UK Audit Fees Rise 29% in Two Years as Watchdog Hikes Sanctions

UK audit fees have grown sharply over recent years in the face of tighter regulation, with a 14% jump in 2024 alone, according to a new report.

Audit fees paid by the UK’s 500 biggest companies by revenue surged 29% from from £1.1 billion ($1.4 billion) to £1.5 billion between 2022 and 2024, Thomson Reuters said in an email Monday. The information provider said that auditors had to do more work after the regulator increased fines for bad audits, and that skills shortages meant audit staff were more expensive.

• “More rigorous audits —including more audit testing and a step-change in ...