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03 Jun 2009
US audit fees bucked the recession by bringing in increased revenue for accounting firms in 2008.
A survey of 110 public companies by the Financial Executives Research Foundation found that fees paid to external auditors rose 2.2% last year, according to Reuters.
In larger companies, the increased was even more marked with companies that have a market capitalisation over $700m (£420m) paying on average $5.7m for an audit, up 4.2% on the previous year.
For privately held companies the rise in audit fees was 3.7%.
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Visitor comments Add your comment
Interesting
Well,atleast accounting firms seem to have benefited from recession!
Incidentally there is an interesting website that is specifically dedicated to recession victims.It offers help and discusses all issues related to recession- http://www.angstcorner.com. It?s worth a visit!
Posted by: JJ, 03 Jun 2009 | 00:00