![](https://investorshub.advfn.com/uicon/126633.png?cb=1684775399)
Saturday, July 16, 2016 9:24:16 AM
SEC filers paid external auditors an average of $1.5 million in 2014, with the median fee coming in at $402,812.
Matthew Heller
October 9, 2015 CFO.com
Audit fees for public companies rose 3.4% last year, reflecting in part the impact of completed mergers or acquisitions, according to a new survey by the trade group Financial Executives International.
More than 7,000 SEC filers paid external auditors an average of $1.5 million in 2014, with a median audit fee of $402,812, FEI said in its annual Audit Fee Survey, noting that the increase was also fueled by reviews of manual controls resulting from Public Company Accounting Oversight Board inspections.
For a smaller group of public companies that responded to the survey, the median increase in audit fees was 3.1%.
Most respondents indicated that to obtain an auditor’s report on the financial statements, as well as an auditor’s report on internal controls, the volume of annual audit work increased in 2014 compared with 2013.
PCAOB inspections mostly resulted in a change of controls or control documentation, the survey said, but no respondent indicated that the inspections resulted in a restatement.
In addition, 58.7% of public companies indicated an increase in internal cost of compliance with Section 404 of the Sarbanes-Oxley Act within the past three years. However, 45.3% of respondents stated they believe they now have improved internal controls, making it worth the additional overall expense.
Section 404 requires a publicly-held company’s auditor to attest to, and report on, management’s assessment of its internal controls and procedures for financial reporting.
In the private sector, companies surveyed paid an average of $254,740 in total audit fees in 2014, up 2.7% over the prior year. Median fees were $70,000, up 2.0%. The number of audit hours required for a private company averaged 2,800 hours, with a median of 850.
More than 45% of public companies reported lower audit fees from the prior year, but in each of the past three years, approximately 12% of public companies have reported increases of 50% or more, the FEI said.
Recent RXMD News
- Form 8-K - Current report • Edgar (US Regulatory) • 08/14/2024 03:51:39 PM
- Form DEF 14A - Other definitive proxy statements • Edgar (US Regulatory) • 08/06/2024 08:54:58 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/15/2024 07:54:25 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/15/2024 04:38:35 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/14/2023 04:16:29 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 10/23/2023 01:40:42 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 10/23/2023 01:34:02 PM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 10/23/2023 01:20:59 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 10/20/2023 04:05:24 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 10/20/2023 04:04:51 PM
FEATURED Element79 Gold Corp. Announces Sale of 100% Interest in Elder Creek, North Mill Creek, and Elephant Projects to 1472886 B.C. Ltd. • Sep 9, 2024 9:34 AM
North Bay Resources Commences Gold Shipments, Fran Gold Project, British Columbia; Enters Taber Gold Mine JV, Sierra County, California • NBRI • Sep 9, 2024 9:15 AM
Simple Stock Loans Announces Unique Solutions For Investors Looking for Alternative Liquidity Amidst Recent Small Cap Rally Sep 6, 2024 9:30 AM
Reliant Coffee Debuts at #271 on the Inc. 5000 List of Fastest Growing Companies - Coffee Service Industry Disruptor Brews Up Exponential Growth Sep 5, 2024 11:51 AM
VAYK Confirms Receiving Revenue from First Airbnb Property with 1.4 Million Annual Revenue Goal • VAYK • Sep 4, 2024 9:34 AM
Mawson Finland Limited Expands Known Mineralized Zones at Rajapalot: New Lens Intercepts 21.75 m at 5.25 g/t Gold & 515 ppm Cobalt • MFL • Sep 4, 2024 9:02 AM