Industry responds to amended audit fee standards
The SMSF industry generally favours a more flexible approach in terms of reviews on auditor fee dependency.
In May 2021, the APESB issued an exposure draft with proposed changes to fee provisions in APES 110 Code of Ethics following concerns around auditor independence.
Following some of the concerns raised by the SMSF industry involving the 20 per cent threshold for auditor referral fees proposed by APESB, the APESB released amended proposals in Exposure Draft 01/22 in March this year.
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