Fees paid to auditors by FTSE 100 companies have broken through the £1bn threshold for the first time this year, from £975.38m in 2021, according to research by Thomson Reuters
The UK's top 100 listed companies have collectively paid audit firms more than £1.01bn this year, an increase from £975.38m in 2020/21.
The fees FTSE 100 companies paid for audits increased by 9% in the past year, from £798.7m to £869.6m.
At the same time, the amount these companies paid to their auditors for non-audit services (NAS) fell by 10% from £166m last year to £148.6m this year.
The Financial Reporting Council (FRC) has been urging audit firms to raise their fees and invest more time and money into their audit work, to ensure that audits are carried out to the highest possible standard. The regulator has also called for the separation of audit practices, within the Big Four, from their consulting arms.
