Fund audit fee trends report

Explore a data-driven overview of fund audit fees over the past five years. This analysis examines rising costs across various fund types, the rapid expansion of the ETF sector and the impact of evolving regulatory requirements on audit practices. Our report highlights key shifts in auditor market share, providing essential context for today’s changing financial landscape.

  • All-time high fees: In FY2024, average audit fees reached $259,010 per registrant and $41,647 per fund - up 6% and 5% year-over-year, respectively. 
  • ETF surge: ETF audit fees grew 106% since 2020, with a 63% increase in the number of ETFs. 
  • Closed-end funds: Average audit fees jumped 41%, from $64,662 to $91,456 per fund over the five-year period.
  • Market dominance: PwC captured 50% of all fund audit fees in FY2024. 
  • Regulatory drivers: New reporting and naming rules have raised audit complexity and costs. 

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