If we decide to make local arrangements, can we reduce the audit services fee if the audit opinion is not delivered by the statutory publishing date?

The terms of the contract through which an auditor is appointed by local arrangements will determine how the service is provided and the remuneration arrangements.

The Ethical Standard issued by the FRC in December 2019 precludes contingent fees on audit engagements. A contingent fee basis includes any arrangement made at the outset of an engagement under which a specified commission on or percentage of any consideration or saving is payable to the firm upon the happening of a specified event or the achievement of an outcome (or alternative outcomes).