Additional fees for this work will depend heavily on the specific circumstances of each audited body, including its level of preparedness, the completeness and accuracy of accounting records, and the quality of supporting documentation and evidence. We anticipate a significant impact in the first year, which is unlikely to recur in subsequent years.
As part of their planning process, your audit firm should be able to provide an estimate of the likely costs for budgeting purposes. At this stage, there is insufficient certainty for PSAA to incorporate these amounts into scale fees.