NSE Audit Fees Increase: Audit fees paid by NSE companies rose 6% in 2022-23, EY India got highest (2024)

The Price Waterhouse Group and Grant Thornton Group stood at fourth and fifth places with a share of Rs 61.26 crore and Rs 56.56 crore respectively.

The average audit fee in India was Rs 0.93 crore per company in FY23, up from Rs 0.91 crore in FY22. The audit fee paid by companies for 2023-24 is not yet available in the public domain.

The data showed that overall fees, including audit and fees paid for other services, paid by NSE companies were up 5.9 per cent to Rs 2,043 crore in FY23 from Rs 1,929 crore in FY22.

Of these fees, the Big Four accounted for a 32 per cent share. Here too, the EY Group led with a total overall fee, on a standalone basis of Rs 194.95 crore, followed by the KPMG Group at Rs 185.22 crore and the Deloitte Group at Rs 182.08 crore.

Interestingly, banks paid the lion’s share of overall fees during 2022-23. The data highlighted that 39 listed banks paid an overall fee of Rs 925 crore or 45 per cent of the total in comparison to Rs 1,118 crore paid out by the balance of 1,808 companies.

Of the Rs 925 crore paid by banks, the 16 listed public sector banks paid Rs 857 crore or 93 per cent of the total with the State Bank of India alone accounting for Rs 270.79 crore.

It was followed by the Bank of India at Rs 119.5 crore and the Bank of Baroda at Rs 83.96 crore.

Among non-banks, the highest fees were paid by Reliance Industries at Rs 35 crore. It was followed by Tata Consultancy Services at Rs 16 crore and the New India Assurance Company Limited at Rs 12.38 crore.