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ICAEW issues updated guidance on the disclosure of auditor remuneration for the audit of accounts and other (non-audit) services.

  • ICAEW (Institute of Chartered Accountants in England and Wales) (lt green) Image

12 Dec 2013

The Institute of Chartered Accountants in England and Wales (ICAEW) has issued updated guidance on the disclosure of auditor remuneration for the audit of accounts and other (non-audit) services.

The updated guidance, Tech 14/13 FRF ‘Disclosure of auditor remuneration’, supersedes the draft guidance set out in TECH 04/11 FRF.  It provides guidance on the application of the legal requirement for companies to disclose in their individual and group accounts the remuneration receivable by the company’s auditor and the auditor’s associates for the audit of the accounts and (non-audit) services.  The legal requirements are set out in the Companies (Disclosure of Auditor Remuneration and Liability Limitation Agreements) (Amendment) Regulations 2011 (SI 2011/2198) (“the 2011 Regulations”) which amended the Companies (Disclosure of Auditor Remuneration and Liability Limitation Agreements) Regulations 2008 (SI 2008/489).      

Tech 14/13 FRF is “substantively unchanged” from the draft guidance in Tech 04/11 FRF.  However the ICAEW has included additional guidance in relation to question 46 ‘Does information about other services performed after the period end need to be disclosed in the accounts?’  They comment: 

additional guidance has been added to the answer to question 46 to clarify the relationship between the requirements of the 2011 Regulations and the contents of the illustrative template for communicating information on audit and non-audit services to those charged with governance that is appended to the Auditing Practices Board’s Ethical Standard 1 Integrity, objectivity and independence

Click for Tech 14/13 FRF on the ICAEW website.

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