Fortune 100 Audit Fees – 2012

 

Update: Since this was initially published, we’ve compiled an updated analysis of audit fees, which includes 2013 (and 2012) data, available here. If you just want 2012 data by itself, keep reading.

Original post:

Spent some time recently looking at audit fees paid by the 100 largest of the Fortune 500 companies (“Fortune 100”), and which audit firms the fees are paid to. I’m presenting it two ways;

  1. Sorted by Fortune 100 ranking (see table below)
  2. Sorted by audit fees (see here).

If you don’t feel like wading through the data, here’s what jumped out at me:

  • Of the Fortune 100 companies, PwC audits 35, EY 28, Deloitte 22, and KPMG 15
  • Audit fees ranged from $1.9 million (INTL FCStone) to $90.9 million (Bank of America)
  • When ranked by audit fees paid, 8 of the top 10 companies are in the financial services sector
  • Audit fees paid by big box retailers tend to be on the lower side; Wal-Mart, #1 on the Fortune list, ranks 53rd in terms of fees paid. Home Depot, Best Buy, Target, and Lowe’s all rank 75 or lower.
  • Those who choose to disclose it have relationships with their auditors that go back decades.

And before diving into the table, you should know:

  • the information in the first three columns comes from the Fortune website
  • the information in the Auditor and 2012 Audit Fees columns comes from SEC filings (usually a 14A proxy statement) and relates to fiscal 2012
  • this is only audit fee data. Audit-related, tax, and all other fees paid to auditors are not included

Here we go:

