MALAYSIA AUDIT FEES SCHEDULE AND TABLE

MALAYSIA AUDIT FEES SCHEDULE AND TABLE

The Malaysia Institute of Accountants (MIA) introduced Practice Guide (RPG) 7 regarding the determination of audit fees for statutory auditing services in Malaysia starting from March 1, 2010. This decision was prompted by several factors:

  • The increased burden of compliance due to stricter auditing standards.

  • Rising operational costs.

  • The need to safeguard the professionalism of auditors amidst competitive pricing practices.

Although the RPG 7 has been removed from the website by the Council to adhere to the Competition Act (CA) 2010 and prevent any potential violations, it will still be referenced as part of the guidelines for associated auditors when establishing audit fees for statutory audit services in Malaysia.

Audit Fee Schedule & Table

Fee-coefficient Percentage Table

(i) Gross Turnover or Total Assets Basis

Gross Assets or Turnover for every ringgit of

Cumulative 

Ringgit

(RM)

Rate 

(%)

Fees 

(RM)
subjected to Service Tax

Cumulative Fees 

(RM)
subjected to Service Tax

Dormant (Minimum audit fee)

-

-

800

-

The first 100,000

100,000

1.000%

1,000

1,000

The next 150,000

250,000

0.438%

675

1,675

The next 250,000

500,000

0.313%

783

2,440

The next 500,000

1,000,000

0.188%

940

3,380

The next 1,500,000

2,500,000

0.125%

1,875

5,255

The next 2,500,000

5,000,000

0.100%

2,500

7,755

The next 5,000,000

10,000,000

0.094%

4,700

12,455

The next 10,000,000

20,000,000

0.100%

10,000

22,455

Above 20,000,000

Negotiable

>22,455

(ii) Total Operating Expenditure Basis

Gross Assets or Turnover for every ringgit of

Cumulative 

Ringgit

(RM)

Rate 

(%)

Fees 

(RM)
subjected to Service Tax

Cumulative Fees 

(RM)
subjected to Service Tax

Dormant (Minimum audit fee)

-

-

800

-

The first 50,000

50,000

2.500%

1,250

1,250

The next 150,000

200,000

1.250%

1,875

3,125

The next 800,000

1,000,000

0.625%

5,000

8,125

The next 1,000,000

2,000,000

0.250%

2,500

10,625

Above 2,000,000

Negotiable

>10,625

This practice guide outlines the criteria for determining a fair level of compensation, in line with the delivery of professional assurance services of a satisfactory and acknowledged caliber. Adequate compensation aims to incentivize practitioners to uphold and enhance the quality of their services.

In crafting this guide, MIA followed a structured approach:

  • Identifying pertinent issues.

  • Conducting research on prevailing practices both domestically and internationally.

  • Engaging with diverse stakeholders.

  • Seeking input from relevant regulatory bodies when necessary.

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