Over the last several years, our subscribers have asked us to expand our tracking of auditor market intelligence to the Canadian market. We now have over seven years of audit fee data for Canadian filers, and we are happy to announce that our inaugural Canadian Audit Fees and Non-Audit Fees Report has just been published. Subscribers can download the report here. If you are not a subscriber, please contact us for more information about the report.
Highlights from the report are presented below.1
- In 2007, non-audit fees were 29% of the total fees paid by Canadian issuers, but after six years of overall decline, non-audit fees dropped to about 23% of total fees.
- The ratio of audit fees per million dollars in revenue shows little fluctuation from year to year. There was a small increase (3.6%) over the six year period from 2007 to 2012, but fiscal year 2013 is equal to the lowest amount of audit fees per million dollars of revenue paid during the seven years evaluated.
- As a whole, this population of 881 companies paid approximately 0.0664% of its revenue for audit fees ($664 per million dollars in revenue). The table below shows a breakdown of Audit Fees as a Percentage of Revenue based on Market Cap.
We hope that you will take a look at the full report, which contains further research and analysis. Additional data sets available for Canadian filers include Auditor Changes, Audit Opinions, Financial Restatements, and we will soon be launching a database of Control Assessments. For more information, please contact firstname.lastname@example.org.
1. The highlights in this post are based on a subset population of 881 companies that disclosed audit fees every year since 2007 and also had positive revenue during that time period. For research on a larger population of over 2,000 Canadian companies, please see the full report.↩