Outcome of audit tender exercise

The PFS completed its comprehensive audit tender process in July. Seven firms were invited to tender, with four accepting that invitation, and three being shortlisted for review. Each firm was judged on the same robust assessment criteria: understanding of the organisation; audit approach and quality assurance; sector experience of the audit team; Audit Quality Review reports and rotation; and fees. An audit panel comprising members of the PFS Board and the CII Group’s Audit and Risk Committee and Finance Function conducted a careful and rigorous review, unanimously recommending the appointment of Crowe UK LLP as auditors for the 2025 financial year based on them being the best-qualified firm to deliver a high-quality, cost-effective audit that meets the specific needs of the Society. The PFS Board approved the appointment on 30 July 2025.

Carla Brown, PFS Board Chair said:

“The PFS Board actively responded to member concerns following last year’s AGM, commissioning a detailed and thorough audit tender exercise based on the needs of the Society. Crowe demonstrated the strongest combination of audit quality, sector expertise, and value for money through that process. Their deep understanding of our organisation and ability to provide enhanced assurance on key financial components made them a clear choice. We remain committed to transparency and accountability, and we will continue to engage openly with our members on this important decision.”

The appointment of Crowe UK LLP as auditors of the Society for the 2025 financial year will be an item of ordinary business to be taken at the PFS Annual General Meeting to be held in Birmingham on 25 September. Submission of the Society’s Financial Statements to Companies House and scheduling of the PFS AGM have been coordinated to ensure the validity of all voting outcomes.