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Answer: Malaysia Institute of Accountants (MIA) has set out the basis for establishing a reasonable level of remuneration, commensurate with the provision of professional assurance services of an acceptable and recognized standard. With effect on 1 March 2010, MIA has issued the Recommended Practice Guide 7 (RPG 7) for charging professional audit and assurance services. Why did the MIA issue this Practice Guide? Reasons are as follows:- ● Increased in compliance cost and time spent on each audit for ensuring continuous up-grading of skills and adherence to professional pronouncement due to higher auditing standards requirements. ● Increased in operating costs over the years ● Ensuring a reasonable level of remuneration will encourage the practitioners/auditors to maintain and upgrade the quality of service rendered. ● Ensuring practitioners/auditors’ have remained their professionalism and not affected by other competitors. In order to uphold the spirit of the Competition Act (CA) 2010 and not breach any of its provisions, MIA has decided to withdraw the RPG 7 with effect from 1 June 2015. However this practice guideline will still become part of our auditors’ guidance in performance of and charging for their respective duties.