Attestation Update – A&A for CPAs

Technical stuff for CPAs providing attestation services

Increases in audit fees during 2018 for work on 2017 financials

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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:

2017 2018
public 1.3% 2.5%
private 3.7% 3.2%
nonprofits 1.6% 0.0%

 

Written by Jim Ulvog

December 19, 2018, 5:51 am at 5:51 am

Posted in Audits

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