Are audit fees regulated and is there a scale for fees?

Audit fees are not regulated yet and there is no scale reference for audit fees. Auditors generally charge fees according to time spent, risk involved and complexity of the accounts on the audit assignment. Fees also reflect the level of skill, expertise and experience required and the level of responsibility and complexity involved in the audit engagement. Alternatively, fees are charged on agreed terms between the auditor and the client before commencement of audit.

Posted in Audit & Assurance - LEFT.