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AUditor Independence

  • 08-01-2009 3:57pm
    #1
    aintnosunshine
    Closed Accounts Posts: 47 ✭


    You know the way one client is only allowed to contribute so much to an auditors total revenue. Does anyone know what percentage that is? Does that percentage include non audit services like consultancy?

    Thanks


Comments

  • #2
    Kingkong
    Registered Users, Registered Users 2 Posts: 562 ✭✭✭Kingkong


    Depends on whether its ACCA or ACA accountant its all in the code of conduct rules. The fee is inculsive of consultancy. I think its about 10% but not sure. There are a whole lot of rules and tests surrounding this. Common sense however trumps all!


  • #3
    southdubliner
    Closed Accounts Posts: 10 ✭southdubliner


    Thresholds apply to both listed and non-listed companies:

    10% for listed companies
    15% for non listed companies

    Guidance is provided by the Auditing Practices Board. Covered in Ethical Standard 4.

    Whether auditors are ACA or ACCA qualified should not be of concern.

    Check out the link below, paragraph onwards 23:

    http://http://www.frc.org.uk/documents/pagemanager/apb/ES4vprint12004.pdf


  • #4
    Hanley
    Banned (with Prison Access) Posts: 21,981 ✭✭✭✭Hanley


    southdubliner wrote: »
    Thresholds apply to both audit and non-listed companies:

    10% for listed companies
    15% for non listed companies

    Guidance is provided by the Auditing Practices Board. Covered in Ethical Standard 4.

    Whether auditors are ACA or ACCA qualified should not be of concern.

    Check out the link below, paragraph onwards 23:

    http://http://www.frc.org.uk/documents/pagemanager/apb/ES4vprint12004.pdf



    Good post.

    It's worth nothing there are specific provisions in place for new firms to get around this. It'd be hard to take on your first audit client and have them account for any less than 100% of your fee income! I think there's a 2 year grace period or something, but I'm not too sure.


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