Independent Regulatory Board for Auditors
6 June 2019
Assurance Fees Payable to the Independent Regulatory Board for Auditors (IRBA) have been adjusted.
The IRBA published the notice in Government Gazette 42511.
The fees are payable for an inspection or review undertaken by the IRBA in terms of section 47 of the Auditing Profession Act of 2005.
The adjusted fees apply from 1 April 2019 until 31 March 2020.
According to the notice, “assurance 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”.
Percentages include 0.331% for assurance fees greater than R702 250 000, 0.591% for fees greater than R70 225 000 and 0.000% less than or equal to R60 400.
The average rate for the year stands at 0.55%.