Fees
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(see below for detailed guidance on consideration factors)
Each Audit is unique and so the following factors are considered when preparing your audit quote.
Factors Influencing Audit Fees
Size and Complexity of the Entity – Larger companies with complex operations require more audit work, increasing costs.
Industry and Regulatory Requirements – Sectors with stringent compliance (e.g., financial services, charities) often incur higher fees.
Risk Assessment – High-risk entities (e.g., those with past errors, fraud risks, or weak controls) require more detailed procedures.
Accounting Systems and Internal Controls – Well-organized systems reduce audit effort, while weaker controls increase testing needs.
Group Audits and Consolidations – Entities with multiple subsidiaries or overseas components require additional coordination and reporting.
Client Readiness and Cooperation – Delays in providing information or poor-quality records lead to higher fees.
Breakdown of Audit Fee Structure
Base Fee – Covers standard audit procedures and compliance requirements.
Additional Charges – May apply for complex areas such as valuations, going concern assessments, or extensive sampling.
Non-Audit Services (if applicable) – Separate fees for permitted advisory services, subject to ethical restrictions.
Benchmarking and Comparisons
Audit fees are benchmarked against industry averages, similar-sized entities, and past engagement fees.
Any significant changes from prior years (e.g., scope expansion, regulatory updates) are considered.
Transparency and Justification
Fees will be clearly communicated to the client, ensuring alignment on scope and expectations.
Any additional costs due to unforeseen circumstances will be discussed and approved in advance.
The audit fee reflects the complexity, risks, and resources required for a thorough audit.