Public Interest Entity (PIE) Audits

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Public Interest Entity (PIE) audits are performed under a regime designed for the protection of capital markets, depositors and policyholders.

The scrutiny is close, the standards are exacting and the regulatory consequences of audit failure are severe.

The consequences of getting it wrong reach further than in any other category of audit work and they fall on the directors, the audit committee and the firm that signed the opinion.

As one of only a handful of independent accountancy firms licenced to provide this service, we act as a steady, experienced guide through the complexity of the regime – bringing the seniority, technical infrastructure and discipline that boards and audit committees need to navigate it with confidence.

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How we deliver PIE audit

PIE engagements are led by partners on our PIE-eligible roster, supported by managers with substantive listed-entity or regulated-sector experience.

The composition of the team is set at planning and remains stable through the engagement, because continuity of judgement is fundamental to the work.

Audit committee engagement is structured rather than ceremonial. We agree a communication plan covering planning, fieldwork, significant findings and reporting and we attend committee meetings in person at each substantive stage.

Between meetings, we maintain direct partner-level contact with the chair and the CFO so that emerging matters are exposed early on and handled with appropriate seniority.
Independence, ethical compliance and quality control are managed centrally and remain transparent throughout the process.

Pre-approval of non-audit services, partner rotation cycles, engagement quality review and the file review processes that underpin our regulatory standing are all in place before the audit begins.

What audit committees and boards
can expect from Macalvins

Our PIE work is built around the things that matter most to the people who commission it:

Independent challenge that holds up

Significant judgements, including fair value, expected credit loss, complex revenue arrangements and going concern, are tested by experienced partners with the technical depth to push back where the evidence supports it.

Audits built in reality not performance

Our reporting prioritises substance over presentation. The matters we draw attention to are the matters we believe genuinely require the most attention.

Regulator-ready work

File documentation, working paper discipline and engagement quality review are calibrated to the FRC’s expectations for PIE auditors. The work supports the opinion not only on the day it is signed but in any subsequent inspection.

Listed and regulated entities choose us because they want an auditor who can guide the audit committee through the difficult issues, handle the FRC’s scrutiny without flinching and deliver an opinion whose technical authority is beyond question.

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Here is what our clients have to say…

Macalvins have been running the Payroll and Pension Plan for Hayes & Yeading United Football Club for over 10 years.… Read more

Bernard Bitmead

I love the people of macalvins. they are warm and very dependable. and that what matters to me in any… Read more

SUJOY GHOSH

I have been MaCalvins for the past 6 years and I have found them excellent in every department. They manage… Read more

John Gill

I’ve been with MaCalvins since 2013, they are managing my company business accounts and my personal tax returns in a… Read more

Taghreed Altuhafi

Excellent service and understanding of our business needs

Kanesh Rajani

Thank you Macalvins for excellent service over the years

S Hodzic

Why choose Macalvins?

With our team, you get precision, continuity and the kind of considered advice that comes from people who know your numbers as well as you do.

As a Top 100 UK accountancy firm with international reach through PrimeGlobal, Macalvins brings that depth of expertise to every client, at every stage of growth.

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Insights

Frequently Asked Questions

How is partner rotation handled across multi-year engagements?

Engagement partner rotation operates on the cycles set by the FRC’s Ethical Standard. We plan rotations well in advance, with succession partners shadowing the engagement for sufficient time to maintain continuity of insight when the rotation takes effect.

How do you co-ordinate with internal audit and the audit committee?

Closely and from the outset of planning. Where internal audit work meets the standards required for reliance, we calibrate our external scope accordingly. The audit committee sees the resulting scope, the basis for reliance and any limitations transparently.

What is your approach to non-audit services for PIE clients?

Permitted services are pre-approved by the audit committee and prohibited services are declined. The fee cap and the underlying principles are policed internally to meet the regulators strict requirements.

PIE Audits