|1.||How much is the registration fees?|
|The AOB will only impose a registration fee on individual auditors even though both audit firms and individual auditors need to be registered. In this regard, each individual auditor seeking registration will need to pay RM5,000 upon submission of the application. These fees should be paid annually upon submission of application of renewal of registration with the AOB.|
|2.||How does the AOB’s registration fee structure compare with other jurisdiction?|
|Our research shows that different jurisdictions use different funding models to fund the oversight of auditors. Most jurisdictions impose registration fees on both the audit firm as well as on the individual auditor.
The various modalities include charging audit firms a percentage of its audit fees, imposition of a levy on public listed companies based on market capitalisation, contribution from related professional bodies and contribution from all relevant regulators.
One common thread in all these modalities is that the auditing profession is required to contribute towards the cost of establishing and operating an independent oversight framework.
|3.||If I am a partner in two or more audit firms which operate as a single audit entity, do I need to pay the registration fee for each audit firm in which I am a partner?|
|You only need to pay a single registration fee of RM5, 000 as required under the Securities Commission (Audit Oversight Board) (Fees) Regulations 2010, if the audit firms in which you are a partner operates as a single audit entity.|
|4.||How does AOB assess and determine whether the audit firms in which I am partner operate as a single audit entity?|
|The following criteria will be used by the AOB to determine whether the audit firms in which you are a partner operate as a single audit entity:
Notwithstanding the above, the AOB may request for additional disclosures from you, where necessary.
You shall submit an application for recognition that audit firms in which you are a partner operate as a single entity by filling in Form 5 which is available here. The form is to be submitted to the AOB together with all the necessary documents as evidence to support compliance with the above criteria.
|5.||In relation to question 4, do I need to renew my application annually?|
|No. However, applicant must notify AOB of any changes made to the application form within three working days. The audit firms in which you are a partner are recognised as a single audit entity only for three (3) years i.e. from 1 April 2010 to 31 March 2013. The recognition accorded to such audit firms will lapse thereafter and you will be required to pay the registration fees for each audit firm that you intend to be registered under.|