Why set a minimum price – surely it is for individual firms to determine the costs of the audit when they tender?

PSAA decided to introduce a minimum fee for some audits and this was referenced in our formal invitation to opt into the PSAA scheme, which was issued to all eligible bodies in late September 2021. Whilst the firms set the total amount due to auditors, PSAA determines the amount payable by individual bodies via the setting of the scale fees.