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Contingency fees and referral fees

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › Contingency fees and referral fees

  • This topic has 1 reply, 2 voices, and was last updated 6 years ago by Kim Smith.
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  • February 15, 2019 at 9:57 pm #505250
    rihaam
    Member
    • Topics: 53
    • Replies: 37
    • ☆☆

    Why is contingency fees allowed for insolvency work considering it as a generally accepted practice?

    How does referral fee create a self interest threat?

    Thanks

    February 16, 2019 at 12:10 pm #505293
    Kim Smith
    Keymaster
    • Topics: 133
    • Replies: 8300
    • ☆☆☆☆☆

    I don’t quite understand your first question. Contingency fee arrangements are generally not allowed where the arrangement is contingent on something that is subject to an assurance service. So in the case of an audit engagement, a fee could not be based on reported revenue or profit, for example.

    Think of a referral fee as a financial interest and hence a self-interest.

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