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Audit Fee Schedule & Table

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Malaysian Institute of Accountants (MIA) has recommended Practice Guide on Audit Fee Charge (New Audit Fee) by Audit Firms for providing auditing services in Malaysia with effect from 1 March 2010.

This recommendation shall be constituted as the new guideline for all audit firms in Malaysia charging to their clients on the slightly increased fees over the audit assignments conducted.

1. Gross Turnover or Total Assets Basis

Gross assets or Turnover for every ringgit ofRate
(%)
Cumulative fees
RM100,0001.000%RM 1,000
RM 250,0000.438%RM 1,657
RM 500,0000.313%RM 2,440
RM 1,000,0000.188%RM 3,380
RM 2,500,0000.125%RM 5,255
RM 5,000,0000.100%RM 7,755
RM 10,000,0000.094%RM 12,455
RM 10,000,000 to RM 20,000,0001,000 for every RM1,000,000 increase of a fraction thereof up to RM20,000,000 
Above RM 20,000,000Negotiable (but should not be less than RM20,000 per assignment) 

Gross assets or Turnover for every ringgit ofCumulative fees
RM100,000RM 1,000
RM 250,000RM 1,657
RM 500,000RM 2,440
RM 1,000,000RM 3,380
RM 2,500,000RM 5,255
RM 5,000,000RM 7,755
RM 10,000,000RM 12,455
RM 10,000,000 to RM 20,000,0001,000 for every RM1,000,000 increase of a fraction thereof up to RM20,000,000
Above RM 20,000,000Negotiable (but should not be less than RM20,000 per assignment)

2. Total Operating Expenditure Basis

Gross assets or Turnover for every ringgit ofCumulative fees
RM 50,000RM 1,250
RM 200,000RM 3,125
RM 1,000,000RM 8,125
RM 2,000,000RM 10,625
Above RM 2,000,000RM 2,500

This recommended practice guide sets out the basis for establishing a reasonable level of remuneration, commensurate with the provision of professional assurance services of an acceptable and recognized standard.

In developing this practice guide, the Malaysian Institute of Accountants (MIA) had conducted the following due process:


• Determining the issues at hand;
• Research into current practice within and outside of Malaysia;
• Consultation with various stakeholders; and
• Consultation with relevant regulatory authorities, where appropriate.

However, The RPG 7 was first introduced in the year 2007 and last revised in the year 2010. The intention was to provide a basis for establishing a reasonable level of remuneration, commensurate with the provision of professional audit services at an acceptable standard. It is not mandatory and serves as a recommended guide only for practitioners who need guidance in estimating the professional fee for statutory audit services.

In consideration of the Competition Act (CA) 2010, the Council has deliberated and decided to withdraw RPG 7 in order to uphold the spirit of the CA 2010 and not breach any of its provisions

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