Notification would also be required where audit fees are significantly higher than fees in the audit firm’s existing portfolio. The aim is to increase the transparency around audit tenders and appointment of auditors.

The previous Conservative government had intended to introduce a requirement for a notification to be made to Companies House when an auditor was appointed to a company.

However, this provision was left out of the Economic Crime and Corporate Transparency Act 2023. It is unclear when further progress will be made to introduce up to date auditor data at Companies House.

As a result, ICAEW has decided to go ahead with changes to the reporting requirements for auditors.