Auditing Profession Act, 2005 (Act No. 26 of 2005)NoticesRegulatory Strategy for Independent Regulatory Board for AuditorsPart D : Funding of the IRBA |
Section 8 of the APA outlines the following in respect of fees and charges:
| “(1) | The Regulatory Board must prescribe— |
| (a) | Accreditation, registration, registration renewal and re-registration fees; |
| (b) | Annual fees, or a portion thereof in respect of a part of a year; |
| (c) | The date on which any fee is payable; and |
| (d) | The fees payable in respect of any examination referred to in section 37, conducted by an accredited professional body or the Regulatory Board. |
| (2) | The Regulatory Board may prescribe— |
| (a) | Any fees payable for the purposes of the education fund referred to in section 7(2); |
| (b) | Fees payable for an inspection or review undertaken by the Regulatory Board in terms of section 47; and |
| (c) | Fees payable for any other service rendered by the Regulatory Board.” |
The IRBA’s funding is sourced mainly from the following:
| • | National Treasury Grant. |
| • | Assurance fees based on audit fees declared by registered auditors. |
| • | Annual fees for accreditation, registration renewal and re-registration. |
Funding is utilised in the execution of the mandated functions, in terms of sections 4-7 of the APA.