Average increases in fees for audits in 2018 for work on 2017 financial statements:
- +2.5% – public companies
- +3.2% – private companies
- Flat – nonprofit organizations
Article says a different survey of 6,340 public companies reported a median increase of 5.7% for audits of 2017 financials.
For comparison, article says median increases in 2017 for work on 2016 financials were:
- +1.3% – public companies
- +3.7% – private companies
- +1.6% – nonprofit organizations
Those are median increases, meaning the mid-point. Half of the entities reported higher fees and half reported an increase below that amount.
The data is from Financial Education & Research Foundation, as reported by Financial Executive Institute on 12/11/18: Audit Fees Feel Short-Term Accounting Pain, Plan Long-Term Automation Gain.
Want that info in a chart? Here you go: