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SOX pros say external audit costs increased in 2016

Tammy Whitehouse | June 13, 2017

Roughly half of the largest companies subject to reporting requirements under Sarbanes-Oxley said their external audit costs increased in 2016 as companies report continued pressure on auditors resulting from regulatory inspections.

Based on responses from nearly 470 finance and audit executives at U.S. public companies, Protiviti’s annual SOX compliance survey found 50 percent of accelerated and large accelerated filers saw their external audit fees tick upward again last year, while one-third of nonaccelerated filers reported the same trend in audit costs. For significant numbers of companies represented in the poll, the increases were measured at 10 percent or greater, Protiviti says.

Companies reported via the survey that external auditors are increasing their reliance on medium- and...

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