Refinements to certain guidance increased the workload, putting upward pressure on fees.
By CPA Trendlines Research
Audit fees have been rising steadily, if slowly, since 2018. But the first post-COVID-19 audit fee reports show paradoxical records, according to a new study.
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In 2022, average audit fees increased 11 percent over 2021, reaching an all-time high of $2.24 million per Securities and Exchange registrant.
At the same time, however, fees per million dollars of client revenue have hit a nine-year low, according to a study from Audit Analytics, “20-Year Review of Audit Fee Trends – 2003-2022.”
What’s going on … and why? Well, it’s complicated.
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