News Article - 24 August 2007
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New research has revealed that median fees earned by the top auditing firms across the world have increased significantly over the course of the last five years.

A study by The Corporate Library, which surveyed 100 auditing firms and 1,300 companies, found that between 2001 and 2006 audit fees increased by 345 per cent, the Financial Times reports.

Describing the developments as a "revolution", the thinktank said that the rise in audit fees illustrated the change in the type of work being carried out by accountancy firms.

"We have witnessed a major shift from 'other costs' to audit and audit-related fees, as well as substantial increases in pure audit costs," the study stated.

The news provider recently reported that a survey by accountancy firm BDO Hayward found that most analysts and investors wanted greater transparency in the auditing process.

More disclosure would help people make investment decisions, according to those questioned by the firm.

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