How are audit fee levels set for each individual body?

PSAA has consulted on the fee scale for 2018/19 on the basis of the prices achieved in its auditor procurement, the expected work programme for auditors, and the need to recover PSAA costs at the aggregate level. Individual scale fees are published on the website in March each year once confirmed by the PSAA Board following consultation.

PSAA pools scheme costs and charges fees to audited bodies in accordance with a fair scale of fees which has regard to size, complexity and audit risk, as evidenced usually by the most recent final audit fees for an opted-in body. Pooling means that everyone in the scheme benefits from the most competitive prices. Fees will reflect the number of scheme participants – the greater the level of participation, the better the value represented by our scale fees.

Where more or less work is required than is envisaged in the scale fee, a fee variation process applies. The variations process ensures that fees for additional work cannot be invoiced until agreed by the audit firm with the audited body and approved by PSAA.