IFAC SMP Committee Response to the IESBA: Proposed Revisions to the Fee-related Provisions of the Code

The IFAC Small and Medium Practices Committee has followed the development of this project and that of the Non-Assurance Services (NAS) since their inception and welcomes the close coordination of IESBA with the International Auditing and Assurance Standards Board. We also concur that the outcome from the work of the Task Force on the definition of Public Interest Entities  and Listed Entities will be equally impactful on this ED. Hence, we support this project being accelerated. In light of the significant impact the definition of PIE’s will have on this ED (and the NAS ED), it is our view that further work on the NAS and Fees projects should be deferred pending a firmer idea or concept being in place from the outcome of the PIE Project as depending on the definition, it may influence our views on the various issues proposed in the Exposure Drafts.