Corporate America continues to win its long-standing battle in the fight to reduce audit fees.
A Compliance Week analysis finds that 63 percent of the Standard & Poor’s 500 won price concessions from their external audit firms amid unprecedented economic strife. The research also shows a median decline of 5.4 percent in fees paid for the audit itself from 2008 to 2009, with 317 of the companies reporting lower audit fees in 2009 from the previous year. The median of total fees paid for audit and other non-audit services, such as certain tax work, also declined by 7.4 percent.
“It ...