Audit fees double in US
Audit fees from US clients to the Big Four accounting firms have doubled because of work prompted by Sarbanes-Oxley, a new survey claims.
Audit fees from US clients to the Big Four accounting firms have doubled because of work prompted by Sarbanes-Oxley, a new survey claims.
Regulation means fees will rocket in 2005
Section 404 on internal controls helped PricewaterhouseCoopers increase its audit revenues by a massive 134%, said the survey.
KPMG experienced 109% growth, Ernst & Young, 96% growth, while Deloitte, propping up the pack, still managed a whopping 78% growth in audit fees.
The survey, carried out by the Corporate Executive Board in December, found that the 43 companies questioned spent an average of between $5m (£2.7m) and $8m to comply with the legislation in 2004.
‘We believe the overall audit fee increase is in the 80 to 100% range, with significant variation depending on the specific client and the complexity of the work,’ a PwC spokesperson told The Financial Times.
The numbers you crunch tell a story. Your expertis...
19yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe Bank of England has appointed Ernst and Young LLP (EY) as its external auditor from the financial year ending 28 February 2025. Read More...
View articleThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articlePwC's decision to delay promotions in its graduate scheme, affecting around 100 graduates, is a response to reduced client demand and the aftermath of...
View articleTraditionally, audit schedules have been prepared manually, consuming significant time and resources. However, with the advancements in Artificial Int...
View articleThe FRC is promoting initiatives to foster a more competitive market, following recent high-profile accounting scandals. Read More...
View articleOn January 27, it was reported EY had quit as auditor to Asda amid one of its senior partners starting a romantic relationship with billionaire chief ...
View articleDespite the increased interest in AI and ML, only 12% of respondents indicate their organisations have adopted AI and ML within their audit functions....
View articleAs the government's independent investigation progresses, it is hoped that a clearer picture will emerge, leading to meaningful reforms within the aud...
View article