---
title: "How much do accountants charge on a deal?"
description: "Annual audit fees of 2,379 US public companies by size and auditor, IPO accounting costs, quality-of-earnings prices and audit firm profiles."
site: Deal Cost Index
content_updated: 2026-09-23
data_checked: 2026-09-13
license: CC BY 4.0
html: https://dealcostindex.com/accounting-fees.html
---
Accounting fees · SEC filings 2023–2026

# How much do accountants charge on a deal?

What companies pay their accountants, from the filings that state it: the annual audit fees of 2,379 US public companies for fiscal 2024, the auditor named on 393 IPOs and the accounting expenses itemized in 169 of their registration statements, and published prices for quality-of-earnings reports in M&A diligence.

Merger filings do not itemize accounting or diligence costs, so the quality-of-earnings figures below come from firms’ published prices and market surveys, not filings.

Key figures

2,379

companies with fiscal 2024 audit fees

393

IPOs with a named auditor

169

with itemized accounting expenses

82

audit firms

17

audit firm profiles

## Annual audit fees by company size

Across 2,344 US public companies, the audit fee for fiscal 2024 had a median of $1.93M, from $473K for companies with revenue under $100M to $10.5M for companies with revenue of $10B+. As a share of revenue it fell from 2.59% to 0.046%.

The audit fee each company reported for fiscal 2024 in the fee table of its 2025 proxy statement, which every US-listed company must include, against its calendar-2024 revenue as filed in XBRL. The audit fee covers the annual audit, including the audit of internal control where required, and the quarterly reviews; audit-related, tax and other fees are separate and not included. Companies whose table could not be read reliably are left out.

| Company revenue | Companies | Median audit fee | Middle half | % of revenue |
|---|---|---|---|---|
| Under $100M | 566 | $473K | $246K–$847K | 2.591% |
| $100M–1B | 721 | $1.51M | $973K–$2.29M | 0.380% |
| $1–10B | 794 | $3.54M | $2.26M–$5.39M | 0.122% |
| $10B+ | 263 | $10.5M | $5.99M–$16.3M | 0.046% |

## How audit fees changed year to year

Among 2,296 companies that reported both years, the audit fee for fiscal 2024 was a median 5.5% higher than for fiscal 2023, and 67% of companies paid more. A year earlier the median change was 6.5% across 2,043 companies.

Only companies that reported the fee for both years are compared, each with itself, so the result is not moved by which companies are in the data. Where two proxy statements report the same year, the later one is used.

| Change | Companies | Median change | Paid more |
|---|---|---|---|
| Fiscal 2022 → 2023 | 2,043 | +6.5% | 70% |
| Fiscal 2023 → 2024 | 2,296 | +5.5% | 67% |

## Annual audit fees by auditor

For companies with revenue of $100M–1B, a Big Four audit had a median fee of $1.79M (509 companies), against $933K with other firms (208). A Big Four firm audited 71% of the companies here.

Median audit fee by the tier of the audit firm and by company revenue, and the share of companies in each revenue band audited by a Big Four firm. Cells with fewer than eight companies are not given a median.

| Auditor | Under $100M | $100M–1B | $1–10B | $10B+ |
|---|---|---|---|---|
| Big Four | $948K — 176 | $1.79M — 509 | $3.74M — 722 | $10.6M — 259 |
| Other annually inspected firm | $417K — 122 | $944K — 122 | $2.17M — 53 | too few (2) |
| IPA 100 firm | $471K — 72 | $1.06M — 50 | $2.15M — 16 | — |
| Not on a tier list | $273K — 149 | $682K — 36 | too few (1) | — |

| Company revenue | Audited by a Big Four firm |
|---|---|
| Under $100M | 31% |
| $100M–1B | 71% |
| $1–10B | 91% |
| $10B+ | 98% |

## Annual audit fees by industry

By the company’s SEC standard industrial classification. Industries differ in typical company size, so compare the median revenue alongside the fee.

| Industry | Companies | Median audit fee | Median revenue | % of revenue |
|---|---|---|---|---|
| Industrials & business services | 593 | $2.54M | $1.68B | 0.168% |
| Technology & telecom | 432 | $2.4M | $667M | 0.368% |
| Healthcare & life sciences | 423 | $1.15M | $86.8M | 1.089% |
| Consumer & retail | 297 | $2.03M | $1.91B | 0.115% |
| Financial services | 257 | $2.44M | $976M | 0.263% |
| Real estate | 174 | $1.13M | $335M | 0.318% |
| Energy, mining & utilities | 153 | $2.22M | $1.51B | 0.128% |
| Other | 15 | $1.43M | $459M | 0.380% |

## Audit firms and their public clients

Every audit firm with three or more clients in this set, with the median audit fee it billed and the median revenue of those clients.

| Audit firm | Clients here | Median audit fee | Median client revenue |
|---|---|---|---|
| Deloitte | 475 | $2.22M | $1.16B |
| EY | 455 | $2.91M | $1.8B |
| PwC | 411 | $3.53M | $2.08B |
| KPMG | 325 | $2.65M | $1.45B |
| Grant Thornton | 137 | $1.09M | $421M |
| BDO | 75 | $1.08M | $286M |
| RSM | 45 | $948K | $385M |
| CBIZ | 41 | $491K | $33.9M |
| Crowe | 29 | $761K | $98.6M |
| Marcum | 24 | $304K | $18.7M |
| Moss Adams | 20 | $707K | $70.2M |
| Withum | 19 | $470K | $24.6M |
| Baker Tilly | 18 | $453K | $66.2M |
| EisnerAmper | 11 | $400K | $28.7M |
| UHY | 11 | $514K | $30.1M |
| Cherry Bekaert | 10 | $230K | $10.6M |
| CohnReznick | 9 | $376K | $45.7M |
| Haskell & White | 9 | $198K | $16M |
| Weaver | 7 | $343K | $74.4M |
| RBSM | 5 | $285K | $11.7M |
| Wolf & Company | 5 | $392K | $59.3M |
| Plante Moran | 5 | $558K | $139M |
| MaloneBailey | 4 | $218K | $14.1M |
| S.R. Snodgrass | 3 | $284K | $67.9M |
| Eide Bailly | 3 | $123K | $24.5M |
| To ratify the appointment of BPM | 3 | $678K | $10.8M |
| Yount, Hyde & Barbour | 3 | $285K | $127M |
| BPM | 3 | $611K | $19.4M |
| Forvis Mazars | 3 | $205K | $8.82M |
| Forvis Mazars | 3 | $735K | $9.37M |
| Armanino | 3 | $275K | $89.3M |
| To ratify the appointment of Forvis Mazars | 3 | $1.2M | $380M |
| Frazier & Deeter | 3 | $590K | $184M |
| MaloneBailey | 3 | $269K | $464K |
| Connell | 3 | $1.15M | $116M |

## Every company’s audit fee

Search by company or audit firm. Each fee links to the proxy statement it comes from.

