The latest survey from Financial Executives Research Foundation has found that audit fees rose only modestly for public and private companies. Public companies paid an average $3.7 million in total audit fees for 2008, an increase of 2.2 percent over 2007. Private companies averaged $219,500, a 3.7% increase over 2007.

The small-ish increase could be spun many ways. Public companies, many of which have five years of experience with Sarbanes-Oxley, have obviously eked out some efficiencies when it comes to audit issues. Some of this is the result of more companies taking on more work internally--and relying on AS5's guidance that auditors can rely more on management work. On 404 issues, private companies still have a ways to go. For them, the greater pain may lie ahead. 

For more:
- here's the release [1]

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