The 2014 PPE results will be released on Friday, 27 February 2015
19 Nov 2014 - Invitation to Comment on the Question Papers and Draft Suggested Solutions of the 2014 PUBLIC PRACTICE EXAMINATION (PPE) View More
24 Nov 2014 - Assurance on Integrated Reports Roundtable – Cape Town – 24 November 2014 View More
11 Nov 2014 - Section 12I Tax Allowance Incentive Programme Factual Findings Report View More
21 Oct 2014 - Communiqué: IRBA News #26 View More
03 Oct 2014 - Communiqué: Annual Report 2013/14 tabled in Parliament View More
01 Oct 2014 - Annual Report 2014 View More
30 Sep 2014 - Ethics Workshops For Registered Auditors 2014 View More
12 Sep 2014 - Communiqué: Retirement Fund Auditor Reports View More
11 Sep 2014 - Communiqué: Revised Guide for Registered Auditors: Reporting on Financial Information contained in Interim, Preliminary, Provisional and Abridged Reports required by the JSE Listings Requirements View Communiqué or Download Guide
03 Sep 2014 - Media Release: South Africa maintains first position for the strength of Auditing and Reporting standards for five years in a row View More
 

14 June 2012

Attention: open in a new window. PrintE-mail

Inspection Fees

 

 

Johannesburg / 14 June 2012

 

From 1 April 2012, for all firms categorised as high or special risk (categories A and B), inspections will be 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 (RA).

 

In principle, work in categories A and B will therefore be subject to a three year inspection cycle and billed on a bi-annual basis at a percentage of the total audit fee base declared.

 

Low risk assurance work (category C) may be inspected on a reactive basis. This means that the IRBA may inspect this work if any information comes to its attention and where it is deemed appropriate or necessary to perform an inspection. These inspections will be billed on a cost per hour recovery basis at a rate prescribed by the IRBA.

 

Re-inspections under categories A and B will also be billed separately on a cost per hour recovery basis at a rate prescribed by the IRBA. The prescribed fee for the 2012 financial year is R1 285.

 

The following percentages on the high risk audit fee declared for the financial year 2012 were approved by the Board and published in the Government Gazette:

 

Total High Risk Audit Fee Declared Categories Percentage inspection fee to be charged and payable in two instalments
>R500 000 000 0.17%
>R50 000 000 0.55%
>R30 000 000 0.90%
>R15 000 000 1.17%
>R4 500 000 1.98%
>R43 000 2.34%
<R43 000 0%

 

The first invoice will be sent by e-mail on 20 June 2012 and posted to the firm's address as per the contact details on our database.

 

Where firms operated as different legal entities under the same name ('network firms'), the fees were added together and the invoice will only be sent to the main firm.

 

Download this communiqué in (Doc | PDF) format.

 

Bernard Peter Agulhas
Chief Executive Officer

 

About the IRBA
The objective of the IRBA is to endeavour to protect the financial interests of the South African public and international investors in South Africa through the effective and appropriate regulation of audits conducted by registered auditors, in accordance with internationally recognised standards and processes.

Developed and maintained by JHNet JHNet Web Development