2,344 rows

| Company | Auditor | Audit fee | Revenue | Source |
|---|---|---|---|---|
| Citigroup Inc. | KPMG | $90.9M | $80.7B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/831001/000114544325000075/citi4405291-def14a.htm) |
| Goldman Sachs Group Inc. | PwC | $80.6M | $53.5B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525054559/d863231ddef14a.htm) |
| Two Hands Corp | — | $76M | $710K | [DEF 14A Oct 2025](https://www.sec.gov/Archives/edgar/data/1494413/000149441325000009/twohdef14a.htm) |
| Morgan Stanley | Deloitte | $64.3M | $61.8B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/895421/000114036125012302/ny20039620x1_def14a.htm) |
| Metlife Inc. | Deloitte | $60.2M | $71B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1099219/000109921925000126/met-20250429.htm) |
| International Business Machines Corp | PwC | $48.2M | $62.8B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/51143/000110465925022186/tm2430706-6_def14aseq1.htm) |
| Wells Fargo & Company/mn | KPMG | $46.8M | $82.3B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/72971/000007297125000090/wfc-20250317.htm) |
| Apollo Global Management, Inc. | Deloitte | $46.4M | $26.1B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1858681/000119312525096971/d920046ddef14a.htm) |
| Amazon Com Inc. | — | $41.9M | $638B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1018724/000110465925033442/tm252295-1_def14a.htm) |
| Ford Motor Co | PwC | $41.3M | $185B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/37996/000110465925029100/tm2416981-6_def14a.htm) |
| Johnson & Johnson | PwC | $39.5M | $88.8B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/200406/000020040625000099/jnj-20250311.htm) |
| Boeing Co | Deloitte | $37.2M | $66.5B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/12927/000119312525049921/d816992ddef14a.htm) |
| Merck & Co., Inc. | PwC | $35.3M | $64.2B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/310158/000119312525076859/d151723ddef14a.htm) |
| Chubb Ltd | PwC | $35.2M | $55.8B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/896159/000110465925030554/tm251658-4_def14a.htm) |
| Exxon Mobil Corp | PwC | $34.8M | $350B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/34088/000119312525073986/d895092ddef14a.htm) |
| American Express Co | PwC | $34.8M | $65.9B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/4962/000119312525054588/d804836ddef14a.htm) |
| Carlyle Group Inc. | EY | $34.7M | $5.43B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1527166/000152716625000032/cg-20250416.htm) |
| T-Mobile US, Inc. | Deloitte | $32.2M | $81.4B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1283699/000119312525085753/d877179ddef14a.htm) |
| Coca Cola Co | EY | $32.1M | $47.1B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/21344/000155837025003056/ko-20250430xdef14a.htm) |
| Cisco Systems, Inc. | PwC | $30.9M | $53.8B | [DEF 14A Oct 2025](https://www.sec.gov/Archives/edgar/data/858877/000085887725000150/csco-20251027.htm) |
| Walmart Inc. | EY | $30.8M | $681B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/104169/000010416925000055/wmt-20250424.htm) |
| Walt Disney Co | PwC | $30.4M | $91.4B | [DEF 14A Jan 2025](https://www.sec.gov/Archives/edgar/data/1744489/000174448925000059/dis-20250123.htm) |
| Broadcom Inc. | PwC | $29.7M | $51.6B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/1730168/000119312525044112/d861439ddef14a.htm) |
| GE Vernova Inc. | Deloitte | $28.9M | $34.9B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/1996810/000199681025000049/gev-20250328.htm) |
| PROCTER & GAMBLE Co | Deloitte | $27.8M | $84B | [DEF 14A Aug 2025](https://www.sec.gov/Archives/edgar/data/80424/000119312525191749/d875382ddef14a.htm) |
| TPG Inc. | Deloitte | $26.6M | $3.5B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1880661/000119312525091415/d883668ddef14a.htm) |
| Bank of New York Mellon Corp | KPMG | $26.3M | $18.6B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/1390777/000119312525046216/d801554ddef14a.htm) |
| Warner Bros. Discovery, Inc. | PwC | $26.2M | $39.3B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1437107/000143710725000084/wbd-20250422.htm) |
| Oracle Corp | EY | $26.1M | $57.4B | [DEF 14A Sep 2025](https://www.sec.gov/Archives/edgar/data/1341439/000119312525220801/d72066ddef14a.htm) |
| CVS HEALTH Corp | EY | $25.9M | $373B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/64803/000130817925000386/cvs012729_def14a.htm) |
| BlackRock, Inc. | Deloitte | $24.5M | $20.4B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/2012383/000130817925000388/ny-20250404.htm) |
| Philip Morris International Inc. | PwC | $24.2M | $37.9B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/1413329/000110465925028420/tm252327-2_def14a.htm) |
| Baker Hughes Co | KPMG | $23.7M | $27.8B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/1701605/000119312525067674/d837654ddef14a.htm) |
| Hewlett Packard Enterprise Co | EY | $23.2M | $30.1B | [DEF 14A Feb 2025](https://www.sec.gov/Archives/edgar/data/1645590/000164559025000024/hpe-20250211.htm) |
| Pnc Financial Services Group, Inc. | PwC | $23.2M | $21.6B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/713676/000119312525052937/d889589ddef14a.htm) |
| Corebridge Financial, Inc. | PwC | $22.9M | $18.7B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1889539/000114036125014088/ny20041938x1_def14a.htm) |
| Omnicom Group Inc. | KPMG | $22.7M | $15.7B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/29989/000101376225003435/ea0227091-02.htm) |
| Johnson Controls International plc | PwC | $22.7M | $23B | [DEF 14A Jan 2025](https://www.sec.gov/Archives/edgar/data/833444/000110465925004921/tm2427080-d3_def14a.htm) |
| Deere & Co | Deloitte | $22.4M | $51.7B | [DEF 14A Jan 2025](https://www.sec.gov/Archives/edgar/data/315189/000155837025000112/de-20250226xdef14a.htm) |
| Emerson Electric Co | KPMG | $22.4M | $17.5B | [DEF 14A Dec 2025](https://www.sec.gov/Archives/edgar/data/32604/000003260425000103/emr-20251212.htm) |
| Hp Inc. | EY | $22.1M | $53.6B | [DEF 14A Feb 2025](https://www.sec.gov/Archives/edgar/data/47217/000004721725000014/hpq-20250223.htm) |
| Becton Dickinson & Co | EY | $22M | $20.2B | [DEF 14A Dec 2025](https://www.sec.gov/Archives/edgar/data/10795/000162828025057846/bdx-20251217.htm) |
| United Parcel Service Inc. | Deloitte | $21.9M | $91.1B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/1090727/000109072725000038/ups-20250317.htm) |
| Meta Platforms, Inc. | EY | $21.4M | $165B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1326801/000132680125000040/meta-20250417.htm) |
| Elevance Health, Inc. | EY | $21.1M | $177B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/1156039/000115603925000046/elv-20250328.htm) |
| Paramount Global | PwC | $20.6M | $29.2B | [DEF 14A Jun 2025](https://www.sec.gov/Archives/edgar/data/813828/000114036125021135/ny20047871x1_def14a.htm) |
| Bausch Health Companies Inc. | PwC | $20.5M | $9.63B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/885590/000114036125011851/ny20039462x1_def14a.htm) |
| Unitedhealth Group Inc. | Deloitte | $20.4M | $400B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/731766/000110465925036829/tm252303-2_def14a.htm) |
| Cbre Group, Inc. | KPMG | $20.2M | $35.8B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1138118/000095017025050878/cbre-20250403.htm) |
| Archer-Daniels-Midland Co | EY | $19.9M | $85.5B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/7084/000119312525062691/d919406ddef14a.htm) |
