Accounting firms continue to rake in audit fees. The costs of complying with the audit provisions of the Sarbanes-Oxley Act, a law passed by Congress in 2002 to restore investor confidence after a series of accounting scandals, rose 22 percent in fiscal year 2005 for small-cap companies and 4 percent for larger companies, according to a Foley & Lardner study on the costs of corporate governance reform. The firm surveyed more than 850 public companies.
“While there has certainly been considerable public discussion about a dramatic reduction in costs associated with audit fees this year, our study finds the opposite to be true,” said Thomas Hartman, a partner in Foley’s Detroit office and the director of the study.
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