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Benchmark Audit Rate

Annually, The Board of Directors of the Petroleum Accountants Society of Canada sets a benchmark audit rate, as proposed by the Joint Venture Audit Committee (JVAC). The purpose of the benchmark rate is to provide an equitable rate for companies to bill out their internal Joint Venture Auditor’s time to a joint account. This benchmark rate is not intended for use in establishing rates paid to contract auditors or auditing firms. Companies may negotiate a higher or lower rate for any audit engagement based on the auditor’s experience and knowledge or based on the type and complexity of the joint venture audit. However, when engaging an independent contract auditor, at no time shall the rate charged to the audit participants exceed the rate actually paid to the independent contract auditor.

The JVAC reviews the rate and criteria used to determine the rate annually to ensure the relevancy of such criteria in determining future recommended joint venture audit rates. The criteria used is listed and the associated rates are listed below. Criteria used:

  1. Industry salary survey data for senior and staff accounting functions (the positions which were most closely related to a senior Joint Venture Auditor Role)
  2. Statistical analysis (sensitivity cases) taking into consideration certain cost elements that would normally be incurred by companies that employ a Senior Joint Venture auditor.
  3. Other business type costs (i.e. variable pay, annual bonuses, signing bonuses, retention bonuses, profit sharing plans, corporate share option plans, non-cash benefits and remuneration).
Details of criteria used for previous years is available upon request from the PASC Office.

Hourly Audit Rates

2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
$106.00 - Details (PDF)
$106.00 - Details (PDF)
$106.00 - Details (PDF)
$110.00 - Details (PDF)
$110.00 - Details (PDF)
$107.00 - Details (PDF)
$97.00 - Details (PDF)
$96.00 - Details (PDF)
$93.00
$92.00 - Details (PDF)
$93.00 - Details (PDF)
$90.00 - Details (PDF)
$85.00 - Details (PDF)
$80.00
$75.00
$71.00
$70.67