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 of | Rate (%) |
Cumulative fees |
| RM100,000 | 1.000% | RM 1,000 |
| RM 250,000 | 0.438% | RM 1,657 |
| RM 500,000 | 0.313% | RM 2,440 |
| RM 1,000,000 | 0.188% | RM 3,380 |
| RM 2,500,000 | 0.125% | RM 5,255 |
| RM 5,000,000 | 0.100% | RM 7,755 |
| RM 10,000,000 | 0.094% | RM 12,455 |
| RM 10,000,000 to RM 20,000,000 | 1,000 for every RM1,000,000 increase of a fraction thereof up to RM20,000,000 | |
| Above RM 20,000,000 | Negotiable (but should not be less than RM20,000 per assignment) |
| Gross assets or Turnover for every ringgit of | Cumulative fees |
| RM100,000 | RM 1,000 |
| RM 250,000 | RM 1,657 |
| RM 500,000 | RM 2,440 |
| RM 1,000,000 | RM 3,380 |
| RM 2,500,000 | RM 5,255 |
| RM 5,000,000 | RM 7,755 |
| RM 10,000,000 | RM 12,455 |
| RM 10,000,000 to RM 20,000,000 | 1,000 for every RM1,000,000 increase of a fraction thereof up to RM20,000,000 |
| Above RM 20,000,000 | Negotiable (but should not be less than RM20,000 per assignment) |
2. Total Operating Expenditure Basis
| Gross assets or Turnover for every ringgit of | Cumulative fees |
| RM 50,000 | RM 1,250 |
| RM 200,000 | RM 3,125 |
| RM 1,000,000 | RM 8,125 |
| RM 2,000,000 | RM 10,625 |
| Above RM 2,000,000 | RM 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:
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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