The 2024/25 fee scale consultation
Our consultation explained the proposed elements of the 2024/25 fee scale, comprising:
| 2024/25 fee scale elements |
|---|
| A – The scale fees set for 2023/24; Plus: B – Additional fees for changes in audit requirements (specifically revised ISA (UK) 315 and linked work on ISA (UK 240); C – adjustments for specific opted-in bodies (24% of total bodies), where updated information is now available; and D – a contractual adjustment of 3.4% for inflation. |
The fee increase for work under specific revised standards reflects the work to deliver a Code of Audit Practice compliant audit. The additional fees are based on approved fee variations for previous years, the results of our research and discussions with public audit providers and audit firms. The inflation adjustment required for 2024/25 is set at a fixed point in time as specified in the contracts. The rate is based on the CPI 12-month rate most recently published prior to 1 April and for the 2024/25 audit year it is 3.4%.
During the consultation we ran a webinar for opted-in bodies to explain the elements of the proposed fee scale in more detail and the context in which we are setting it. We have published a set of questions and answers and the webinar slide pack on our website.