Economics · Professional Ethics and Fee Thresholds
In accordance with ACCA's Code of Ethics and Conduct regarding public interest entities, an audit firm concludes that it must disclose the proportion of fees obtained from a specific client to those charged with governance and arrange a post-issuance review. Which of the following conditions explains the basis for this conclusion?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The disclosure and review are required in all circumstances where non-audit services are offered, irrespective of the fee percentage.
- 2Total fees from the client make up more than 15% of the firm's total fees for the second consecutive year.✓
- 3Total non-audit fees from all clients make up more than 5% of the total fees of the firm.
- 4Total fees from the client make up more than 10% of the firm's total fees for the first time.
Correct answer
Total fees from the client make up more than 15% of the firm's total fees for the second consecutive year.
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