Wednesday, April 05, 2006
Audit costs drop in US
Audit fees in the US, which rose sharply following the implementation of the 2002 Sarbanes-Oxley Act, have begun to fall, a report published in Compliance Week has revealed.
Large public companies (revenue of more than $5bn) in their second year of Sarbanes-Oxley compliance saw audit fees fall 0.6% in 2005, while overall, fees paid to external auditors fell by 7.4%.
The drop in audit costs contradicted reports in the Wall Street Journal which said that audit fees were still rising, albeit moderately.
posted by Brian Moran @ 9:24 AM