The FRC is consulting on plans to increase registration and annual renewal fees for auditors of companies based outside of the EU, with full registration rising to £5,680 for auditors with more than three clients
The regulator is revoking the Third Country Auditors (Fees) Instrument 2011 and replacing it with a 2018 instrument due to certain legislation and other references being out of date. The FRC is also planning to introduce a new fees schedule with increased registration and renewal fees.
Third country auditors are non-EU auditors of certain companies incorporated outside of the EU and listed on an EU-regulated market.
The FRC’s fees are based on the costs to administer the third country auditors regime and are determined by the estimated cost of processing applications for registration and renewal of registration.
The third country auditors regime exists to establish a level of oversight similar to that required of the audits of listed companies incorporated within the EU. This is intended to enhance and safeguard public confidence in the financial statements of companies listed on EU-regulated markets and audited by third country auditors.
The FRC proposed new fees are as follows:
Number of audit clients | Type of registration | ||
Equivalent registration | Transitional registration | Full registration | |
0-9 | £1,136 | £2,272 | |
10+ | £2,840 | £5,680 | |
The consultation closes on 11 May and responses should be sent to [email protected]
Third Country Auditors (Fees) Instrument 2018 is here.
Report by Amy Austin
