Survey: Audit Fees Rose 3.2 Percent in 2015

By:
Chris Gaetano
Published Date:
Dec 2, 2016
Arrow breaking through

A report from the Financial Executives Research Foundation has found that company audit fees rose by a median of 3.2 percent in 2015, according to Accounting Today. While this figure reflects overall fee increases, there are wide differences when taking type of company into account. For non-accelerated filers, for instance, had a much larger increase in fees over the past year, with costs increasing by 4.8 percent. In contrast, smaller company audit fees grew by a much smaller amount, only 2.3 percent.

The study included 89 public companies, who paid an average of $6.5 million in audit fees, 126 private companies, who paid an average of $258,935, and 30 nonprofits, who paid an average of $159,844. The most common cause of audit fee increases was acquisitions, in the case of public companies, and inflation, in the case of both private companies and nonprofit organizations. 

Internal controls also played a role in audit fee increases: Accounting Today said that companies with ineffective internal controls saw their audit fees increase by 5.1 percent.

Click here to see more of the latest news from the NYSSCPA.