We have adjusted some KPIs within the audit services contract and the first payment milestone to reflect the government’s decision to introduce backstop dates for the delivery of audit opinions, as part of its solution to restore timely audit delivery. We have also added a new KPI relating to the production of the draft Annual Auditors Report to align with the new Code of Audit Practice.
The list of KPIs and payment milestones for 2024/25 audits are set out below.
| KPI | Details for 2024/25 audits |
| KPI_01 | Draft audit plans produced by 30 April – target 100% |
| KPI_02 | 50% planned hours delivered by 30 September – target 90% |
| KPI_03 | 75% planned hours delivered by 31 October – target 90% |
| KPI_04 | 100% planned hours delivered by 1 calendar month prior to the backstop date – target 90% |
| KPI_05 | Where any opinion is unable to be given by the backstop date for whatever reason, written communication with the Audited Body takes place – target 100% |
| KPI_06 | Management of objections as per the Code of Audit Practice – target 100% |
| KPI_07 | Production of DRAFT Auditors Annual Report by 30 November – target 100% |
| Payment milestone | From 2024/25 audits |
| 1st milestone | Paid on either prior year draft Auditors Annual Report or Opinion issued, but not before 1 Dec |
| 2nd milestone | Paid on Draft Audit Plan production |
| 3rd milestone | Paid on 50% planned hours delivered |
| 4th milestone | Paid on 75% planned hours delivered |