Audit firms still increasing fees in the global downturn
Accountancy Age, 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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