Auditing Profession Act, 2005 (Act No. 26 of 2005)Board NoticesIndependent Regulatory Board for AuditorsFees Payable to the IRBA with effect from 1 June 2024Board Notice 624 of 2024 |
Board Notice 624
14 June 2024
GG 50825
Independent Regulatory Board for Auditors
Fees on Assurance Engagements Payable to the IRBA with effect from 1 June 2024
Registered Auditors should kindly take note that the Independent Regulatory Board for Auditors has prescribed – in accordance with the provisions of Section 8(2)(b), to the extent necessary, of the Auditing Profession Act 26 of 2005, as amended, read together with subsection (c) – the following assurance fees payable to the regulator from 1 June 2024 to 31 May 2025.
Fee Percentages and Categories Applicable for 2024/2025 |
|
Total Assurance Fee (R) Declared |
Percentage of Fee Payable |
>702 250 000 |
0.393% |
>140 450 000 |
0.594% |
>126 405 000 |
0.606% |
>112 360 000 |
0.618% |
>98 315 000 |
0.630% |
>84 270 000 |
0.677% |
>70 225 000 |
0.701% |
>56 180 000 |
0.773% |
>42 135 000 |
0.891% |
>28 090 000 |
1.010% |
> 60 400 |
1.146% |
<= 60 400 |
0.000% |
All firms will be billed twice a year, as follows:
| • | 1st invoice in the first week of June, payable by 31 July; and |
| • | 2nd invoice in the first week of December, payable by 31 January of the following year. |
These fees are based on a percentage of the total audit and other assurance work invoiced and declared every calendar year by the firm for each registered auditor.