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
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.
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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
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
Related Resources
- 2016 Handbook of the Code of Ethics for Professional Accountants
- IESBA Proposes Significant Revisions To the International Independence Standards Related to Non-Assurance Services
- IESBA Technology Working Group's Phase 1 Report
- Proposed Revisions to the Non-Assurance Services Provisions of the Code
- Report on IESBA Accomplishments, June 2016 – July 2020