| Cummins Inc. | PwC | $19.8M | $34.1B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/26172/000110465925029877/tm2425076-3_def14a.htm) |
| Aptiv PLC | EY | $19.4M | $19.7B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/1521332/000095017025036263/aptv-20250305.htm) |
| Bristol Myers Squibb Co | Deloitte | $19M | $48.3B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/14272/000001427225000075/bmy-20250326.htm) |
| DXC Technology Co | Deloitte | $19M | $12.9B | [DEF 14A Jun 2025](https://www.sec.gov/Archives/edgar/data/1688568/000168856825000054/dxc-20250605.htm) |
| Equitable Holdings, Inc. | PwC | $18.7M | $12.4B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1333986/000119312525073441/d869687ddef14a.htm) |
| Honeywell International Inc. | Deloitte | $18.7M | $34.7B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/773840/000077384025000030/hon-20250409.htm) |
| 3m Co | PwC | $18.4M | $24.6B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/66740/000006674025000029/mmm-20250325.htm) |
| Aes Corp | EY | $18.4M | $12.3B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/874761/000087476125000019/aes-20250319.htm) |
| Viatris Inc | Deloitte | $18.1M | $14.7B | [DEF 14A Oct 2025](https://www.sec.gov/Archives/edgar/data/1792044/000114036125039263/ny20055082x771_def14a.htm) |
| Cigna Group | PwC | $18.1M | $247B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/1739940/000173994025000015/ci-20250314.htm) |
| L3harris Technologies, Inc. /de/ | EY | $18.1M | $21.3B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/202058/000155837025002451/tmb-20250418xdef14a.htm) |
| Kenvue Inc. | PwC | $17.9M | $15.5B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1944048/000194404825000114/kvue-20250409.htm) |
| Loews Corp | Deloitte | $17.8M | $17.5B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/60086/000114036125011755/ny20041383x1_def14a.htm) |
| PayPal Holdings, Inc. | PwC | $17.2M | $31.8B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1633917/000119312525087307/d905217ddef14a.htm) |
| US Bancorp \de\ | EY | $17.2M | $27.5B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/36104/000110465925020883/tm252291d2_def14a.htm) |
| Willis Towers Watson PLC | Deloitte | $17.1M | $9.93B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/1140536/000095017025046880/wtw-20250328.htm) |
| Cardinal Health Inc. | EY | $17.1M | $227B | [DEF 14A Sep 2025](https://www.sec.gov/Archives/edgar/data/721371/000072137125000114/cah-20250916.htm) |
| GE HealthCare Technologies Inc. | Deloitte | $16.8M | $19.7B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1932393/000162828025017240/gehc-20250409.htm) |
| Occidental Petroleum Corp /de/ | KPMG | $16.6M | $22.7B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/797468/000079746825000054/oxy-20250320.htm) |
| Boston Scientific Corp | EY | $16.5M | $16.7B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/885725/000088572525000017/bsx-20250319.htm) |
| International Flavors & Fragrances Inc. | PwC | $16.4M | $11.5B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/51253/000114036125009165/ny20039195x1_def14a.htm) |
| Exelon Corp | PwC | $16.2M | $23B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/1109357/000110935725000074/exc-20250319.htm) |
| Bunge Global SA | Deloitte | $15.8M | $53.1B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1996862/000199686225000078/bg-20250404.htm) |
| Live Nation Entertainment, Inc. | EY | $15.7M | $23.2B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1335258/000119312525094918/d879665ddef14a.htm) |
| Smurfit Westrock plc | KPMG | $15.7M | $21.1B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/2005951/000110465925025323/tm2425283-3_def14a.htm) |
| StepStone Group Inc. | EY | $15.7M | $1.17B | [DEF 14A Jul 2025](https://www.sec.gov/Archives/edgar/data/1796022/000119312525165420/d922679ddef14a.htm) |
| Tesla, Inc. | PwC | $15.6M | $97.7B | [DEF 14A Sep 2025](https://www.sec.gov/Archives/edgar/data/1318605/000110465925090866/tm252289-12_def14a.htm) |
| Expedia Group, Inc. | EY | $15.3M | $13.7B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1324424/000132442425000019/expe-20250421.htm) |
| Teva Pharmaceutical Industries Ltd | PwC | $15.2M | $16.5B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/818686/000119312525076829/d901192ddef14a.htm) |
| Gilead Sciences, Inc. | EY | $15.2M | $28.8B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/882095/000130817925000252/gild013520-def14a.htm) |
| Booking Holdings Inc. | Deloitte | $15M | $23.7B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1075531/000130817925000476/bkng013642-def14a.htm) |
| TechnipFMC plc | PwC | $15M | $9.08B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/1681459/000168145925000068/fti-20250314.htm) |
| Reinsurance Group Of America Inc. | Deloitte | $14.9M | $22.1B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/898174/000089817425000076/rga-20250410.htm) |
| Intercontinental Exchange, Inc. | EY | $14.8M | $11.8B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/1571949/000095017025047824/ice-20250331.htm) |
| NEWMONT Corp /DE/ | EY | $14.6M | $18.7B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/1164727/000155837025003000/nem-20250430xdef14a.htm) |
| Freeport-mcmoran Inc. | EY | $14.6M | $25.5B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/831259/000119312525095175/d859132ddef14a.htm) |
| Ppg Industries Inc. | PwC | $14.5M | $15.8B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/79879/000155837025002350/tmb-20250417xdef14a.htm) |
| Whirlpool Corp /de/ | EY | $14.5M | $16.6B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/106640/000119312525047168/d912737ddef14a.htm) |
| Principal Financial Group Inc. | EY | $14.4M | $16.1B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1126328/000110465925032660/tm2418549-3_def14a.htm) |
| Flex Ltd. | Deloitte | $14.4M | $25.8B | [DEF 14A Jun 2025](https://www.sec.gov/Archives/edgar/data/866374/000130817925000552/flex014214-def14a.htm) |
| Estee Lauder Companies Inc. | PwC | $14.4M | $15.6B | [DEF 14A Sep 2025](https://www.sec.gov/Archives/edgar/data/1001250/000110465925093184/tm2523020-3_def14a.htm) |
| Baxter International Inc. | PwC | $14.1M | $10.6B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/10456/000162828025014747/bax-20250325.htm) |
| Ameriprise Financial Inc. | PwC | $14M | $17.9B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/820027/000110465925026644/tm2422571-3_def14a.htm) |
| Corteva, Inc. | PwC | $13.9M | $16.9B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/1755672/000095017025043278/ctva-20250321.htm) |
| Capital One Financial Corp | EY | $13.9M | $39.1B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/927628/000119312525065530/d845790ddef14a.htm) |
| Assurant, Inc. | PwC | $13.8M | $11.9B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1267238/000126723825000018/aiz-20250404.htm) |
| Voya Financial, Inc. | EY | $13.8M | $8.05B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1535929/000153592925000031/voya-20250410.htm) |
| Bruker Corp | PwC | $13.7M | $3.37B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1109354/000095017025053286/brkr-20250411.htm) |
| Brighthouse Financial, Inc. | Deloitte | $13.7M | $4.72B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1685040/000119312525101792/d910973ddef14a.htm) |
