US audit fees rise despite recession

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

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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