Our current arrangements for measuring the quality of the delivery of audit services are published. Our approach to tender evaluation for the 2022 audit services procurement seeks to reflect those areas which opted-in bodies tell us are important to them. We sought input from the FRC in developing our approach. The themes and their weightings are as follows:
- Approach – including the transition between audit firms (10%)
- Audit delivery – quality assurance and capability (25%)
- Audit delivery – resourcing and capacity (20%)
- Communication (20%)
- Social value (5%)
Please note that it is the FRC that assesses the quality of the firms’ audit work in line with its statutory responsibilities.