Fortune 100 Audit Fees – 2013

Update: 2013 data is good, but more recent data from 2014 is now available

Big companies pay big audit fees. But how much exactly do they pay? I’ve pulled together data on fees paid by the 100 largest of the Fortune 500 companies (“Fortune 100”).  I’m presenting it two ways;

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

Here’s the executive summary:

  • Audit fees vary widely, ranging from $2.8 million (INTL FCStone) to $86.5 million (Bank of America)*
  • When ranked by audit fees paid, 8 of the top 10 companies are in the financial services sector
  • The Fortune 100 is 99% Big4 territory; PwC audits 35 of 100, EY 28, Deloitte 22, KPMG 14, and non-Big4 Grant Thornton audits 1
  • In terms of audit fee dollars, PwC got 43%, EY 19%, Deloitte 23%, and KPMG 15%
  • Pfizer saw the biggest drop in audit fees year over year, decreasing nearly $17 million, or 38%

*INTL FCStone and BofA ranked lowest and highest, respectively in audit fees paid in 2012 as well. Interestingly, BofA paid less in 2013 vs 2012, while INTL FCStone paid more.

And before diving into the table, you should know:

  • the information in the first four columns comes from the Fortune website
  • the information in the Auditor and 2013 & 2012 Audit Fees columns comes from SEC filings (usually a 14A proxy statement) and relates to fiscal years (not necessarily calendar years).
  • this is only audit fee data. Audit-related, tax, and all other fees paid to auditors are not included

Strap in, this goes on for a while:

