Understanding contingent fees A. Define the term "contingent fee." B. Explain the circumstances under which a CPA may and may not accept a contingent fee
A. A contingent fee is defined as a fee established for the performance of any service in which no fee will be charged unless a specified finding or result is obtained and any fee charged would depend upon the results.
B. Contingent fees are prohibited for any client in which the auditor performs attestation services. The acceptance of a contingent fee would destroy the public confidence in the profession when performing attest services.
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