PracticeAuditUS audit fees rise despite recession

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,
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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