| Centene Corp | KPMG | $13.7M | $163B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/1071739/000107173925000063/cnc-20250327.htm) |
| Amgen Inc. | EY | $13.7M | $33.4B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/318154/000095017025052315/amgn-20250408.htm) |
| LyondellBasell Industries N.V. | PwC | $13.6M | $33.4B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1489393/000130817925000443/lyb4379241-def14a.htm) |
| Fortive Corp | EY | $13.5M | $4.08B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1659166/000095017025056329/ftv-20250421.htm) |
| S&P Global Inc. | EY | $13.5M | $14.2B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/64040/000110465925027558/tm252388-2_def14a.htm) |
| Lear Corp | EY | $13.5M | $23.3B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/842162/000084216225000029/lea-20250403.htm) |
| Jefferies Financial Group Inc. | Deloitte | $13.4M | $10.5B | [DEF 14A Feb 2025](https://www.sec.gov/Archives/edgar/data/96223/000114036125004809/ny20036825x1_def14a.htm) |
| Arrow Electronics, Inc. | EY | $13.3M | $27.9B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/7536/000155837025003581/arw-20250506xdef14a.htm) |
| Amcor plc | PwC | $13.3M | $13.6B | [DEF 14A Sep 2025](https://www.sec.gov/Archives/edgar/data/1748790/000174879025000032/amcr-20250922.htm) |
| International Paper Co /new/ | Deloitte | $13.3M | $15.8B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/51434/000119312525069947/d856503ddef14a.htm) |
| Nrg Energy, Inc. | KPMG | $13.2M | $28.1B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/1013871/000110465925025550/tm252336-8_def14a.htm) |
| HCA Healthcare, Inc. | EY | $13.2M | $70.6B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/860730/000119312525054832/d880090ddef14a.htm) |
| Organon & Co. | PwC | $13.2M | $6.4B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1821825/000095017025058795/ogn-20250425.htm) |
| Lumen Technologies, Inc. | KPMG | $13M | $13.1B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/18926/000001892625000031/lumn-20250331.htm) |
| Jabil Inc. | EY | $12.9M | $28.9B | [DEF 14A Dec 2025](https://www.sec.gov/Archives/edgar/data/898293/000119312525316927/d946966ddef14a.htm) |
| Celanese Corp | KPMG | $12.9M | $10.3B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/1306830/000130683025000083/ce-20250324.htm) |
| Cencora, Inc. | EY | $12.8M | $294B | [DEF 14A Jan 2025](https://www.sec.gov/Archives/edgar/data/1140859/000114085925000017/cor-20250123.htm) |
| Lincoln National Corp | EY | $12.8M | $18.4B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/59558/000119312525077438/d806115ddef14a.htm) |
| Sempra | Deloitte | $12.5M | $13.2B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/1032208/000114036125010983/ny20037622x1_def14a.htm) |
| American Electric Power Co Inc. | PwC | $12.5M | $20B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/4904/000000490425000043/aep-20250312.htm) |
| Ecolab Inc. | PwC | $12.3M | $15.7B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/31462/000110465925027292/tm2425999-8_def14a.htm) |
| Fox Corp | EY | $12.3M | $14B | [DEF 14A Sep 2025](https://www.sec.gov/Archives/edgar/data/1754301/000162828025042772/fox-20250925.htm) |
| Fidelity National Information Services, Inc. | KPMG | $12.3M | $10.1B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1136893/000113689325000047/fis-20250428.htm) |
| Otis Worldwide Corp | PwC | $12.2M | $14.3B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1781335/000114036125012360/ny20040372x1_def14a.htm) |
| Elanco Animal Health Inc | EY | $12.2M | $4.44B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/1739104/000173910425000030/elan-20250327.htm) |
| TechTarget, Inc. | PwC | $12.2M | $285M | [DEF 14A Jun 2025](https://www.sec.gov/Archives/edgar/data/2018064/000095017025084302/ttgt-20250609.htm) |
| TE Connectivity plc | Deloitte | $12.1M | $15.8B | [DEF 14A Jan 2025](https://www.sec.gov/Archives/edgar/data/1385157/000155837025000262/tel-20250312xdef14a.htm) |
| Arch Capital Group Ltd. | PwC | $12.1M | $17.4B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/947484/000094748425000031/acgl-20250325.htm) |
| Mercadolibre Inc. | EY | $12M | $20.8B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1099590/000109959025000020/meli-20250428.htm) |
| Allstate Corp | Deloitte | $12M | $64.1B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/899051/000089905125000030/all-20250417.htm) |
| CNH Industrial N.V. | Deloitte | $11.7M | $19.8B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/1567094/000119312525061422/d905086ddef14a.htm) |
| Schwab Charles Corp | Deloitte | $11.6M | $19.6B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/316709/000119312525072811/d897057ddef14a.htm) |
| Fiserv Inc. | Deloitte | $11.6M | $20.5B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/798354/000114036125011869/ny20041471x1_def14a.htm) |
| Zoetis Inc. | KPMG | $11.6M | $9.26B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1555280/000155528025000193/zts-20250408.htm) |
| Visa Inc. | KPMG | $11.4M | $35.9B | [DEF 14A Dec 2025](https://www.sec.gov/Archives/edgar/data/1403161/000130817925000635/v-20251208.htm) |
| Sonoco Products Co | PwC | $11.3M | $5.31B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/91767/000110465925023951/tm2428806d5_def14a.htm) |
| Travelers Companies, Inc. | KPMG | $11.2M | $46.4B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/86312/000008631225000019/trv-20250403.htm) |
| Firstenergy Corp | PwC | $11.2M | $13.5B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1031296/000119312525071853/d786829ddef14a.htm) |
| Fluor Corp | EY | $11.2M | $16.3B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/1124198/000110465925023492/tm252315-6_def14a.htm) |
| Qualcomm Inc/de | PwC | $11.2M | $39B | [DEF 14A Jan 2025](https://www.sec.gov/Archives/edgar/data/804328/000110465925005602/tm2430012d3_def14a.htm) |
| Bausch & Lomb Corp | PwC | $11M | $4.79B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1860742/000114036125013244/ny20040956x771_def14a.htm) |
| Hartford Insurance Group, Inc. | Deloitte | $11M | $26.5B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/874766/000087476625000040/hig-20250410.htm) |
| QuidelOrtho Corp | KPMG | $10.9M | $2.78B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1906324/000190632425000045/qdel-20250408.htm) |
| Agco Corp /de | KPMG | $10.9M | $11.7B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/880266/000088026625000015/agco-20250321.htm) |
| SS&C Technologies Holdings Inc | PwC | $10.8M | $5.88B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1402436/000095017025050376/ssnc-20250403.htm) |
| Textron Inc. | EY | $10.8M | $13.7B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/217346/000155278125000047/e25050_txt-def14a.htm) |
| NOV Inc. | EY | $10.8M | $8.87B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1021860/000119312525076219/d911436ddef14a.htm) |
| Costco Wholesale Corp /new | KPMG | $10.7M | $254B | [DEF 14A Dec 2025](https://www.sec.gov/Archives/edgar/data/909832/000090983225000159/cost-20251204.htm) |
| Berkley W R Corp | KPMG | $10.7M | $13.6B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/11544/000119312525096949/d840791ddef14a.htm) |
| Entergy Corp /de/ | Deloitte | $10.7M | $11.9B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/65984/000006598425000026/etr-20250321.htm) |
| Airbnb, Inc. | PwC | $10.7M | $11.1B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1559720/000119312525096938/d842295ddef14a.htm) |
