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Audit fees rise in the USA according to survey

Annual audit fees increased by 3.2% in the USA in 2015, according to a survey.

A survey by the Financial Executives Research Foundation (FERF), found that audit fees were on the rise in 2015, however this trend was very much dependent on the companies size and type, as reported by the Journal of Accountancy.

The survey analysed data from 6,490 companies listed with the USA SEC, showing an increase of 3.2% in annual audit fees.

The reasons for increase in the audit fees varied in function of the companies surveyed. Amongst public companies the three most important drivers for the rise were: acquisitions, review of manual controls from the PCAOB and compliance with Sarbanes-Oxley Act which resulted in better internal control and justified the added expenses.

For private companies the main drivers of the increase in audit fees was inflation as well as acquisitions.

Non-for-profits also highlighted inflation as the factor for the increase.

The full report can be found on the Financial Executives International website.

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