09-10-2006, 04:29 PM
http//www.icap.org.pk/ATRs/Atr-14.htm
ATR-14 (Revised)
MINIMUM HOURLY CHARGE OUT RATES AND MINIMUM FEE
FOR AUDIT ENGAGEMENTS
1. The Council of the Institute of Chartered Accountants of Pakistan periodically reviews and prescribes minimum hourly rates, which it considers reasonable and compatible under the existing market conditions and quality of professional standards to be observed by the practicing members of the Institute. The current minimum chargeable rates as prescribed by the Council of the Institute are shown below.
Rupees
Per man-hour
Partner
3,500
Qualified Assistant
Senior (5 years or above)
2,100
Junior (0-5 years)
1,400
Supervisor
500
Senior
350
Semi-Senior
285
Junior
175
2. The level of fee is to be mutually agreed between the auditor and his client, which largely depends upon the volume of work involved and estimated time to be incurred by the auditor. The Council whilst recognizing this principle is however, of a view that there has to be minimum threshold of audit fee.
3. To achieve the desired objective, the following parameters are being prescribed which shall govern the determination of a minimum prescribed audit fee (which may be increased by consent having regard to specific circumstances of a company) based on the applicability of any two parameters within a category. In case of applicability of a combination of parameters in a specific situation, the highest prescribed minimum audit fee shall be applicable.
ATR-14 (Revised)
MINIMUM HOURLY CHARGE OUT RATES AND MINIMUM FEE
FOR AUDIT ENGAGEMENTS
1. The Council of the Institute of Chartered Accountants of Pakistan periodically reviews and prescribes minimum hourly rates, which it considers reasonable and compatible under the existing market conditions and quality of professional standards to be observed by the practicing members of the Institute. The current minimum chargeable rates as prescribed by the Council of the Institute are shown below.
Rupees
Per man-hour
Partner
3,500
Qualified Assistant
Senior (5 years or above)
2,100
Junior (0-5 years)
1,400
Supervisor
500
Senior
350
Semi-Senior
285
Junior
175
2. The level of fee is to be mutually agreed between the auditor and his client, which largely depends upon the volume of work involved and estimated time to be incurred by the auditor. The Council whilst recognizing this principle is however, of a view that there has to be minimum threshold of audit fee.
3. To achieve the desired objective, the following parameters are being prescribed which shall govern the determination of a minimum prescribed audit fee (which may be increased by consent having regard to specific circumstances of a company) based on the applicability of any two parameters within a category. In case of applicability of a combination of parameters in a specific situation, the highest prescribed minimum audit fee shall be applicable.