| Borgwarner Inc. | PwC | $10.6M | $14.1B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/908255/000155837025003243/tmb-20250430xdef14a.htm) |
| B. Riley Financial, Inc. | BDO | $10.5M | $986M | [DEF 14A Oct 2025](https://www.sec.gov/Archives/edgar/data/1464790/000121390025101228/ea0258809-02.htm) |
| Berry Global Group, Inc. | EY | $10.5M | $10.1B | [DEF 14A Jan 2025](https://www.sec.gov/Archives/edgar/data/1378992/000110465925001507/tm2432393d2_def14a.htm) |
| Coty Inc. | Deloitte | $10.5M | $6.12B | [DEF 14A Sep 2025](https://www.sec.gov/Archives/edgar/data/1024305/000102430525000052/coty-20250926.htm) |
| Autoliv Inc. | EY | $10.5M | $10.4B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/1034670/000155278125000103/e25036_alv-def14a.htm) |
| Westlake Corp | PwC | $10.4M | $12.1B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/1262823/000119312525066316/d827943ddef14a.htm) |
| Avis Budget Group, Inc. | Deloitte | $10.4M | $11.8B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/723612/000114036125010716/ny20041928x2_def14a.htm) |
| Owens Corning | PwC | $10.3M | $9.85B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/1370946/000137094625000125/oc-20250314.htm) |
| SoFi Technologies, Inc. | Deloitte | $10.3M | $2.67B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1818874/000181887425000060/sofi-20250415.htm) |
| Hilton Grand Vacations Inc. | EY | $10.3M | $4.98B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/1674168/000114036125009261/ny20041371x1_def14a.htm) |
| DoorDash, Inc. | KPMG | $10.2M | $10.7B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1792789/000162828025020666/dash-20250429.htm) |
| Sysco Corp | EY | $10.2M | $81.4B | [DEF 14A Oct 2025](https://www.sec.gov/Archives/edgar/data/96021/000009602125000147/syy-20251001.htm) |
| Huntington Bancshares Inc. /md/ | PwC | $10.2M | $1.47B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/49196/000130817925000044/hban013277-def14a.htm) |
| Avery Dennison Corp | PwC | $10.1M | $8.76B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/8818/000119312525048919/d897467ddef14a.htm) |
| Corpay, Inc. | EY | $10.1M | $3.97B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1175454/000162828025021131/cpay-20250430.htm) |
| Robinhood Markets, Inc. | EY | $9.99M | $2.95B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1783879/000178387925000134/hood-20250425.htm) |
| Huntington Ingalls Industries, Inc. | Deloitte | $9.91M | $11.5B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/1501585/000150158525000023/hii-20250320.htm) |
| Mcdonalds Corp | EY | $9.9M | $25.9B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/63908/000155837025004544/mcd-20250520xdef14a.htm) |
| Waste Management Inc. | EY | $9.9M | $22.1B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/823768/000110465925030318/tm251991-2_def14a.htm) |
| Americold Realty Trust | EY | $9.86M | $2.67B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1455863/000162828025016937/art-20250407.htm) |
| Coupang, Inc. | PwC | $9.85M | $30.3B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1834584/000114036125016000/ny20041603x1_def14a.htm) |
| BGC Group, Inc. | EY | $9.82M | $2.26B | [DEF 14A Sep 2025](https://www.sec.gov/Archives/edgar/data/1094831/000121390025093426/ea0258456-01.htm) |
| Solventum Corp | PwC | $9.8M | $8.25B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/1964738/000196473825000038/solv-20250321.htm) |
| Maplebear Inc. | PwC | $9.74M | $3.38B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1579091/000157909125000033/cart-20250408.htm) |
| Corning Inc. /ny | PwC | $9.56M | $13.1B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/24741/000120677425000146/glw4400681_def14a.htm) |
| Coinbase Global, Inc. | Deloitte | $9.45M | $6.56B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1679788/000167978825000070/coin-20250425.htm) |
| Unum Group | EY | $9.41M | $12.9B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/5513/000000551325000048/unm-20250410.htm) |
| ServiceNow, Inc. | PwC | $9.41M | $11B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1373715/000137371525000110/now-20250404.htm) |
| Flowserve Corp | PwC | $9.31M | $4.56B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/30625/000130817925000353/fls013554-def14a.htm) |
| Autodesk, Inc. | EY | $9.3M | $6.13B | [DEF 14A May 2025](https://www.sec.gov/Archives/edgar/data/769397/000076939725000058/adsk-20250505.htm) |
| Endo, Inc. | PwC | $9.29M | $1.18B | [DEF 14A Jun 2025](https://www.sec.gov/Archives/edgar/data/2008861/000119312525133264/d824786ddef14a.htm) |
| Micron Technology Inc. | PwC | $9.2M | $25.1B | [DEF 14A Nov 2025](https://www.sec.gov/Archives/edgar/data/723125/000072312525000038/mu-20251125.htm) |
| PACS Group, Inc. | EY | $9.16M | $4.09B | [DEF 14A Nov 2025](https://www.sec.gov/Archives/edgar/data/2001184/000200118425000076/pacs-20251125.htm) |
| Warner Music Group Corp. | KPMG | $9.16M | $6.43B | [DEF 14A Jan 2025](https://www.sec.gov/Archives/edgar/data/1319161/000114036125001453/ny20038375x1_def14a.htm) |
| Lineage, Inc. | PwC | $9.15M | $5.34B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1868159/000186815925000053/line-20250425.htm) |
| Alcoa Corp | PwC | $9.13M | $11.9B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/1675149/000095017025042015/aa-20250318.htm) |
| Newell Brands Inc. | PwC | $9.1M | $7.58B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/814453/000095017025046070/nwl-20250327.htm) |
| Starbucks Corp | Deloitte | $9.1M | $36.2B | [DEF 14A Jan 2025](https://www.sec.gov/Archives/edgar/data/829224/000121390025006516/ea0224926-02.htm) |
| V F Corp | PwC | $9.08M | $9.5B | [DEF 14A Jun 2025](https://www.sec.gov/Archives/edgar/data/103379/000119312525137388/d845853ddef14a.htm) |
| Seagate Technology Holdings plc | EY | $9.04M | $9.1B | [DEF 14A Sep 2025](https://www.sec.gov/Archives/edgar/data/1137789/000113778925000211/stx-20250909.htm) |
| Rivian Automotive, Inc. / DE | KPMG | $9.03M | $4.97B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1874178/000187417825000019/rivn-20250429.htm) |
| CommScope Holding Company, Inc. | EY | $9M | $1.38B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/1517228/000095017025043853/comm-20250321.htm) |
| Pvh Corp. /de/ | EY | $9M | $8.65B | [DEF 14A May 2025](https://www.sec.gov/Archives/edgar/data/78239/000121390025041370/ea0238270-01.htm) |
| QVC Group, Inc. | KPMG | $8.97M | $10B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/1355096/000110465925029074/tm252333-8_def14a.htm) |
| Williams Companies, Inc. | EY | $8.9M | $12.6B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/107263/000119312525057277/d891052ddef14a.htm) |
| Hyatt Hotels Corp | Deloitte | $8.9M | $6.65B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1468174/000119312525071845/d815204ddef14a.htm) |
| Advanced Micro Devices Inc. | EY | $8.89M | $25.8B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/2488/000119312525067170/d869673ddef14a.htm) |
| Cushman & Wakefield plc | KPMG | $8.89M | $9.45B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1628369/000162836925000012/cwk-20250404.htm) |
| Ametek Inc/ | EY | $8.88M | $6.94B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/1037868/000103786825000022/ame-20250312.htm) |
| American Tower Corp /ma/ | Deloitte | $8.86M | $10.1B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1053507/000105350725000092/amt-20250401.htm) |
| Analog Devices Inc. | EY | $8.84M | $9.43B | [DEF 14A Jan 2025](https://www.sec.gov/Archives/edgar/data/6281/000000628125000016/adi-20250123.htm) |
