SAMPLING OF INCREASE

Company

Increase

Carlisle Cos.

127.0%

SPX Corp.

87.3%

Piedmont Natural Gas

81.8%

Transbotics

79.8%

BB&T Corp

56.9%

First Charter

37.5%

MedCath Corp.

34.9%

Sonic Automotive

16.4%

CT Communications

12.8%

Wachovia

7.2%

From Charlotte Business Journal

View A Printable Version Of The Original Story

The Charlotte Business Journal is one of the first publications to quantify speculation about increased audit fees post-SOX.

According to the local weekly, the 31 public companies in North and South Carolina that have filed their proxy statements have seen a 23 percent increase in audit fees, on average.

The greatest increase was experienced by $2.1 billion manufacturing company Carlisle, which saw a 127 percent hike to $750,000.

The only company to pay less in 2003 than the prior year was $4.4 billion Goodrich, which, according to the paper, was due to the fact that "the traditionally acquisitive company made no acquisitions last year."

The average 23 percent increase in auditor fees determined by the Journal is actually less than many expected. A recent survey by Financial Executives International found that responding companies expected to pay an average increase of 38 percent over current audit fees, largely due to SOX 404.

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