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Hi
What do they mean by this ‘steps to reduce certain threats are different for a listed and unlisted company’ This question is to do with Audit framework and regulation but obviously not provided by ACCA.
Thanks
Eg. Rules on rotating partners differ between listed (ie public interest companies) and unlisted companies. Similarly, the rules on maximum fee income from a single client.
I actually don’t know the answer to the first one. They need to be rotated every 5 years – I thought this applied for both? I’ve tried to do a search for rotating partner on your website but cannot find the answer.
I know about the second point 10% PIC and 15% Listed.
Not long until the exam now, thanks for all of your help.
No specific limit for non-lpdyrf partner rotation.
For listed companies IESBA states 7 years. UK Auditing Practicessation Board suggests 5.
Good luck with your exam.
Oh yes I had seen this figure of 7 years come up as well as 5 years and was getting confused by it.
Thank you. I found this exam a bit better than my March attempt where I got 46% as the questions seemed to be more like what I expected. Perhaps I was a bit more prepared as well. I really hope I get a pass this time.
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