OUTLOOK & ANALYSIS

Have Audit Fees Hit Bottom?

Click to enlarge

Not quite yet, according to a new analysis by CFO magazine.

But CFO says “the trend has begun to slow.”

“Only three of the top eight audit firms showed a drop in fees charged as a percentage of client revenue in 2009,” CFO says, compared with a dramatic drop from 2007 to 2008 for all but Crowe among the top eight firms.

Audit fees have been dropping since 2007.

In 2004, more than a third of auditor changes were the result of audit firms walking away from clients.

Last year, 82% of auditor changes resulted from companies firing their auditors. And among the Big Four, the number was 90%.

via CFO.com

2 Responses to “Have Audit Fees Hit Bottom?”

  1. Assurance Industry Changing

    […] is an amazing statistic and the sign of the times: In 2004, more than a third of auditor changes were the result of audit firms walking away from […]

  2. ... mentioned on Twitter by Bill Sheridan, MACPA, CPAnet and others ...

    … mentioned on Twitter by Bill Sheridan, MACPA, CPAnet and others …