Fortune 100 Audit Fees – 2014
November 4, 2015 5 Comments
Back for a third year of audit fee data. I’ve pulled together information on fees paid by the 100 largest of the Fortune 500 companies (“Fortune 100”). I’m presenting it two ways;
- Sorted by Fortune 100 ranking (see table below)
- Sorted by audit fees (see here).
Here’s the executive summary:
- Audit fees vary widely, ranging from $2.2 million (INTL FCStone) to $100.9 million (Bank of America)*
- When ranked by audit fees paid, 6 of the top 10 companies are in the financial services sector
- The Big4 firms audit 99% of the Fortune 100; PwC audits 35 of 100, EY 27, Deloitte 22, KPMG 15, and non-Big4 Grant Thornton audits 1
- In terms of audit fee dollars, PwC got 43%, Deloitte 23%, EY 21%, and KPMG 13%
- Pfizer saw the biggest drop in audit fees year over year, decreasing nearly $17 million, or 38%
* This is the third year in a row that INTL FCStone and BofA have ranked lowest and highest, respectively, in fees paid to auditors.
And before wading into the table, you should know:
- the information in the first four columns comes from the Fortune website
- the information in the Auditor, Audit, Audit-Related, Tax, and All Other columns comes from SEC filings (usually a 14A proxy statement) and relates to fiscal years (not necessarily calendar years).
- this year I’m including data for Audit-related, tax, and all other fees paid to auditors
Strap in, here we go:
2014 Audit Fees | ||||||||
Fortune 100 Rank | Company | Revenues | Market Cap at 3/31/15 | Auditor | Audit | Audit-related, Tax, and All other | Total | |
/———$ billion——–/ | /————–$ million————/ | |||||||
1 | Wal-Mart Stores | 485.7 | 265.3 | EY | 17.0 | 2.1 | 19.1 | |
2 | Exxon Mobil | 382.6 | 356.5 | PwC | 27.3 | 5.9 | 33.2 | |
3 | Chevron | 203.8 | 197.4 | PwC | 27.2 | 3.3 | 30.5 | |
4 | Berkshire Hathaway | 194.7 | 357.3 | Deloitte | 32.5 | 3.0 | 35.5 | |
5 | Apple | 182.8 | 724.8 | EY | 10.3 | 2.0 | 12.3 | |
6 | General Motors | 155.9 | 60.4 | Deloitte | 36.0 | 15.0 | 51.0 | |
7 | Phillips 66 | 149.4 | 42.6 | EY | 11.6 | 1.3 | 12.9 | |
8 | General Electric | 148.3 | 249.8 | KPMG | 78.2 | 12.9 | 91.1 | |
9 | Ford Motor | 144.1 | 64.2 | PwC | 37.8 | 10.0 | 47.8 | |
10 | CVS Caremark | 139.4 | 117.2 | EY | 8.8 | 2.5 | 11.3 | |
11 | McKesson | 138.0 | 52.7 | Deloitte | 11.1 | 7.4 | 18.5 | |
12 | AT&T | 132.4 | 169.5 | EY | 23.3 | 12.4 | 35.7 | |
13 | Valero Energy | 130.8 | 32.7 | KPMG | 7.0 | 0.4 | 7.4 | |
14 | UnitedHealth Group | 130.5 | 112.8 | Deloitte | 16.1 | 4.6 | 20.7 | |
15 | Verizon Communications | 127.1 | 198.4 | EY | 26.5 | 13.1 | 39.6 | |
16 | AmerisourceBergen | 119.6 | 25.0 | EY | 6.1 | 2.8 | 8.9 | |
17 | Fannie Mae | 116.5 | 2.7 | Deloitte | 33.3 | 0.2 | 33.5 | |
