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overdue fees

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › overdue fees

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Kim Smith.
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  • August 25, 2021 at 1:47 am #632808
    Noah098
    Member
    • Topics: 935
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    When fees remain overdue for a significant amount of time, the firm should consider whether the overdue fees constitute a loan, and whether it is appropriate to seek reappointment or continue with the engagement.

    maam what is reappointment in this context? from what I understand, how is reappointment by the same company going to address the problem of overdue fees?

    August 25, 2021 at 7:03 am #632819
    Kim Smith
    Keymaster
    • Topics: 100
    • Replies: 6783
    • ☆☆☆☆☆

    In general, for any threat that cannot be reduced to an acceptable level by safeguards, the auditor should (after consideration) discontinue the engagement/not seek reappointment.

    It is deciding to NOT seek reappointment/continue with the engagement that overcomes the problem (= “Decline or end the specific professional activity” – see last bullet above 3.1 on page 22 of the notes).

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