The 2022/23 fee scale consultation
The proposals set out in the consultation were that the 2022/23 fee scale would comprise the following elements:
| 2022/23 fee scale: proposed elements |
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A. The fee scale set for 2021/22 Plus: B. Fee variations for recurrent requirements in 2019/20 audits C. Fee variations for recurrent requirements in 2020/21 audits D. An adjustment of 5.2% for inflation required under our audit contracts, to be funded from the surplus which would otherwise be distributed to opted-in bodies (see below for a worked example)
Additional fees needed for work relating to additional changes in auditing and financial reporting requirements and to the VFM arrangements commentary will be determined using the fee variations process in 2022/23 audits and considered for consolidation into a future fee scale. |
| Illustration of the adjustment for inflation | |||||||
| 2021/22 scale fee | Recurrent additional work | Subtotal | Inflation | Fee including inflation | Funded by PSAA | 2022/23 scale fee | |
| A | B | A+B=C | Cx5.2%=D | C + D = E | – D | E + D | |
| Example | 100,000 | 20,000 | 120,000 | 6,240 | 126,240 | -6,240 | 120,000 |
We also wrote to all opted-in bodies during the consultation period to set out the position on the approved recurrent fee variations which we proposed to consolidate into their individual 2022/23 scale fee, where approved fee variations were available.