ICAEW publishes updated guidance on the disclosure of auditor remuneration
25 Apr, 2022
The Institute of Chartered Accountants in England and Wales (ICAEW) has issued updated guidance, in the form of TECH 01/22, to assist companies in 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 accounts and other (non-audit) services.
This guidance supersedes the guidance set out in TECH 14/13 Disclosure of auditor remuneration and is "substantively unchanged" from that technical release. However, additional guidance has been added to clarify the relationship between the requirements of the 2011 Regulations (the Companies (Disclosure of Auditor Remuneration and Liability Limitation Agreements) (Amendment) Regulations 2011 (Statutory Instrument 2011/2198) which amended the 2008 Regulations (the Companies (Disclosure of Auditor Remuneration and Liability Limitation Agreements) Regulations 2008 (Statutory Instrument 2008/489) and the contents of the illustrative template for communicating information on audit and non-audit services to those charged with governance that is included in Appendix A of the Financial Reporting Council’s Revised Ethical Standard.
The guidance has also been updated to reflect the fact that small companies are no longer required to disclose auditor remuneration and to reflect changes to related pronouncements including the Revised Ethical Standard, the Companies Act 2006, UK Financial Reporting Standards and the UK Corporate
Governance Code.
The release is available on the ICAEW website.
