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Technical release: disclosure of auditor remuneration

Author: ICAEW Insights

Published: 29 Apr 2022

ICAEW’s Financial Reporting Faculty has published updated guidance on the disclosure of auditor remuneration for the audit of accounts and other services.

Companies are legally required to disclose in their accounts the remuneration receivable by their auditor for the audit of those accounts, and for any other services provided. 

ICAEW has provided ongoing guidance on the application of these requirements. The previous version of this guidance was published in 2013. Since then, there have been changes to the underlying legislation to remove the requirement for small companies to disclose details of audit fees, and to narrow the scope of the disclosure exemption available to subsidiaries included in group accounts. 

There have also been changes to a number of other related laws, regulations, financial reporting standards and other guidance.

ICAEW has issued updated guidance to reflect these developments. At the same time, some minor changes have also been made to add clarity in some areas. The guidance does, however, remain substantively unchanged. 

The updated guidance, Tech 01/22 FRF Disclosure of auditor remuneration, supersedes the guidance set out in TECH 14/13 FRF.

Marianne Mau, ICAEW’s Head of Corporate Reporting Strategy, said: “The technical release on disclosure of auditor remuneration needed a refresh following a range of developments in recent years including revised ethical standards, updates to the Corporate Governance Code and changes made to the Company’s Act in the wake of the UK leaving the EU. This latest update incorporates all of these and other relevant developments, while retaining the familiar user-friendly question and answer format.”

Find out more

You can download a copy of the technical release here.

ICAEW Know-How from the Financial Reporting Faculty

This guidance is created by the Financial Reporting Faculty – recognised internationally as a leading authority on financial reporting. The Faculty formulates ICAEW policy on financial reporting issues and makes submissions to standard setters and other external bodies. Join the Faculty to access exclusive technical resources and practical know-how.

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