Audit fees for private companies started increasing in 2011

Financial Executive Institute has an executive summary of their most recent survey of audit fees – FEI Audit Fee Survey: Companies’ Audit Fees and Hours Slightly Increase in 2011.

Results from private companies is of most interest to readers of this blog:

Furthermore, private company respondents reported an average of $231,200 in 2011, a seven percent increase from the year prior.

Larger private companies (over $1B sales) increased 3% while public companies saw an increase of 5% according to the article.

This appears to be same-firm results. One of the stats, for public companies, is specifically described as same-firm, so I’m guessing that is the case for all the results.

So here are the 2011 results:

  • +7% – private companies
  • +3% – larger private companies
  • +3% – public companies

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