Ideagen Audit Analytics releases 20 year review of audit fee trends report
Ideagen Audit Analytics releases its annual review of Audit fee trends, which analyses data on audit and non-audit fees from over the past 20 years.
It found that the finance industry paid the second highest amount of audit fees per $1m of revenue.
The report analyses year on year changes in auditor fees and explores underlying drivers of these changes to better understand the financial market.
Ideagen Audit Analytics serves more than 450 institutions and thousands of professionals globally providing market unique data and insights to empower decision makers. It was acquired by Ideagen in 2021, a tech unicorn and global leader in compliance software for highly regulated industries.
The report provides and overview of total audit fees, average audit fees, and fees per million of revenue, as well as these data points for the following:
- Auditor ranking: Market share of the Big 4 and ranking
- Company location: Comparing US and Foreign SEC registrants
- SPACs and filer status
- Industry: including transport, finance, trade, construction, manufacturing etc.
A sneak peak of the findings:
- Average audit fees reached a 20 year high in 2022 increasing 11% from FY 2021, to $2.24bn per SEC registrant
- Yet audit fees per million of revenue continue to decline: with a 6% decrease from FY2021 and the lowest amount since FY2014.
- Big 4 continue to dominate: constituting 92% of all audit fees for SEC registrants paid in FY2022, with PwC achieving the largest share of 28%
- Finance industry paid the second highest average audit fees, and average audit fees includes for the first time since 2019.
You can view the full report here.
