Specialist audits for PIEs, from an FRC-registered auditor
MAH is registered by the Financial Reporting Council (FRC) to audit Public Interest Entities. Only a small number of UK audit firms are on the FRC’s PIE Auditor Register, and most of them are large firms.
We provide high-quality PIE audits with the same personal service our AIM and AQSE clients rely on.
View our entry on the FRC PIE Auditor Register
What is a PIE?
We provide high-quality PIE audits with the same personal service our AIM and AQSE clients rely on.
In the UK, a Public Interest Entity is mainly:
- a company whose shares or other transferable securities are traded on a UK regulated market, such as the Main Market of the London Stock Exchange
- a UK bank, building society or other credit institution
- a UK insurance company
AIM and AQSE Growth Market companies are not PIEs. A company that moves from AIM to the Main Market becomes one, and its auditor must then be registered with the FRC.
The problem PIEs face
Only a small number of audit firms can audit PIEs, and several smaller firms have stopped doing PIE work altogether. This leaves listed companies with very little choice. We often hear that:
- their auditor has resigned from PIE audits and they need a replacement at short notice
- the large firms will not take them on, or quote fees out of proportion to the size of the company
- junior staff ask irrelevant questions and ignore information from previous audits
- they are not a priority and the audit runs close to the reporting deadline
Our solution
We aim to charge less than the large firms for PIE audits without compromising on quality.
We plan each audit carefully and focus on the key risks, so the work is completed in good time for your annual results announcement. Our partners and managers stay involved throughout, so you deal with people who know your business.
Our expertise
PIE audits build directly on our work with listed companies. We are ranked 17th in the AIM market and in the top 5 auditors in the AQSE market by number of clients (per Adviser Rankings).
Our PIE-registered Responsible Individual has many years of experience of auditing listed companies, including sectors such as mining, oil & gas and technology.
We already deal with the complex areas listed companies face, including share-based payments, financial instruments, mineral assets under IFRS 6, group accounts, impairment and going concern.
The extra requirements of a PIE audit, handled for you
PIE audits carry additional rules. We manage them as part of the audit so they do not become extra work for your finance team:
- Independent quality review of every PIE audit by a second senior auditor
- Extended auditor’s report, including key audit matters
- Additional report to the audit committee
- Auditor and partner rotation, which we plan for from the start
- Non-audit services limits: we are clear from day one about which other services we can and cannot provide
- FRC inspection: PIE audits fall under the FRC’s Audit Quality Review, and our work is prepared to that standard
Moving from AIM to the Main Market?
If you are considering a move up to the Main Market, we can stay on as your auditor. That means no tender and no new audit team to bring up to speed.
Get in touch for a free consultation
If you need a new PIE auditor, want to reduce your audit fees or are planning a move to the Main Market, contact us to set up a free consultation.
FAQ section
Is my company a PIE?
If your shares or other securities are traded on a UK regulated market, such as the LSE Main Market, or you are a UK bank, building society or insurer, you are most likely a PIE. AIM and AQSE Growth Market companies are usually not a PIE, but can be if they are very large. If you are unsure, we can check this for you.
Can any audit firm audit a PIE?
No. Both the audit firm and the partner who signs the audit report must be on the FRC’s PIE Auditor Register.
Our auditor has stopped doing PIE audits. What happens now?
You will need to appoint a new FRC-registered auditor. We can move quickly to plan the handover and keep your reporting timetable on track.
Do PIE audits cost more?
Yes, this is because they involve extra work, including an independent quality review, an extended auditor’s report and an additional report to the audit committee. We aim to keep fees well below those of the large firms.
Can you provide non-audit services to a PIE audit client?
Only within strict limits under the FRC’s Ethical Standard. Many services are prohibited, and permitted ones are capped. We will set out exactly what we can and cannot do before you appoint us.