How much is an Assurance Report really going to cost?
It may be your first instinct that assurance reports are going to be an expensive process to complete but in the long term it will be of great value to your business and winning new clients. Here at Assure UK, it is one of the first questions we get asked when a company completes their first assurance report.
You need to consider the benefits the report will have for you and develop an initial budget and plan for the service costs, no matter which service auditor you choose.
There are so many variables to consider when pricing an assurance report and therefore it is best to hold a discussion with the prospective Service Auditor to tailor the service to your company.
I’ll do my best to give you some realistic price ranges as to what you will spend based on the service we provide.
How much does an Assurance Report cost?
Most assurance projects cost between £12,000 – £350,000, including a findings report highlighting improvements and recommendations identified during the project.
Types of Assurance Reports
The pricing for assurance reports can vary dependent on the industry which the report is entitled for, below are some of the key assurance reports we at Assure UK provide services for:
Pension Administrator AAF 01/20 Report
Small pension administrator: up to £30,000
Large pension administrator: up to £125,000
Investment Manager AAF 01/20 Report
Small investment manager: up to £80,000
Large investment manager: up to £350,000
Relevant Trustee AAF 02/07 Report
Relevant Trustee company: Dependent on size – up to £45,000
Master Trust AAF 05/20 Report
Small Master Trust: up to £35,000
Large Master Trust: up to £55,000
These numbers above are all average assurance costs and benchmarks which can be tailored upon discussion of your needs and requirements. I hope this article helps you to gain an estimation of what an assurance report may cost you and what to expect when going through the assurance report buying process.
Do you charge for overruns?
Another common question we get asked is ‘do we charge for overruns?’ At Assure UK we do not charge for overruns, the price you pay is fixed for the year.
We recently had a prospective client approach us to complete their Investment Manager AAF 01/20 report in which we quoted a fixed fee. Do you know what surprised us the most from an initial discussion with them was that the final fee (including overruns) with their previous Service Auditor was more than 400% higher than the fixed fee we quoted them. At Assure UK you would be receiving the same service with added value at a reasonable cost with the confirmation that the fee agreed at the start of the project will be the final fee charged.
We’re happy to help you get an actual price for your assurance needs. You can get a quote today as we provide assurance services across the whole of the UK.