Have Audit Fees Hit Bottom?
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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
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