| Fidelity National Financial, Inc. | EY | $8.79M | $13.7B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1331875/000110465925040185/tm252368d4_def14a.htm) |
| Xylem Inc. | Deloitte | $8.78M | $8.56B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/1524472/000095017025047304/xyl-20250328.htm) |
| SiriusPoint Ltd | PwC | $8.78M | $2.6B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1576018/000199937125004065/sirius-def14a_052025.htm) |
| Home Depot, Inc. | KPMG | $8.69M | $160B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/354950/000035495025000123/hd-20250407.htm) |
| Caesars Entertainment, Inc. | Deloitte | $8.67M | $11.2B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1590895/000119312525093716/d791580ddef14a.htm) |
| DOVER Corp | PwC | $8.67M | $7.75B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/29905/000119312525058312/d781654ddef14a.htm) |
| MARRIOTT VACATIONS WORLDWIDE Corp | EY | $8.66M | $4.97B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/1524358/000119312525064807/d850279ddef14a.htm) |
| Envista Holdings Corp | EY | $8.64M | $2.51B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1757073/000175707325000018/nvst-20250424.htm) |
| Lkq Corp | Deloitte | $8.62M | $13.8B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/1065696/000106569625000021/lkq-20250324.htm) |
| TransDigm Group INC | EY | $8.62M | $7.94B | [DEF 14A Jan 2025](https://www.sec.gov/Archives/edgar/data/1260221/000126022125000007/tdg-20250123.htm) |
| Sabre Corp | EY | $8.59M | $2.74B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/1597033/000119312525053907/d888712ddef14a.htm) |
| Jackson Financial Inc. | KPMG | $8.55M | $3.27B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1822993/000110465925032872/tm252330-1_def14a.htm) |
| Levi Strauss & Co | PwC | $8.55M | $6.03B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/94845/000130817925000101/levi013375_def14a.htm) |
| Herbalife Ltd. | PwC | $8.52M | $4.99B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/1180262/000121390025022830/ea0230772-01.htm) |
| Clarivate PLC | PwC | $8.51M | $2.56B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/1764046/000110465925029072/tm255843-6_def14a.htm) |
| Aecom | EY | $8.5M | $16.1B | [DEF 14A Jan 2025](https://www.sec.gov/Archives/edgar/data/868857/000162828025001826/acm-20250117.htm) |
| Dana Inc. | PwC | $8.5M | $7.73B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/26780/000114036125008727/ny20041240x1_def14a.htm) |
| Westinghouse Air Brake Technologies Corp | EY | $8.47M | $10.4B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/943452/000162828025016372/wab-20250403.htm) |
| Global Payments Inc. | Deloitte | $8.46M | $7.74B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/1123360/000110465925023451/tm2428803-5_def14a.htm) |
| General Mills Inc. | KPMG | $8.43M | $19.5B | [DEF 14A Aug 2025](https://www.sec.gov/Archives/edgar/data/40704/000130817925000581/gis014519-def14a.htm) |
| Ingersoll Rand Inc. | Deloitte | $8.41M | $7.24B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1699150/000114036125015748/ny20042323x1_def14a.htm) |
| DIEBOLD NIXDORF, Inc | KPMG | $8.4M | $3.75B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/28823/000119312525054449/d905497ddef14a.htm) |
| ManpowerGroup Inc. | Deloitte | $8.39M | $17.9B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/871763/000095017025034717/man-20250306.htm) |
| Edwards Lifesciences Corp | PwC | $8.3M | $5.44B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/1099800/000109980025000013/ew-20250325.htm) |
| Motorola Solutions, Inc. | PwC | $8.3M | $10.8B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/68505/000119312525064714/d703432ddef14a.htm) |
| American Financial Group Inc. | EY | $8.28M | $8.32B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1042046/000114036125012231/ny20043582x1_def14a.htm) |
| Nasdaq, Inc. | EY | $8.23M | $7.4B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1120193/000119312525100786/d862158ddef14a.htm) |
| Constellation Brands, Inc. | KPMG | $8.21M | $10.2B | [DEF 14A Jun 2025](https://www.sec.gov/Archives/edgar/data/16918/000001691825000066/stz-20250529.htm) |
| Brinks Co | KPMG | $8.2M | $5.01B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/78890/000110465925026390/tm252318-2_def14a.htm) |
| Hologic Inc. | EY | $8.16M | $4.03B | [DEF 14A Jan 2025](https://www.sec.gov/Archives/edgar/data/859737/000114036125001287/ny20038205x1_def14a.htm) |
| Netflix Inc. | EY | $8.09M | $39B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1065280/000119312525084425/d867701ddef14a.htm) |
| Freedom Holding Corp. | Deloitte | $8.05M | $2B | [DEF 14A Jul 2025](https://www.sec.gov/Archives/edgar/data/924805/000092480525000025/fre-20250729.htm) |
| Ebay Inc. | PwC | $8.04M | $10.3B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1065088/000110465925042545/tm2424429-2_def14a.htm) |
| Chemours Co | PwC | $8.02M | $5.78B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/1627223/000110465925025816/tm252323-10_def14a.htm) |
| Mks Instruments Inc. | PwC | $8.01M | $3.59B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1049502/000119312525069811/d884344ddef14a.htm) |
| Sherwin Williams Co | EY | $7.98M | $23.1B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/89800/000119312525047877/d873603ddef14a.htm) |
| Clorox Co /de/ | EY | $7.95M | $7.09B | [DEF 14A Oct 2025](https://www.sec.gov/Archives/edgar/data/21076/000155278125000311/e25287_clx-def14a.htm) |
| Keysight Technologies, Inc. | PwC | $7.86M | $4.98B | [DEF 14A Jan 2025](https://www.sec.gov/Archives/edgar/data/1601046/000114036125002064/ny20039951x1_def14a.htm) |
| Sei Investments Co | KPMG | $7.81M | $2.13B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/350894/000035089425000060/seic-20250414.htm) |
| Itron, Inc. | Deloitte | $7.8M | $2.44B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/780571/000114036125009992/ny20037091x2_def14a.htm) |
| Wesco International Inc. | PwC | $7.8M | $21.8B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/929008/000119312525078098/d890708ddef14a.htm) |
| Sanmina Corp | PwC | $7.8M | $7.57B | [DEF 14A Jan 2025](https://www.sec.gov/Archives/edgar/data/897723/000130817925000021/sanm-20250124.htm) |
| Quanta Services, Inc. | PwC | $7.75M | $23.7B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1050915/000119312525078453/d689988ddef14a.htm) |
| Lam Research Corp | EY | $7.67M | $18.4B | [DEF 14A Sep 2025](https://www.sec.gov/Archives/edgar/data/707549/000114036125036012/ny20050572x2_def14a.htm) |
| Rpm International Inc/de/ | Deloitte | $7.66M | $7.37B | [DEF 14A Aug 2025](https://www.sec.gov/Archives/edgar/data/110621/000119312525185345/d22717ddef14a.htm) |
| M&t Bank Corp | PwC | $7.56M | $1.54B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/36270/000119312525044781/d842171ddef14a.htm) |
| Mosaic Co | KPMG | $7.55M | $11.1B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1285785/000128578525000025/mos-20250415.htm) |
| MGM Resorts International | Deloitte | $7.55M | $17.2B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/789570/000119312525066345/d858403ddef14a.htm) |
| Cleveland-cliffs Inc. | Deloitte | $7.53M | $19.2B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/764065/000076406525000069/clf-20250402.htm) |
| Synopsys Inc. | KPMG | $7.52M | $6.13B | [DEF 14A Feb 2025](https://www.sec.gov/Archives/edgar/data/883241/000088324125000008/snps-20250214.htm) |
