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2015 Audit Fee Report from Financial Executives Research Foundation (FERF)

Workiva is pleased to sponsor the eighth annual Audit Fee Report from Financial Executives Research Foundation (FERF). As an independent research organization, FERF seeks to understand the forces that are driving business and financial outcomes. FERF reports have earned a reputation for being well-researched and documented, and for providing valuable insights with actionable information. This report is no exception.

This report contains valuable information about audit fees for public, private, and nonprofit companies. Some of the most important findings include:

  • Median audit fees of all SEC filers experienced an increase of approximately 3.4 percent, compared to increases in the producer price for services of approximately 1.8 percent.
  • However, the median increase in audit fees was 6.4 percent for the 20.6 percent of public companies that disclosed material weaknesses in their Internal Controls over Financial Reporting (ICFR).
  • Public company survey respondents reported that review of manual controls resulting from PCAOB inspections was a significant driver of increased audit fees.

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