Fortune 100 Rank Company Name Revenues ($ billion) Market Cap ($ billion) Auditor 2013 Audit Fees ($ million) 2012 Audit Fees ($ million)
1 Wal-Mart Stores 476.3 246.8 EY 16.6 13.5
2 Exxon Mobil 407.7 422.1 PwC 28.0 27.9
3 Chevron 220.4 227.0 PwC 26.6 25.2
4 Berkshire Hathaway 182.2 308.0 Deloitte 30.7 26.3
5 Apple 170.9 479.1 EY 8.4 7.1
6 Phillips 66 161.2 45.3 EY 11.0 10.9
7 General Motors 155.4 54.7 Deloitte 38.0 36.0
8 Ford Motor 146.9 61.5 PwC 37.7 36.5
9 General Electric 146.2 259.5 KPMG 84.3 84.8
10 Valero Energy 137.8 28.3 KPMG 7.5 10.1
11 AT&T 128.8 182.6 EY 23.1 21.8
12 CVS Caremark 126.8 88.5 EY 8.2 6.5
13 Fannie Mae 125.7 4.5 Deloitte 35.5 39.2
14 UnitedHealth Group 122.5 81.1 Deloitte 18.1 17.4
15 McKesson 122.5 40.6 Deloitte 8.5 7.4
16 Verizon Communications 120.6 197.0 EY 24.6 23.9
17 Hewlett-Packard 112.3 61.3 EY 34.9 30.6
18 J.P. Morgan Chase & Co. 106.3 229.8 PwC 60.4 59.5
19 Costco Wholesale 105.2 49.1 KPMG 5.0 4.8
20 Express Scripts Holding 104.6 58.3 PwC 3.5 4.9
21 Bank of America Corp. 101.7 181.1 PwC 86.5 90.9
22 Cardinal Health 101.1 24.0 EY 5.3 5.3
23 International Business Machines 99.8 200.4 PwC 34.2 34.7
24 Kroger 98.4 22.3 PwC 5.2 4.4
25 Marathon Petroleum 94.0 25.5 PwC 6.8 6.8
26 Citigroup 93.6 144.6 KPMG 66.5 67.3
27 Archer Daniels Midland 89.8 28.5 EY 14.0 14.5
28 AmerisourceBergen 89.1 15.0 EY 6.0 4.0
29 Wells Fargo 88.1 261.2 KPMG 36.1 33.5
30 Boeing 86.6 93.3 Deloitte 25.5 26.2
31 Procter & Gamble 84.2 218.5 Deloitte 31.5 29.9
32 Freddie Mac 81.2 2.5 PwC 30.1 30.7
33 Home Depot 78.8 109.3 KPMG 5.1 4.7
34 Microsoft 77.8 340.2 Deloitte 23.1 23.1
35 Amazon.com 74.5 154.5 EY 9.5 6.5
36 Target 72.6 38.3 EY 4.9 3.7
37 Walgreen 72.2 62.7 Deloitte 4.3 3.0
38 WellPoint 71.5 28.1 EY 10.6 9.9
39 Johnson & Johnson 71.3 277.9 PwC 34.7 37.5
40 American International Group 68.7 73.2 PwC 69.4 74.6
41 State Farm Insurance Cos. 68.3 75.9 PwC * *
42 MetLife 68.2 59.3 Deloitte 70.2 71.0
43 PepsiCo 66.4 128.3 KPMG 24.1 24.1
44 Comcast 64.7 130.4 Deloitte 16.3 13.4
45 United Technologies 62.9 106.9 PwC 38.3 36.6
46 Google 60.6 375.4 EY 13.7 14.6
47 ConocoPhillips 59.4 86.3 EY 13.7 14.4
48 Dow Chemical 57.1 59.1 Deloitte 23.7 25.2
49 Caterpillar 55.7 63.4 PwC 32.4 31.9
50 United Parcel Service 55.4 89.5 Deloitte 13.3 12.4
51 Pfizer 53.8 205.4 KPMG 27.4 44.0
52 Lowe’s 53.4 49.8 Deloitte 3.2 2.7
53 Intel 52.7 128.3 EY 17.8 18.6
54 Energy Transfer Equity 48.8 26.1 Grant Thornton 8.1 5.9
55 Cisco Systems 48.6 115.5 PwC 20.2 16.7
56 Enterprise Products Partners 47.7 64.9 Deloitte 4.1 3.8
57 Aetna 47.3 27.2 KPMG 13.4 9.5
58 Coca-Cola 46.9 170.3 EY 28.8 30.7
59 Lockheed Martin 45.4 52.5 EY 15.3 15.2
60 Best Buy 45.2 9.2 Deloitte 3.8 4.3
61 Walt Disney 45.0 140.3 PwC 19.6 19.3
62 CHS 44.5 * PwC 2.9 2.6
63 Sysco 44.4 21.1 EY 4.9 4.1
64 FedEx 44.3 39.2 EY 13.6 12.6
65 Merck 44.0 166.9 PwC 28.7 27.5
66 INTL FCStone 43.8 0.4 KPMG 2.8 1.9
67 Safeway 43.0 8.5 Deloitte ** 7.4
68 Johnson Controls 42.7 31.4 PwC 23.2 22.8
69 Ingram Micro 42.6 4.6 PwC 9.1 8.4
70 Plains GP Holdings 42.2 3.8 PwC 5.2 0.0
71 World Fuel Services 41.6 3.2 PwC 3.8 3.6
72 Prudential Financial 41.5 39.2 PwC 45.0 43.0
73 Humana 41.3 17.4 PwC 5.4 5.9
74 Goldman Sachs Group 40.9 73.6 PwC 52.2 55.5
75 Tesoro 39.2 6.7 EY 4.3 4.2
76 Liberty Mutual Insurance Group 39.1 * EY * *
77 Honeywell International 39.1 72.5 PwC 20.3 20.3
78 United Continental Holdings 38.3 16.6 EY 3.6 4.2
79 HCA Holdings 38.0 23.3 EY 7.7 7.2
80 Deere 37.8 33.6 Deloitte 16.3 15.3
81 Delta Air Lines 37.8 29.4 EY 4.6 4.6
82 Oracle 37.2 182.4 EY 21.6 20.7
83 Morgan Stanley 36.8 61.6 Deloitte 46.2 45.7
84 Hess 36.7 27.0 EY 9.9 10.6
85 Twenty-First Century Fox 36.6 72.1 EY 29.5 19.1
86 DuPont 36.5 61.5 PwC 15.1 13.6
87 Sears Holdings 36.2 5.1 Deloitte 7.4 8.0
88 New York Life Insurance 36.0 * PwC * *
89 Mondelez International 35.3 58.8 PwC 15.9 18.1
90 American Express 34.9 95.7 PwC 20.7 20.3
91 Nationwide 34.5 * KPMG * *
92 Allstate 34.5 25.3 Deloitte 9.6 9.3
93 Tyson Foods 34.5 15.0 PwC 4.0 3.8
94 Supervalu 34.3 1.8 KPMG 3.0 2.4
95 TIAA-CREF 33.8 * PwC * *
96 Massachusetts Mutual Life Insurance 33.4 * KPMG * *
97 CIGNA 32.4 22.7 PwC 9.4 8.6
98 DIRECTV 31.8 38.9 Deloitte 6.3 5.7
99 General Dynamics 31.2 37.5 KPMG 19.0 19.3
100 Philip Morris International 31.2 129.8 PwC 23.5 22.6

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

** Not filed due to acquisition by Albertsons.

Now that you’ve waded through all that, Page 2 is where things get more interesting. It’s the same data reformatted and sorted in descending order by audit fees.

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Pages: 1 2

5 Responses to Fortune 100 Audit Fees – 2013

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