| Invesco Ltd. | PwC | $7.5M | $6.07B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/914208/000119312525066755/d896414ddef14a.htm) |
| Masco Corp /de/ | PwC | $7.5M | $7.83B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/62996/000119312525074658/d860835ddef14a.htm) |
| Coherent Corp. | EY | $7.49M | $4.71B | [DEF 14A Oct 2025](https://www.sec.gov/Archives/edgar/data/820318/000110465925096170/tm2513374-4_def14a.htm) |
| Travel & Leisure Co. | Deloitte | $7.45M | $3.86B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1361658/000136165825000178/tnl-20250411.htm) |
| Tenet Healthcare Corp | Deloitte | $7.36M | $20.7B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/70318/000119312525079143/d796309ddef14a.htm) |
| Hanesbrands Inc. | PwC | $7.34M | $3.51B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/1359841/000110465925024433/tm2417112-3_def14a.htm) |
| Howmet Aerospace Inc. | PwC | $7.3M | $7.43B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/4281/000110465925035530/tm2424349-2_def14a.htm) |
| Gartner Inc. | KPMG | $7.29M | $6.27B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/749251/000074925125000018/it-20250415.htm) |
| Leidos Holdings, Inc. | Deloitte | $7.28M | $16.7B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/1336920/000162828025013182/ldos-20250317.htm) |
| GXO Logistics, Inc. | KPMG | $7.26M | $11.7B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1852244/000155837025004977/tmb-20250513xdef14a.htm) |
| Virtu Financial, Inc. | PwC | $7.24M | $2.88B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1592386/000110465925037735/tm252433-1_def14a.htm) |
| Huntsman CORP | Deloitte | $7.2M | $6.04B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/1307954/000110465925024451/tm252502-4_def14a.htm) |
| Humana Inc. | PwC | $7.18M | $118B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/49071/000119312525048976/d852577ddef14a.htm) |
| Restaurant Brands International Inc. | KPMG | $7.18M | $8.41B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1618756/000119312525091549/d875129ddef14a.htm) |
| Workday, Inc. | EY | $7.17M | $8.45B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1327811/000110465925038009/tm2428649-2_def14a.htm) |
| Cheniere Energy, Inc. | KPMG | $7.15M | $15.7B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/3570/000119312525075115/d896161ddef14a.htm) |
| Hershey Co | EY | $7.14M | $11.2B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/47111/000004711125000035/hsy-20250326.htm) |
| New Fortress Energy Inc. | EY | $7.11M | $2.36B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1749723/000174972325000040/nfe-20250429.htm) |
| Amphenol Corp /de/ | Deloitte | $7.09M | $15.2B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/820313/000110465925032005/tm2427714-4_def14a.htm) |
| Charles River Laboratories International, Inc. | PwC | $7.06M | $4.05B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1100682/000110465925030908/tm252355-2_def14a.htm) |
| DENTSPLY SIRONA Inc. | Deloitte | $7.05M | $3.79B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/818479/000114036125013040/ny20039969x1_def14a.htm) |
| Juniper Networks Inc. | EY | $7.05M | $5.07B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1043604/000110465925035489/tm2431514-1_def14a.htm) |
| Consolidated Edison Inc. | PwC | $7.05M | $15.5B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1047862/000104786225000032/ed-20250408.htm) |
| Forward Air Corp | KPMG | $6.98M | $2.47B | [DEF 14A May 2025](https://www.sec.gov/Archives/edgar/data/912728/000162828025025151/fwrd-20250513.htm) |
| Palo Alto Networks Inc | EY | $6.98M | $8.03B | [DEF 14A Nov 2025](https://www.sec.gov/Archives/edgar/data/1327567/000130817925000624/panw-20251107.htm) |
| Edison International | PwC | $6.98M | $17.6B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/827052/000155837025003002/eix-20250424xdef14a.htm) |
| Amentum Holdings, Inc. | EY | $6.96M | $8.39B | [DEF 14A Jan 2025](https://www.sec.gov/Archives/edgar/data/2011286/000201128625000024/amtm-20250121.htm) |
| Camping World Holdings, Inc. | Deloitte | $6.95M | $6.1B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1669779/000155837025004473/cwh-20250515xdef14a.htm) |
| CARRIER GLOBAL Corp | PwC | $6.9M | $22.5B | [DEF 14A Feb 2025](https://www.sec.gov/Archives/edgar/data/1783180/000178318025000014/carr-20250225.htm) |
| Plains Gp Holdings LP | PwC | $6.9M | $48.9B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1581990/000110465925033938/tm252370-4_def14a.htm) |
| Citizens Financial Group Inc/ri | Deloitte | $6.9M | $7.81B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/759944/000075994425000044/cfg-20250307.htm) |
| Sealed Air Corp/de | PwC | $6.88M | $5.39B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1012100/000114036125014374/ny20041997x1_def14a.htm) |
| Frontier Communications Parent, Inc. | KPMG | $6.85M | $5.94B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/20520/000114036125012956/ny20041528x1_def14a.htm) |
| Gates Industrial Corp plc | Deloitte | $6.8M | $3.41B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1718512/000171851225000023/gtes-20250417.htm) |
| O-I Glass, Inc. /DE/ | EY | $6.8M | $6.53B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/812074/000155837025004217/oi-20250514xdef14a.htm) |
| Tyson Foods, Inc. | PwC | $6.78M | $53.3B | [DEF 14A Dec 2025](https://www.sec.gov/Archives/edgar/data/100493/000010049325000114/tsn-20251217.htm) |
| Rackspace Technology, Inc. | PwC | $6.78M | $2.74B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1810019/000181001925000059/rxt-20250430.htm) |
| Oscar Health, Inc. | PwC | $6.74M | $9.18B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1568651/000114036125015601/ny20043707x1_def14a.htm) |
| Kroger Co | PwC | $6.74M | $147B | [DEF 14A May 2025](https://www.sec.gov/Archives/edgar/data/56873/000110465925049009/tm252618d1_def14a.htm) |
| Palantir Technologies Inc. | EY | $6.71M | $2.87B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1321655/000132165525000057/pltr-20250424.htm) |
| Nvidia Corp | PwC | $6.69M | $130B | [DEF 14A May 2025](https://www.sec.gov/Archives/edgar/data/1045810/000104581025000095/nvda-20250512.htm) |
| Microchip Technology Inc. | EY | $6.67M | $4.4B | [DEF 14A Jul 2025](https://www.sec.gov/Archives/edgar/data/827054/000082705425000099/mchp-20250702.htm) |
| Cooper Companies, Inc. | KPMG | $6.65M | $3.9B | [DEF 14A Feb 2025](https://www.sec.gov/Archives/edgar/data/711404/000071140425000003/coo-20250219.htm) |
| Sensata Technologies Holding plc | Deloitte | $6.65M | $3.93B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1477294/000147729425000059/st-20250428.htm) |
| Wec Energy Group, Inc. | Deloitte | $6.65M | $8.6B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/783325/000010781525000149/wec-20250311.htm) |
| Globe Life Inc. | Deloitte | $6.63M | $5.78B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/320335/000032033525000022/gl-20250317.htm) |
| Capri Holdings Ltd | EY | $6.63M | $3.62B | [DEF 14A Jun 2025](https://www.sec.gov/Archives/edgar/data/1530721/000153072125000078/cpri-20250624.htm) |
| First American Financial Corp | PwC | $6.63M | $6.13B | [DEF 14A Mar 2025](https://www.sec.gov/Archives/edgar/data/1472787/000095017025047185/faf-20250328.htm) |
| Celestica Inc. | KPMG | $6.63M | $9.65B | [DEF 14A Apr 2025](https://www.sec.gov/Archives/edgar/data/1030894/000103089425000036/cls-20250428.htm) |

