Auditors spend only one extra day on accounts but fees rocket
The auditors of the UK’s blue chip companies spent just one extra day signing off accounts in 2005, but still took home a whopping £636.5m in auditor fees as FTSE100 audit revenues soared 15%.
Research published by Accountancy Age’s sister publication Financial Director in its annual audit fee survey revealed that on average audits of top flight companies took just 60 days to complete, only a day extra than last year, even though revenues were soaring as a result of the introduction of IFRS and Sarbanes-Oxley.
In individual cases some of the country’s biggest companies even managed to increase audit speed. BP, which incurred the largest audit fee of £23.5m in 2005, reduced its sign-off time by 48 hours to 38 days.
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