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Hi
question reference :sep/dec 2015 question no 4 part b
my question is, if a client has unpaid audit fees from previous period. would this lead to a perceived loan to the client?
and would this result to a threat to the auditors?
can you please explain the implications or what the auditors should do in this matter.thanks alot
“if a client has unpaid audit fees from previous period. would this lead to a perceived loan to the client?”
Yes
“and would this result to a threat to the auditors(‘ independence)”
Yes
“can you please explain the implications or what the auditors should do in this matter”
Don’t let your client take too long to pay your fee notes!
Chase them up!
Credit control!
Don’t do any more work and when they come crying to you that the taxman is chasing them … tell them straight! “Pay our outstanding fee note and then we shall help you – but this time we want payment in advance”
Thanks and also would there be any instance when we decide to not provide audit services to them any further?
maybe if the risk is high as they have not been payingHere’s the last paragraph from my previous post
“Don’t do any more work and when they come crying to you that the taxman is chasing them … tell them straight! “Pay our outstanding fee note and then we shall help you – but this time we want payment in advance””
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