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Hi Gromit,
I refer to page 40 of your notes for F8, bullet point #1.
“Are they professionally qualified to act? Is it legal and ethical for them to do so? For example, they shouldn’t accept an appointment if the fees from that appointment are above the suggested 15% limit for public companies.”Q: Is it 15% of Revenue of Profit or Something else?
Thanks
The fee income from any one client should not routinely be more than 15% of the auditor’s total fee income.
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