The fees will cover audit regulation, including standard setting, supervision and enforcement.

Audit firms in scope should pay an annual levy based on their fee income from PIE audits, while recognised supervisory bodies (RSBs) should also contribute to costs of setting auditing standards, and together with the recognised qualifying bodies (RQBs) should meet the costs of overseeing their regulatory functions. The professional bodies should pay an annual levy based on the size of their membership.