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Public Company Audit Fees Turn North, Latest Data Will Show

Tammy Whitehouse | October 7, 2014

Audit fees paid by public companies are starting to rise after several years of downward pressure following financial market turmoil and economic decline. The latest data soon to be published from Audit Analytics will show audit fees paid by more than 2,300 accelerated filers, or larger public companies, as a percentage of revenue turned upward by an average of 1.4 percent in 2013 after four consecutive years of decline.

Audit fees as a percentage of ratio peaked in 2004, the earliest days of Sarbanes-Oxley implementation, when companies paid $592 in audit fees for every $1 million in revenue. The ratio tapered off to $528 per million in 2008, then jumped again to $574 per million in 2009. Audit Analytics says the 2009 increase is attributable not to an increase in audit fees, but a decline in revenue. In actual dollars, audit fees paid by all public companies in the research population fell from $7.84 billion...

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