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FTSE 100: audit fees hit record levels

As the impact of intense regulatory scrutiny and audit automation escalates, the UK’s top 100 listed companies saw an 8% hike in annual audit fees to hit £726m, amid an increasing lack of competition due to Big Four dominance, Philip Smith reports

The UK’s top 100 listed companies have collectively paid more than £726m to have their accounts audited by one of the Big Four accountancy firms.

That is an 8% increase on the amount they paid in the previous year (£674m).

At the same time, the amount these companies paid to their auditors for non-audit services (NAS) fell by 14.5% from £94m last year to £80m this year. NAS levels now stand at 19% of audit fees – 10 years ago the equivalent figure was 41%.

It is clear that regulatory reform is having an impact as the level of NAS continues to fall.

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