- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-08-03T20:15:00
Average audit fees paid to external auditors by Securities and Exchange Commission (SEC) registrants reached record totals in fiscal year 2022, according to the latest annual study.
Ideagen Audit Analytics’ 20-year review of audit fee trends, released Tuesday, found average audit fees increased 11 percent from FY2021 to $2.24 million per SEC registrant. The report cited inflationary pressures, tight labor markets, and increased risk and regulatory requirements as general reasons for the fee increases.
However, audit fees per million dollars of revenue decreased 6 percent from FY2021 and to the lowest amount seen since FY2014 as revenue growth outpaced fee hikes.
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2023-03-29T15:00:00Z By Kyle Brasseur
Deloitte was the only Big Four audit firm to net positive in new public company clients in 2022, while Marcum saw the largest overall gains a year removed from losing 110 clients, according to the latest annual study.
2022-12-13T19:32:00Z By Maria L. Murphy
Public companies continue to increase the overall level of audit committee disclosures in proxy statements, though there is room to improve quality by providing more tailored disclosures and transparency, according to the latest annual report.
2022-10-05T14:35:00Z By Maria L. Murphy
Total audit fees increased in fiscal year 2021 as the number of Securities and Exchange Commission registrants reached its highest total in six years, according to the latest annual review from Audit Analytics.
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Compliance teams should expect more support from their organization’s internal audit functions. That is the clear message from the Institute of Internal Auditors, the global body of national affiliated internal audit institutes, which has just put into action its new Global Internal Audit Standards.
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Chinese authorities banned PwC’s Chinese unit from performing audits in the country for six months, labeling the subsidiary’s flawed audit work as complicit in the failure of giant property developer Evergrande.
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Erica Williams was reappointed to a second term as chair of the Public Company Accounting Oversight Board after an ambitious first three years in the role that have seen the agency work to update many of its standards deemed outdated.
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