Small bodies fees
Small bodies fees 2012/13 to 2016/17
The Audit Commission has approved the scales of audit fees for small bodies subject to limited assurance audit. The Commission has secured significant reductions in the cost of audit for small bodies, fixed for five years from 2012/13 to 2016/17.
We have been able to reduce fees by an overall total of 30 per cent for small bodies. We have extended the band exempting bodies from scale audit fee. This band now includes all bodies with income or expenditure of up to £10,000 (previously £1,000). This means that just under 4,500 small bodies (approximately 50 per cent) will not now have to pay a scale audit fee. We have reduced the fee scale for other small bodies, based on the audit fee scales applicable for 2011/12.
Small bodies fees 2010/11 and 2011/12
The Audit Commission approved the scales of audit fees for 2010/11 and 2011/12 for small bodies affected by the changes introduced by the Accounts and Audit (England) Regulations 2011 (the 2011 Regulations). The Commission confirmed its proposals for significant reductions in fees for those bodies now eligible for limited assurance audit. Most of these ‘new’ small bodies saw audit fees reduce by 70 per cent.
The scales of fees for limited assurance audit for bodies whose annual income or expenditure was up to £1 million did not change. The Commission fixed these in 2006 and they applied up to 2011/12.