Proposed Revisions to the Fee-related Provisions of the Code

IESBA
Jan 21, 2020 | Exposure Drafts and Consultation Papers
English

Comments due by: Jun 04, 2020

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Due to the COVID-19 pandemic the comment deadline is extended to June 4

The proposed revisions to the fee-related provisions of the code include: 

  •  A prohibition on firms allowing the audit fee to be influenced by the provision of services other than audit to the audit client;
  • In the case of PIEs, a requirement to cease to act as auditor if fee dependency on the audit client continues beyond a specified period; and
  • Communication of fee-related information to TCWG and to the public to assist their judgments about auditor independence.

The Fees ED also includes enhanced guidance on identifying, evaluating and addressing threats to independence in relation to other fee-related matters, including the proportion of fees for services other than audit to the audit fee.

 

 

Copyright © 2020 The International Federation of Accountants (IFAC). All rights reserved.

Submitted Comment Letters

1. Porus Pavri  (United Arab Emirates)
February 4, 2020

2. UK Financial Reporting Council (UKFRC)  (United Kingdom)
March 12, 2020

3. U.S. Government Accountability Office (GAO)  (United States)
April 28, 2020

4. Inter-American Accounting Association (IAA) (Latin America)
May 4, 2020

5. National Board of Accountants & Auditors – Tanzania (NBAAT)  (Tanzania, United Republic of)
May 4, 2020

6. Office of the Auditor-General of New Zealand (AGNZ)  (New Zealand)
May 4, 2020

7. Capital Market Authority- Saudi Arabia (CMA)  (Saudi Arabia)
May 5, 2020

8. Committee of European Auditing Oversight Bodies (CEOAB)  (France)
May 6, 2020

9. Institute of Chartered Accountants in England and Wales (ICAEW)  (United Kingdom)
May 7, 2020

10. International Forum of Independent Audit Regulators (IFIAR)  (Japan)
May 11, 2020

11. European Federation of Accountants and Auditors for SMEs (EFAA)  (Belgium)
May 13, 2020

12. National Association of State Boards of Accountancy (NASBA)  (United States)
May 15, 2020

13. New York State Society of CPAs (NYSSCPA)  (United States)
May 20, 2020

14. Grant Thornton International Ltd. (GTI)  (United States)
May 21, 2020

15. Institute of Chartered Accountants Ghana (ICAG)  (Ghana)
May 22, 2020

16. Wirtschaftsprüferhaus (WPK)  (Germany)
May 25, 2020

17. Japan Audit & Supervisory Board Members Association (JASBMA)  (Japan)
May 27, 2020

18. Baker Tilly International (BKTI)  (United Kingdom)
June 1, 2020

19. Nexia International (NEXIA)  (United Kingdom)
June 1, 2020

20. Institute of Certified Public Accountants of Uganda (ICPAU)  (Uganda)
June 2, 2020

21. Irish Auditing & Accounting Supervisory Authority (IAASA)  (Ireland)
June 2, 2020

22. Malaysian Institute of Certified Public Accountants (MICPA)  (Malaysia)
June 2, 2020

23. Crowe Global (CROWE)  (United States)
June 3, 2020

24. Deloitte Touche Tohmatsu Limited (DTTL)  (United States)
June 3, 2020

25. Hong Kong Institute of Certified Public Accountants (HKICPA)  (Hong Kong (Special Administrative Region of China))
June 3, 2020

26. Institute of Chartered Accountants of India (ICAI)  (India)
June 3, 2020

27. Japan Institute of Certified Public Accountants (JICPA)  (Japan)
June 3, 2020

28. KPMG IFRG Limited (KPMG)  (United Kingdom)
June 3, 2020

29. Malaysia Audit Oversight Board, Securities Commission (MAOB)  (Malaysia)
June 3, 2020

30. Accountancy Europe (AE)  (Belgium)
June 4, 2020

31. American Institute of Certified Public Accountants Professional Ethics Executive Committee (AICPA)  (United States)
June 4, 2020

32. Association of the Italian Audit Firms (ASSIREVI)  (Italy)
June 4, 2020

33. Auditor-General of South Africa (AGSA)  (South Africa)
June 4, 2020

34. BDO International Limited (BDO)  (United Kingdom)
June 4, 2020

35. Botswana Institute of Chartered Accountants (BICA)  (Botswana)
June 4, 2020

36. CPA Canada Public Trust Committee (CPAC)  (Canada)
June 4, 2020

37. Certified Practising Accountant Australia (CPAA)  (Australia)
June 4, 2020

38. Chartered Accountants Ireland (CAI)  (Ireland)
June 4, 2020

39. Ernst & Young Global Limited (EY)  (United Kingdom)
June 4, 2020

40. FAR- Institute for the Accountancy Profession in Sweden (FAR)  (Sweden)
June 4, 2020

41. IFAC SMP Committee (SMPC)  (United States)
June 4, 2020

42. Institut der Wirtschaftspruefer in Deutschland e.V. (IDW)  (Germany)
June 4, 2020

43. Institute of Chartered Accountants of Bangladesh (ICAB)  (Bangladesh)
June 4, 2020

44. Instituto Mexicano de Contadores Públicos (MICPA)  (Mexico)
June 4, 2020

45. International Organizations of Securities Commissions (IOSCO)  (Spain)
June 4, 2020

46. Joint Submission by Chartered Accountants Australia and New Zealand and the Association of Chartered Certified Accountants (ACCA&CAANZ) (Australia & New Zealand)
June 4, 2020

47. Korean Institute of Certified Public Accountants (KICPA)  (Korea, Republic of)
June 4, 2020

48. Malaysian Institute of Accountants (MIA)  (Malaysia)
June 4, 2020

49. Mazars Group (MAZARS)  (France)
June 4, 2020

50. Moore Global (MOORE)  (United Kingdom)
June 4, 2020

51. New Zealand Auditing and Assurance Standards Board (XRB)  (New Zealand)
June 4, 2020

52. Pricewaterhousecoopers International (PWC)  (United Kingdom)
June 4, 2020

53. RSM International (RSM)  (United Kingdom)
June 4, 2020

54. US Center for Audit Quality (CAQ)  (United States)
June 4, 2020

55. Bangladesh Financial Reporting Council (BFRC)  (Bangladesh)
June 5, 2020

56. Institute of Chartered Accountants of Scotland (ICAS)  (United Kingdom)
June 5, 2020

57. Accounting Professional & Ethical Standards Board (APESB)  (Australia)
June 8, 2020

58. South African Institute of Chartered Accountants (SAICA)  (South Africa)
June 9, 2020

59. Compagnie Nationale des Commissaires aux Comptes (CNCC)  (France)
June 10, 2020

60. Independent Regulatory Board for Auditors (IRBA)  (South Africa)
June 10, 2020

61. Institute of Singapore Chartered Accountants (ISCA)  (Singapore)
June 11, 2020

62. Instituto dos Auditores Independentes do Brasil (IBRACON)  (Brazil)
June 11, 2020

63. Netherlands Institute of Chartered Accountants (NBA)  (Netherlands)
June 11, 2020

64. Institute of Public Accountants (IPA)  (Australia)
June 15, 2020

 

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