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Auditing Profession Act, 2005 (Act No. 26 of 2005)

Board Notices

Independent Regulatory Board for Auditors (IRBA)

Fees Payable to the IRBA with effect from 1 April 2016

Board Notice No. 25 of 2016

 

Board Notice 25

11 March 2016

 

FEES PAYABLE TO THE IRBA WITH EFFECT FROM 1 APRIL 2016

 

1. LEGISLATION

 

The Auditing Profession Act, 2005 (Act 26 of 2005) determines the following in section 8:

 

“(1) The Regulatory Board must prescribe—
(a) accreditation, 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 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 services rendered by the Regulatory Board.

 

(3) The Regulatory Board may grant exemption from payment of any fees referred to in subsection (1) or (2).

 

 

 

R

1.

Registration as an auditor

 
1.1 Individual registration, payable on application for registration

R8 100,00
1.2 Proficiency interviews, payable on notification of interview (Application of the "Three-Year Rule")

R1 370,00
1.3 Administration fee for cancellation or withdrawal from 1.1, 1.2 and 1.3 above

(Recovery of cost)

15% of the above fee/s

Note:  No firm registration fee are payable and the registration fee includes the first year annual fee.

2.

The annual renewal of registration fees payable by any individual registered as an auditor shall become due and payable on 1 April of every calendar year.

 
2.1 Annual renewal of registration payable by any person as long as he/she remains registered as an auditor and has not reached the age of 65 years.

R5 150.00
2.2 Annual renewal of registration payable by any person as long as he/she remains registered as an auditor and is over the age of 65 years.

R2 575.00
2.3 Administration fee for reinstatements (not limited to reinstatements after lapsing)

R2 330.00

3.

Once-off fees payable in respect of registration of training contracts on registration

 
3.1 Training contract

R2 130.00

4.

Once-off fees payable in respect of registration of audit development program contract on registration

 
4.1 Audit Development Program

R5 400.00
4.2 Administration fee for cancellation or withdrawal from 4.1 above

(Recovery of cost)

15% of the above fee

5.

Re-inspection fees payable, inspection fees payable by the Auditor General and inspection fees for BB-BBEE inspections:

 

Engagement inspection fees payable within 30 days of date of invoice based on:
5.1 Actual time spent carrying out the engagement inspection at a standard rate per hour, per inspector

R1 750.00
5.2 Firm inspection fees payable within 30 days of date of invoice based on:

Total time spent on firm inspection and report at a standard rate per hour, per inspector

R1 750.00
5.3 Cancellation fees payable within 30 days of date of invoice based on:

Total time as allocated for the inspection when scheduled, and as communicated to the Registered Auditor at the time, at a standard rate per hour, per inspector scheduled

R1 750.00

6.

Accreditation fees for professional bodies

 

Application fee

Payable on application (non-refundable)

R44 440.00

Evaluation fee (Up to a maximum of)

Payable on progress

Should the professional body withdraw its application for accreditation, the IRBA

will charge for recovery of costs incurred.

 

R1 316 960.00

Annual monitoring fee

Payable annually

R507 780.00

 

 

Bernard Peter Agulhas

Chief Executive Officer

Independent Regulatory Board for Auditors