangements related fees and the fees for issuing a disclaimer opinion, there will be no separate scale fee charge. For all other fee variations this will depend on the circumstances of each body.
We review and determine firms’ audit fee proposals in accordance with 17(2) of the Local Audit (Appointing Person) Regulations. Our work includes looking in detail at the fee variation submitted to assess whether we consider them to be appropriate. When making determinations we consider each individual fee variation and compare similar fee variations across all […]
The statement provides a breakdown of the individual fee variation elements we have considered and are minded to approve.