The Audit practice has experienced tremendous changes in recent times, sparked globally by corporate failures that exposed substantial weaknesses in the governance of institutions. As a result, the practice is no longer self-regulated and is now subject to numerous inspection regimes and auditing standards enforced in law. The professional standard demanded on the practitioners has become more stringent. Continuous up-grading of skills and adherence to professional pronouncement is now synonymous with the audit practice. A reasonable level of remuneration is therefore necessary and indeed critical to encourage the practitioners to maintain and up-grade the quality of services rendered. ICPAK has therefore commenced the process of developing a framework for Audit Fee guidelines in order to set the basis for establishing a reasonable level of remuneration, commensurate with the provision of professional assurance services at an acceptable and recognized standard.
The Institute hereby calls on its members to review the attached draft audit fee guideline and provide feedback, in order to enrich the proposed framework.