Fortune 100 Rank Company Name  Revenue    ($ billion) Auditor 2012 Audit Fees ($ million)
1 Wal-Mart Stores 469.2 EY                      13.5
2 Exxon Mobil 449.9 PwC                       27.9
3 Chevron 233.9 PwC                       25.2
4 Phillips 66 169.6 EY                       10.9
5 Berkshire Hathaway 162.5 Deloitte                       26.3
6 Apple 156.5 EY                         7.1
7 General Motors 152.3 Deloitte                       36.0
8 General Electric 146.9 KPMG                       84.8
9 Valero Energy 138.3 KPMG                       10.1
10 Ford Motor 134.3 PwC                       36.5
11 AT&T 127.4 EY                       21.8
12 Fannie Mae 127.2 Deloitte                       39.2
13 CVS Caremark 123.1 EY                          6.5
14 McKesson 122.7 Deloitte                          7.4
15 Hewlett-Packard 120.4 EY                       30.6
16 Verizon Communications 115.8 EY                       23.9
17 UnitedHealth Group 110.6 Deloitte                       17.4
18 J.P. Morgan Chase & Co. 108.2 PwC                       59.5
19 Cardinal Health 107.6 EY                          5.3
20 International Business Machines 104.5 PwC                       34.7
21 Bank of America Corp. 100.1 PwC                       90.9
22 Costco Wholesale 99.1 KPMG                          4.8
23 Kroger 96.8 PwC                          4.4
24 Express Scripts Holding 94.4 PwC                          4.9
25 Wells Fargo 91.2 KPMG                       33.5
26 Citigroup 90.8 KPMG                       67.3
27 Archer Daniels Midland 89 EY                       14.5
28 Procter & Gamble 85.1 Deloitte                       29.9
29 Prudential Financial 84.8 PwC                       43.0
30 Boeing 81.7 Deloitte                       26.2
31 Freddie Mac 80.6 PwC                       30.7
32 AmerisourceBergen 79.7 EY                          4.0
33 Marathon Petroleum 76.8 PwC                          6.8
34 Home Depot 74.8 KPMG                          4.7
35 Microsoft 73.7 Deloitte                       23.1
36 Target 73.3 EY                          3.7
37 Walgreen 71.6 Deloitte                          3.0
38 American International Group 70.1 PwC                       74.6
39 INTL FCStone 69.3 KPMG                          1.9
40 MetLife 68.2 Deloitte                       71.0
41 Johnson & Johnson 67.2 PwC                       37.5
42 Caterpillar 65.9 PwC                       31.9
43 PepsiCo 65.5 KPMG                       24.1
44 State Farm Insurance Cos. 65.3 PwC  *
45 ConocoPhillips 63.4 EY                       14.4
46 Comcast 62.6 Deloitte                       13.4
47 WellPoint 61.7 EY                          9.9
48 Pfizer 61.2 KPMG                       44.0
49 Amazon.com 61.1 EY                          6.5
50 United Technologies 59.8 PwC                       36.6
51 Dell 56.9 PwC                       16.8
52 Dow Chemical 56.8 Deloitte                       25.2
53 United Parcel Service 54.1 Deloitte                       12.4
54 Intel 53.3 EY                       18.6
55 Google 52.2 EY                       14.6
56 Lowe’s 50.5 Deloitte                          2.7
57 Coca-Cola 48 EY                       30.7
58 Merck 47.3 PwC                       27.5
59 Lockheed Martin 47.2 EY                       15.2
60 Cisco Systems 46.1 PwC                       16.7
61 Best Buy 45.1 Deloitte                          4.3
62 Safeway 44.2 Deloitte                          7.4
63 FedEx 42.7 EY                       12.6
64 Enterprise Products Partners 42.6 Deloitte                          3.8
65 Sysco 42.4 EY                          4.1
66 Walt Disney 42.3 PwC                       19.3
67 Johnson Controls 42 PwC                       22.8
68 Goldman Sachs Group 41.7 PwC                       55.5
69 CHS 40.6 PwC                          2.6
70 Abbott Laboratories 39.9 Deloitte                       18.0
71 Sears Holdings 39.9 Deloitte                          8.0
72 DuPont 39.5 PwC                       13.6
73 Humana 39.1 PwC                          5.9
74 World Fuel Services 38.9 PwC                          3.6
75 Hess 38.4 EY                       10.6
76 Ingram Micro 37.8 PwC                          8.4
77 Plains All American Pipeline 37.8 PwC                          4.5
78 Honeywell International 37.7 PwC                       20.3
79 United Continental Holdings 37.2 EY                          4.2
80 Oracle 37.1 EY                       20.7
81 Liberty Mutual Insurance Group 36.9 EY  *
82 HCA Holdings 36.8 EY                          7.2
83 Delta Air Lines 36.7 EY                          4.6
84 Aetna 36.6 KPMG                          9.5
85 Deere 36.2 Deloitte                       15.3
86 Supervalu 36.1 KPMG                          2.4
87 Sprint Nextel 35.3 KPMG                       15.8
88 Mondelēz International 35 PwC                       18.1
89 New York Life Insurance 34.3 PwC  *
90 American Express 33.8 PwC                       20.3
91 News Corp. 33.7 EY **
92 Allstate 33.3 Deloitte                          9.2
93 Tyson Foods 33.3 PwC                          3.8
94 Massachusetts Mutual Life Insurance 32.9 KPMG  *
95 Tesoro 32.5 EY                          4.2
96 Morgan Stanley 32.4 Deloitte                       45.7
97 TIAA-CREF 32.2 PwC  *
98 General Dynamics 31.5 KPMG                       19.3
99 Philip Morris International 31.4 PwC                       22.6
100 Nationwide 30.4 KPMG  *

* Unable to determine audit fees for mutual insurance companies. If you know which filing it’s buried in, let me know.

** Newscorp split from 21st Century Fox in June 2013. Newscorp auditor fees from prior to the split were included with the consolidated results of 21st Century Fox.

On Page 2 is where things get interesting, same data, but sorted in descending order by audit fees.

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Pages: 1 2

2 Responses to Fortune 100 Audit Fees – 2012

  1. Pingback: Big4 Auditor Changes week ending 23 Feb 2014 | Big4 Auditor Carousel

  2. Pingback: Big4 Auditor Changes week ending 03 Aug 2014 | Big4 Auditor Carousel

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