Audit fees increased slightly in 2013, according to a new report, but remain lower as a percentage of revenue than in 2004.
The study by corporate intelligence provider Audit Analytics, “Audit Fees and Non-Audit Fees: A 12-Year Trend,” found that the average audit fee paid on 2013 by the companies covered was $479 per million dollars of revenue, up by 1.4 percent from 2012. However, audit fees in 2012, at $472 per million in revenue, were the absolute lowest since the implementation of Sarbanes-Oxley Section 404 in 2004, when audit fees averaged $592 per million dollars of revenue.
The study looked at approximately 2,300 accelerated filers, including large companies.
Audit fees for these companies represented 79 percent of total fees.
The full report is available to Audit Analytics subscribers or for purchase on their Web site.
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