Audit Contract Monitoring Report 2023/24

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Looking ahead to the 2024/25 audits

  1. We published this report whilst the delivery of the 2024/25 audits is underway. For the 2024/25 audits we have implemented a few changes to aspects of our contract monitoring arrangements.
  2. We reviewed the KPIs from the 2024/25 audit to reflect changes arising from the introduction of the backstop dates and support the aim to restore timely audit delivery. The key changes are summarised below:
  • KPI_01: draft audit plans produced by 30 April with a target of 100% of audits where the criteria are met. The criteria changed to be those audits where the prior year audit opinion (backstopped or not backstopped) was delivered by the backstop date.
  • KPI_02: 50% of planned hours delivered by the specified date with a target of 90% of audits where the criteria are met. The criteria changed as per KPI_01, with an amendment to the specified date which is now set to 30 September 2025 for the 2024/25 audit.
  • KPI_03: 75% of planned hours delivered by the specified date with a target of 90% of audits where criteria are met. The criteria changed as per KPI_01, with an amendment to the specified date which is now set to 31 October 2025 for the 2024/25 audit.
  • KPI_04: 100% of planned hours delivered by one calendar month prior to the backstop date with a target of 90% of audits where the criteria are met. The criteria changed as per KPI_01, with an amendment to the specified date which is now set to 31 January 2026 for the 2024/25 audit.
  • KPI_05: ensures written communication with the Audited Body if an opinion cannot be issued by the backstop date. The change reflects the introduction of a backstop date which in effect removes the publishing date.
  • KPI_06: remains unchanged and covers the management of objections as per the Code of Audit Practice.
  • KPI_07: introduces a new requirement for the production of the Auditors Annual Report by 30 November in response to a revision to the Code of Audit Practice.
  1. Our intention is to publish firm-specific achievements against KPIs for the delivery of the 2024/25 audits in next year’s report.
  2. As the backstop dates have been agreed for the second appointing period the next phase of audit delivery will focus on building back assurance.
  3. We expect to publish our Annual Contract Monitoring Report on the 2024/25 audits in September 2026.

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