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Audit Fees Are Up, But The Story May Not Be Complete

Karr Susan Schott | December 7, 2004

Audit fees are up, but if you consider the increase in revenues plus inflation, the fees appear not to have gone up dramatically, according to a recent study published in June 2004 by Glass Lewis, an analytical research firm.

In its report, Glass Lewis concluded that “the amounts paid to auditors for the audits of financial statements have increased but not significantly more than the growth in the operations of the companies themselves,” and added, “The numbers disclosed by companies do not support some of the whining about audit fees discussed in the press.”

When Financial Executives International produced an informal survey on audit fees in June 2003, it showed that companies expected fees to increase by an average of 35 percent from 2002 to 2003—compared to 27 percent from 2001 to 2002—to cover Sarbanes-Oxley 404 attestations.

Then, in a two-part...

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