US audit fees rise despite recession
Audit firms still increasing fees in the global downturn
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,
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%.