Call to regulate accountants’ fees

Members of the Standing Committee on Justice, Law and Human Rights conducting public consultations at Gallau Mandir, Rakiraki, Ra on the Fiji Institute of Chartered Accountants Bill (Bill No. 35 of 2021). Tuesday, November 17, 2021. Picture: FIJIAN GOVERNMENT

A fee schedule which details all the charges levied by professional accountants should be included in the proposed Fiji Institute of Accountants Bill 2021.

This was suggested by accountant and Lautoka resident Anish Kumar during public consultations on the proposed Bill tabled in Parliament in October.

He said a clear percentage-based fee structure should be mapped out for members of the Fiji Institute of Accountants to follow and the fees and charges should be set out in categories.

“For example, a category could be a certain tax bracket of an accounting report that is from $30,000 to $100,000 and 1 per cent is the fee” Mr Kumar said.

In response, Parliamentary Standing Committee for Justice, Law and Human Rights chairman Alvick Maharaj said there were three main objectives of the Bill, one of which was the registration of members of the Fiji Institute of Chartered Accountants.

He said under the Bill, registration would be based on qualifications that corresponded with the current categories for membership which included chartered accountants, chartered accountants in public practice, limited public practice, associate accountants and accounting technicians.

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