18 | Costco Wholesale | 112.6 | 66.7 | KPMG | 5.7 | 1.1 | 6.8 | |
19 | Hewlett-Packard | 111.5 | 56.6 | EY | 30.0 | 20.5 | 50.5 | |
20 | Kroger | 108.5 | 37.6 | PwC | 5.2 | 0.9 | 6.1 | |
21 | J.P. Morgan Chase & Co. | 102.1 | 225.9 | PwC | 60.3 | 30.6 | 90.9 | |
22 | Express Scripts Holding | 100.9 | 63.2 | PwC | 3.4 | 1.3 | 4.7 | |
23 | Bank of America Corp. | 95.2 | 161.9 | PwC | 82.2 | 18.7 | 100.9 | |
24 | International Business Machines | 94.1 | 158.6 | PwC | 35.0 | 41.2 | 76.2 | |
25 | Marathon Petroleum | 91.4 | 28.0 | PwC | 7.7 | 0.1 | 7.8 | |
26 | Cardinal Health | 91.1 | 29.8 | EY | 5.5 | 3.5 | 9.0 | |
27 | Boeing | 90.8 | 105.0 | Deloitte | 26.4 | 0.2 | 26.6 | |
28 | Citigroup | 90.6 | 156.3 | KPMG | 65.3 | 33.7 | 99.0 | |
29 | Amazon.com | 89.0 | 172.8 | EY | 9.8 | 0.9 | 10.7 | |
30 | Wells Fargo | 88.4 | 279.9 | KPMG | 37.9 | 9.3 | 47.2 | |
|
Microsoft | 86.8 | 333.5 | Deloitte | 28.2 | 18.1 | 46.3 | |
32 | Procter & Gamble | 84.5 | 221.3 | Deloitte | 31.6 | 7.3 | 38.9 | |
33 | Home Depot | 83.2 | 148.5 | KPMG | 4.8 | 0.7 | 5.5 | |
34 | Archer Daniels Midland | 81.2 | 29.8 | EY | 14.8 | 3.1 | 17.9 | |
35 | Walgreen | 76.4 | 92.4 | Deloitte | 4.5 | 3.6 | 8.1 | |
36 | Target | 74.5 | 52.7 | EY | 5.9 | 2.7 | 8.6 | |
37 | Johnson & Johnson | 74.3 | 279.7 | PwC | 36.1 | 18.3 | 54.4 | |
38 | Anthem | 73.9 | 41.2 | EY | 11.9 | 2.3 | 14.2 | |
39 | MetLife | 73.3 | 56.6 | Deloitte | 71.4 | 10.4 | 81.8 | |
40 | 71.5 | 377.5 | EY | 13.9 | 7.0 | 20.9 | ||
41 | State Farm Insurance Cos. | 71.2 | * | PwC | * | * | * | |
42 | Freddie Mac | 69.4 | 1.5 | PwC | 28.0 | 2.8 | 30.8 | |
43 | Comcast | 68.8 | 143.5 | Deloitte | 16.0 | 7.2 | 23.2 | |
44 | PepsiCo | 66.7 | 141.7 | KPMG | 25.3 | 3.3 | 28.6 | |
45 | United Technologies | 65.1 | 106.5 | PwC | 42.1 | 25.0 | 67.1 | |
46 | American International Group | 64.4 | 74.2 | PwC | 66.3 | 33.9 | 100.2 | |
47 | United Parcel Service | 58.2 | 87.5 | Deloitte | 13.6 | 1.8 | 15.4 | |
48 | Dow Chemical | 58.2 | 55.5 | Deloitte | 23.2 | 15.7 | 38.9 | |
49 | Aetna | 58.0 | 37.1 | KPMG | 14.9 | 1.7 | 16.6 | |
50 | Lowe’s | 56.2 | 70.8 | Deloitte | 3.1 | 0.9 | 4.0 | |
51 | ConocoPhillips | 56.0 | 76.7 | EY | 14.1 | 2.5 | 16.6 | |
52 | Intel | 55.9 | 148.1 | EY | 17.8 | 3.1 | 20.9 | |
53 | Energy Transfer Equity | 55.7 | 34.1 | Grant Thornton | 8.5 | 1.0 | 9.5 | |
54 | Caterpillar | 55.2 | 48.5 | PwC | 32.7 | 25.5 | 58.2 | |
55 | Prudential Financial | 54.1 | 36.5 | PwC | 47.0 | 6.0 | 53.0 | |
56 | Pfizer | 49.6 | 213.6 | KPMG | 32.4 | 8.2 | 40.6 | |
57 | Walt Disney | 48.8 | 178.3 | PwC | 18.6 | 6.2 | 24.8 | |
58 | Humana | 48.5 | 26.6 | PwC | 6.9 | 1.8 | 8.7 | |
59 | Enterprise Products Partners | 48.0 | 67.4 | Deloitte | 4.7 | – | 4.7 | |
60 | Cisco Systems | 47.1 | 140.5 | PwC | 20.7 | 7.5 | 28.2 | |
