Accountancy cost AEX firms 0.1% of turnover

Dutch stock exchange-listed companies paid an average of €4.7m last year for an audit by an independent accountancy firm, around 0.1% of their turnover, according to research by the Financieele Dagblad.

But there are great variations within different sectors, the paper said.
For example, computer services firm Ordina paid €1.3m (0.19% of its turnover) to PricewaterhouseCoopers while sector peer Logica paid just 0.06% (€2.9m) to PwC for the same service.
And Akzo Nobel paid 0.1% of its turnover (€15.5m) to Ernst & Young. But peer DSM had a much cheaper deal, paying Ernst & Young €5.8m, or 0.06% of turnover for an audit.
The differences are largely explained by the size of the company’s internal accountants department, the paper said.
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