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Audit costs take another upward turn in 2015

Tammy Whitehouse | November 8, 2016

Rising audit costs of the past few years have not yet leveled off, based on the latest data on audit fees, with companies reporting a 9.16-percent rise in audit costs from 2014 to 2015.

In the newest report on audit fees and non-audit fees from Audit Analytics, analysis through 2015 shows companies saw another increase in their external audit costs in 2015. Expressed as a factor of revenue, audit fees in 2015 for accelerated filers rose to $529 per million of revenue compared with $486 per million in revenue in 2014. And that figure was up from $475 per million in 2013 and $463 per million in 2012.

Audit Analytics also provides data on audit fees that include costs for related audit work that is not specific to the audit of financial statements or internal control over financial reporting. That data suggests a similar rise in audit costs in 2015. Companies...

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