• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Free ACCA & CIMA online courses from OpenTuition

Free ACCA & CIMA online courses from OpenTuition

Free Notes, Lectures, Tests and Forums for ACCA and CIMA exams

  • ACCA
  • CIMA
  • FIA
  • OBU
  • Books
  • Forums
  • Ask AI
  • Search
  • Register
  • Login
  • ACCA Forums
  • Ask ACCA Tutor
  • CIMA Forums
  • Ask CIMA Tutor
  • FIA
  • OBU
  • Buy/Sell Books
  • All Forums
  • Latest Topics

20% off ACCA & CIMA Books

OpenTuition recommends the new interactive BPP books for March and June 2025 exams.
Get your discount code >>

contingent fees

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

  • This topic has 3 replies, 2 voices, and was last updated 3 years ago by Kim Smith.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • August 24, 2021 at 3:05 am #632688
    Noah098
    Member
    • Topics: 935
    • Replies: 352
    • ☆☆☆☆☆

    Contingent fees are not permitted for non-assurance services provided to an audit client if:
    1. The fee is material to the firm.
    2. The outcome of the non- assurance service is dependent on a future judgment related to the audit of a material amount of the financial statements.

    maam can you explain the 2nd point?

    August 24, 2021 at 7:36 am #632708
    Kim Smith
    Keymaster
    • Topics: 133
    • Replies: 8291
    • ☆☆☆☆☆

    e.g. valuation of assets reported in the financial statements at valuation

    August 25, 2021 at 1:55 am #632809
    Noah098
    Member
    • Topics: 935
    • Replies: 352
    • ☆☆☆☆☆

    Apologies maam but I am still unclear on this. I get that valuation of assets is a non-assurance service but how does its outcome depend on “future judgment related to the audit of a material amount of the financial statements”?

    August 25, 2021 at 7:12 am #632820
    Kim Smith
    Keymaster
    • Topics: 133
    • Replies: 8291
    • ☆☆☆☆☆

    For example, a valuation of an asset may call for a value-in-use calculation that presumes going concern – which the auditor has still to assess for next year’s audit … and the year after that …

  • Author
    Posts
Viewing 4 posts - 1 through 4 (of 4 total)
  • You must be logged in to reply to this topic.
Log In

Primary Sidebar

Donate
If you have benefited from our materials, please donate

ACCA News:

ACCA My Exam Performance for non-variant

Applied Skills exams is available NOW

ACCA Options:  “Read the Mind of the Marker” articles

Subscribe to ACCA’s Student Accountant Direct

ACCA CBE 2025 Exams

How was your exam, and what was the exam result?

BT CBE exam was.. | MA CBE exam was..
FA CBE exam was.. | LW CBE exam was..

Donate

If you have benefited from OpenTuition please donate.

PQ Magazine

Latest Comments

  • bpop on Risk and uncertainty (part 2) – ACCA (AFM) lectures
  • kamo7293 on Financial performance – Example 2 – ACCA Financial Reporting (FR)
  • nevertoolate on CIMA BA2 – Regression analysis
  • Ken Garrett on The nature and structure of organisations – ACCA Paper BT
  • Ark1 on The nature and structure of organisations – ACCA Paper BT

Copyright © 2025 · Support · Contact · Advertising · OpenLicense · About · Sitemap · Comments · Log in