61 | Sysco | 46.5 | 22.3 | EY | 5.2 | 3.7 | 8.9 | |
62 | Ingram Micro | 46.5 | 3.9 | PwC | 9.2 | 0.8 | 10.0 | |
63 | Coca-Cola | 46.0 | 177.1 | EY | 29.0 | 10.6 | 39.6 | |
64 | Lockheed Martin | 45.6 | 64.2 | EY | 16.9 | 4.4 | 21.3 | |
65 | FedEx | 45.6 | 46.9 | EY | 14.3 | 2.0 | 16.3 | |
66 | Johnson Controls | 43.9 | 33.2 | PwC | 23.5 | 14.5 | 38.0 | |
67 | Plains GP Holdings | 43.5 | 17.4 | PwC | 4.7 | 1.9 | 6.6 | |
68 | World Fuel Services | 43.4 | 4.1 | PwC | 4.7 | 0.1 | 4.8 | |
69 | CHS | 44.5 | – | PwC | 3.7 | 1.4 | 5.1 | |
70 | American Airlines | 42.7 | 36.8 | KPMG | 6.8 | 2.7 | 9.5 | |
71 | Merck | 42.2 | 163.2 | PwC | 28.9 | 18.5 | 47.4 | |
72 | Best Buy | 41.9 | 13.3 | Deloitte | 3.1 | 1.2 | 4.3 | |
73 | Delta Air Lines | 40.4 | 37.1 | EY | 3.6 | 1.4 | 5.0 | |
74 | Honeywell International | 40.3 | 81.4 | PwC | 23.0 | 6.3 | 29.3 | |
75 | HCA Holdings | 40.1 | 31.6 | EY | 8.3 | 6.4 | 14.7 | |
76 | Goldman Sachs Group | 40.1 | 81.9 | PwC | 53.5 | 10.2 | 63.7 | |
77 | Tesoro | 40.1 | 11.5 | EY | 4.1 | 0.2 | 4.3 | |
78 | Liberty Mutual Insurance Group | 39.8 | * | EY | * | * | * | |
79 | United Continental Holdings | 38.9 | 25.8 | EY | 3.8 | 0.8 | 4.6 | |
80 | New York Life Insurance | 38.7 | * | PwC | * | * | * | |
81 | Oracle | 38.3 | 188.4 | EY | 23.4 | 1.6 | 25.0 | |
82 | Morgan Stanley | 38.0 | 70.5 | Deloitte | 49.0 | 8.6 | 57.6 | |
83 | Tyson Foods | 37.6 | 15.6 | PwC | 4.5 | 1.4 | 5.9 | |
84 | Safeway | 36.6 | * | Deloitte | * | * | * | |
85 | Nationwide | 36.3 | * | KPMG | * | * | * | |
86 | Deere | 36.1 | 29.8 | Deloitte | 15.8 | 0.7 | 16.6 | |
87 | DuPont | 36.0 | 64.7 | PwC | * | * | * | |
88 | American Express | 36.0 | 79.6 | PwC | 21.3 | 4.7 | 26.0 | |
89 | Allstate | 35.2 | 29.6 | Deloitte | 9.3 | 0.9 | 10.2 | |
90 | CIGNA | 34.9 | 33.5 | PwC | 10.8 | 2.3 | 13.1 | |
91 | Mondelez International | 34.2 | 59.2 | PwC | 16.0 | 5.1 | 21.1 | |
92 | TIAA-CREF | 34.2 | * | PwC | * | * | * | |
93 | INTL FCStone | 34.1 | 0.6 | KPMG | 2.2 | – | 2.2 | |
94 | Massachusetts Mutual Life Insurance | 33.6 | * | KPMG | * | * | * | |
95 | DIRECTV | 33.3 | 42.8 | Deloitte | ** | ** | ** | |
96 | Halliburton | 32.9 | 37.3 | KPMG | 11.8 | 4.2 | 16.0 | |
97 | Twenty-First Century Fox | 31.9 | 71.9 | EY | 17.5 | 17.3 | 34.8 | |
98 | 3M | 31.8 | 104.8 | PwC | 15.9 | 3.9 | 19.8 | |
99 | Sears Holdings | 31.2 | 4.4 | Deloitte | 7.5 | 4.8 | 12.3 | |
100 | General Dynamics | 30.9 | 44.8 | KPMG | 18.0 | 4.2 | 22.2 |
* Unable to locate a filing with audit fee data for this company. If you know where to find the information, let me know (hit me up on Twitter @auditorcarousel).
** DIrecTV acquired by AT&T
Still with me? Page 2 is where things get more interesting. It’s audit fee data sorted in descending order so you can easily see who pays the most.