The Eighth Annual FTSE-350 Audit Fees Survey
The audit profession has changed, and so has the quoted company sector’s relationship with it. Encouraged (if not actually mandated) by US regulation, audit committees’ concern over auditor independence has resulted in tightly drafted policies on the sort of work that can and can’t be handled automatically by the group auditor. And as Deloitte remains the only one of the Big Four to have retained its consultancy practice, it is the only one to have seen a rise in non-audit fee income from its audit clients. But those Sarbanes-Oxley certificates come at a price: the average FTSE-100 audit fee is 12% higher than it was last year.