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EP 100 (revised on 7 September 2022) sees a revision to paragraph SG410.27A which includes the introduction of a new term, “audit-related services” (ARS).
The revised paragraph SG410.27A scopes out from the fee proportion computation:
(i) non-audit services fees earned by the firm or its network firms from the audit client’s parent and sister entities; and
(ii) ARS fees.
ISCA Ethics Committee has developed the EP 100 Implementation Guidance 5 (EP 100 IG 5) to assist professional accountants in public practice in fulfilling the requirements of revised paragraph SG410.27A of EP 100 (revised on 7 September 2022) which is expected to be effective 15 December 2022.
Of note, FAQ 2 of EP 100 IG 5 contains a non-exhaustive list of common examples of ARS and the rationale behind the inclusion of each example as ARS whilst FAQ 3 provides an illustrative example of fee proportion computation under revised paragraph SG410.27A. These FAQs are useful references for audit firms.
Please click here for EP 100 IG 5.