Watch and Learn! IESBA Webinar Highlighting Key Proposed Revisions to the Fee-Related Provisions of the Code

[News]

Watch the March 19, 2020 IESBA webinar highlighting key aspects of the Board’s  January 2020 Exposure Draft: Proposed Revisions to the Fee-Related Provisions of the Code.

The presenter, IESBA Member and Fees Task Force Chair, Ian McPhee explained that the proposed revisions to the Code’s fee-related provisions are intended to strengthen auditor independence, especially for audits of public interest entities (PIEs). He then provided an overview of the proposed revisions, including:

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

Comments on the Fees Exposure Draft are due by May 4, 2020.

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