Auditing Profession Act, 2005 (Act No. 26 of 2005)Board NoticesIndependent Regulatory Board for Auditors (IRBA)Firm Fees Payable to the IRBA with effect from 1 April 2018Board Notice No. 86 of 2018 |
Board Notice 86
22 June 2018
GG 41722
Independent Regulatory Board for Auditors
Johannesburg / 22 June 2018
Dear Registered Auditor
Notice is hereby given in accordance with the provisions of Section 8(2)(b) of the Auditing Profession Act, No. 26 of 2005, which reads as follows:
“(2) The Regulatory Board may prescribe—
(b) fees payable for an inspection or review undertaken by the Regulatory Board in terms of section 47”.
Accordingly, fees payable for inspections, called Firm Fees, from 01 April 2018 to 31 March 2019 are prescribed herewith on the following basis:
| 1. | For all assurance work categorised as high risk (category A), firm fees are billed twice a year based on a percentage of the total audit and other assurance work invoiced by the firm and declared every calendar year by the firm for each registered auditor. |
| 2. | The percentages and categories applicable for 2018/2019 are as follows: |
High-risk assurance fee declared |
Percentage |
> 662 500 000 |
0.331% |
> 132 500 000 |
0.656% |
> 119 250 000 |
0.666% |
> 106 000 000 |
0.676% |
>92 750 000 |
0.686% |
> 79 500 000 |
0.726% |
> 66 250 000 |
0.746% |
> 53 000 000 |
0.806% |
> 39 750 000 |
0.906% |
> 26 500 000 |
1.006% |
> 19 875 000 |
1.201% |
> 15 900 000 |
1.486% |
> 12 587 500 |
1.556% |
> 8 212 500 |
1.806% |
> 5 962 500 |
2.046% |
> 1 987 500 |
2.166% |
> 56 975 |
2.406% |
<= 56 975 |
0.000% |