FERF’s 2015 Audit Fee Report revealed that over 40 percent of SEC Filers have seen either no increases or reductions in audit fees compared to prior years. Of those filers, 15 percent were able to keep their fees down or flat for two consecutive years, and 4 percent for three years.
As a follow-up to that report, FERF conducted in-depth interviews with company executives who were able to reduce audit fees for consecutive years to examine the reasons for their fee reductions.
FERF also interviewed senior-level financial executives from various industries and reached out to audit partners to gain additional insights on ways to mitigate the increase in audit fees. These interviews revealed similar themes and highlighted the importance of working with auditors to find more efficient and effective ways to complete the audit.