PracticeAuditAuditors lose on non-audit

Auditors lose on non-audit

Auditors were paid 19% less in non-audit fees by the companies they audit this year, the Auditing Practices Board has revealed

Non-audit fees, expressed as a percentage of audit fees, decreased from 83%
in 2005 to 69% in 2006, the survey of 62 FTSE companies found.

The trend to award auditors less non-audit work has been familiar to the
profession for some time, but there have been few concrete figures. Companies
including Shell have openly endorsed the move.

KPMG’s Richard Bennison said he was surprised: ‘We find that audit committees
are becoming more confident in using auditors for certain aspects of non-audit
work.’

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