ACCA Advanced Audit and Assurance (AAA) Appointment as an Auditor
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Hi i have a doubt, you mentioned that auditors fees is inversely related to the Internal controls of the company so if the internal controls are good, auditors will perform less work therefore less fees. So in a situation where the client and auditors have been working together for a few years, wont the fees substantially decrease as the auditors know the clients internal controls very well hence they will charge less fees because less work is to be conducted?
No – each year the auditor must confirm that the internal controls have operated throughout the year effectively. The auditor cannot do less work on controls this year simply because controls were effective in previous years. Also systems of controls are not static and will change. It is true that the audit fee in the first year of a new appointment might be higher than it is in the following year because of the additional work required – but not necessarily (e.g. in a competitive tender).
A small query that as an auditor acca members are privileged to sign the audit reports or only the icaew members are allowed to do that ??
Thanks in advance
Members of ACCA, ICAEW, ICAS and ICAI with PRACTICING CERTIFICATES would all be able to sign auditor’s reports in the UK.
Why does ICAI get exam exemptions for the ACCA qualification and the same is not reciprocated for ACCA students/members. This is utterly unfair. ACCA should do something about this!!