AA report: Inflation helps drive audit fees to all-time high
Average audit fees paid to external auditors by Securities and Exchange Commission (SEC) registrants reached record totals in fiscal year 2022, according to the latest annual study.
Ideagen Audit Analytics’ 20-year review of audit fee trends, released Tuesday, found average audit fees increased 11 percent from FY2021 to $2.24 million per SEC registrant. The report cited inflationary pressures, tight labor markets, and increased risk and regulatory requirements as general reasons for the fee increases.
However, audit fees per million dollars of revenue decreased 6 percent from FY2021 and to the lowest amount seen since FY2014 as revenue growth outpaced fee hikes.