Disclosure of Fees for Audit Firms' Services – Amendments to PBE IPSAS 1

The amendments to PBE IPSAS 1 aim to address concerns about the quality and consistency of disclosures an entity provides about fees paid to its audit or review firm for different types of services.

The enhanced disclosures are expected to improve the transparency and consistency of disclosures about fees paid to an entity’s audit or review firm.

Commencement and Application

Application of these amendments is required for accounting periods beginning on or after 1 January 2024. Application is permitted for accounting periods that begin before 1 January 2024 but have not ended or do not end before 15 June 2023.

  • Disclosure of Fees for Audit Firms' Services (Amendments to PBE IPSAS 1)

    Date of issue: May 2023

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What do the amendments require:

Entities are required to disclose the fees incurred for services received from its audit or review firm, and a description of each service, using the following specified categories:

  • Audit or review of the financial report
  • Other non-audit and non-review services:
    • Audit or Review Related Services
    • Other Assurance Services and Other Agreed-Upon Procedures Engagements
    • Taxation Services
    • Other Services

Tier 2 entities have reduced requirements and are required to disclose:

  • the total fee for the audit or review of the financial statements; and
  • the total fees for any other services together with a general description of those services.
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