Auditing Profession Act, 2005 (Act No. 26 of 2005)Board NoticesIndependent Regulatory Board for AuditorsAssurance Fees Payable to the IRBAAssurance Fees Payable to the IRBA with effect from 1 April 2025Board Notice 760 of 2025 |
Board Notice 760
20 March 2025
GG 52351
Independent Regulatory Board for Auditors
Assurance Fees Payable to the IRBA with effect from 1 April 2025
In Board Notice 717 of 2025 the Independent Regulatory Board for Auditors informed Registered Auditors (“RAs”) of its intention to prescribe assurance fees payable by RAs for the 2025-2026 financial year in accordance with Section 8(1)(b) of the Auditing Profession Act, 2005 (Act 26 of 2005) and invited public comments on the proposed fees.
Having considered the comments, the Board has resolved to implement the proposed fees without any changes. Regarding comments on the inclusion of Category C assurance fees, the Board considered the impact of omitting such fees on its operational activities and the fact that National Treasury had not approved the IRBA’s application to budget for a deficit. The inclusion of Category C assurance fees will ensure that the IRBA has a break-even budget to support all its regulatory functions, including standard setting, education, monitoring and enforcement activities, in relation to all RAs under section 8(1)(b) of the Auditing Profession Act. It further resolved not to increase the rates payable by firms from the prior year.
Accordingly, assurance fees payable from 01 April 2025 to 31 March 2026 are prescribed herewith as approved by the Board subsequent to the consultation process:
Fee Percentages and Applicable Categories |
||
Total Assurance Fee (both High-Risk and Low-Risk) (R) Declared |
Rate as previously proposed in the February 2025 comment notice |
Rate adopted by the Board |
>702 250 000 |
0.417% |
0.393% |
>140 450 000 |
0.630% |
0.594% |
>126 405 000 |
0.642% |
0.606% |
>112 360 000 |
0.655% |
0.618% |
>98 315 000 |
0.668% |
0.630% |
>84 270 000 |
0.718% |
0.677% |
>70 225 000 |
0.743% |
0.701% |
>56 180 000 |
0.819% |
0.773% |
>42 135 000 |
0.944% |
0.891% |
>28 090 000 |
1.071% |
1.010% |
> 60 400 |
1.215% |
1.146% |
<= 60 400 |
0.000% |
0.000% |