Showing the first 300 rows. Use the search box to narrow the list.

## IPO accounting expenses by offering size

An IPO issuer's estimated accounting expenses had a median of $600K across 169 US IPOs priced 2023–2026, from $287K on offerings under $10M to $1.76M on offerings of $250M+.

The issuer’s estimate of its accounting expenses for the offering, from the itemized expense table in the last registration statement (S-1 or F-1) filed before pricing. It usually covers the audit of the financial statements in the prospectus, interim reviews and comfort letters, and is the issuer’s estimate rather than an invoice from the auditor.

| Offering size | IPOs | Median accounting expenses | Middle half | % of proceeds |
|---|---|---|---|---|
| Under $10M | 59 | $287K | $113K–$464K | 4.44% |
| $10–25M | 28 | $365K | $105K–$668K | 2.53% |
| $25–50M | 11 | $751K | $543K–$1.07M | 2.26% |
| $50–100M | 8 | $1.14M | $624K–$2.09M | 1.37% |
| $100–250M | 17 | $1.58M | $828K–$1.85M | 0.93% |
| $250M+ | 46 | $1.76M | $1.2M–$4.24M | 0.36% |

## IPO accounting expenses by auditor

Where a Big Four firm audited the issuer, estimated accounting expenses had a median of $1.62M (66 IPOs, median offering $319M); with other auditors, $336K (103 IPOs, median offering $9M). Big Four firms mostly audit larger offerings, so compare within the same offering size.

Median estimated accounting expenses by the tier of the named auditor and by offering size. Tiers come from the public lists in the [advisor directory](https://dealcostindex.com/providers.html). Cells with fewer than eight IPOs are not given a median.

| Auditor | Under $10M | $10–25M | $25–50M | $50–100M | $100–250M | $250M+ |
|---|---|---|---|---|---|---|
| Big Four | too few (1) | too few (1) | too few (5) | too few (5) | $1.59M — 13 IPOs | $1.9M — 41 IPOs |
| Other annually inspected firm | $250K — 9 IPOs | too few (4) | too few (2) | too few (1) | too few (3) | too few (3) |
| Not on a tier list | $288K — 49 IPOs | $365K — 22 IPOs | too few (4) | too few (2) | too few (1) | too few (2) |

## Who audits IPOs of each size

A Big Four firm audited 88% of IPOs of $250M+ and 1% of IPOs under $10M, across 393 IPOs with a named auditor.

| Offering size | IPOs with a named auditor | Audited by a Big Four firm | By another annually inspected firm | By a firm on no tier list |
|---|---|---|---|---|
| Under $10M | 79 | 1% | 14% | 85% |
| $10–25M | 36 | 6% | 11% | 81% |
| $25–50M | 12 | 42% | 17% | 42% |
| $50–100M | 16 | 50% | 19% | 25% |
| $100–250M | 30 | 80% | 17% | 3% |
| $250M+ | 78 | 88% | 6% | 4% |

## Quality-of-earnings report prices

Prices for a quality-of-earnings (QoE) report, the accounting diligence a buyer or seller commissions before a sale, as published by accounting firms or quoted in market surveys. These are published prices and estimates, not filing data, and a real engagement is scoped and priced case by case.

| What was priced | Price | Source |
|---|---|---|
| firm fixed-fee QoE price, small deals (<$2.5M revenue) | $12K–$15K | [Midwest CPA ](https://midwest.cpa/resources/what-factors-influence-the-cost-of-a-quality-of-earnings-report/) |
| firm fixed-fee QoE price, mid-sized deals (<$10M EV) | $14K–$23K | [Midwest CPA ](https://midwest.cpa/resources/what-factors-influence-the-cost-of-a-quality-of-earnings-report/) |
| firm fixed-fee QoE price, larger deals (>$10M EV) | from $25K | [Midwest CPA ](https://midwest.cpa/resources/what-factors-influence-the-cost-of-a-quality-of-earnings-report/) |
| firm flat-fee QoE price | $6,000–$12K | [Bedrock Quality of Earnings 2026](https://www.bedrockqoe.com/insights/quality-of-earnings-report-cost) |
| typical QoE cost by EV (author market estimate, boutique providers) | $5,000–$8,000 | [Bedrock Quality of Earnings 2026](https://www.bedrockqoe.com/insights/quality-of-earnings-report-cost) |
| typical QoE cost by EV (author market estimate, boutique providers) | $6,000–$10K | [Bedrock Quality of Earnings 2026](https://www.bedrockqoe.com/insights/quality-of-earnings-report-cost) |
| typical QoE cost by EV (author market estimate, boutique providers) | $8,000–$15K | [Bedrock Quality of Earnings 2026](https://www.bedrockqoe.com/insights/quality-of-earnings-report-cost) |
| typical QoE cost by EV (author market estimate, boutique providers) | $12K–$25K | [Bedrock Quality of Earnings 2026](https://www.bedrockqoe.com/insights/quality-of-earnings-report-cost) |
| typical QoE cost by EV (author market estimate, boutique providers) | $25K–$50K | [Bedrock Quality of Earnings 2026](https://www.bedrockqoe.com/insights/quality-of-earnings-report-cost) |
| hourly QoE billing rates (partner) | $400–$600 USD/hour | [Bedrock Quality of Earnings 2026](https://www.bedrockqoe.com/insights/quality-of-earnings-report-cost) |
| firm QoE starting price | from $17K | [Rapid Diligence 2026](https://www.rapiddiligence.com/) |
| firm QoE Lite starting price | from $11K | [Rapid Diligence 2026](https://www.rapiddiligence.com/) |
| typical buy-side QoE fee by EV (author market estimate) | $20K–$35K | [BD Emerson 2026](https://www.bdemerson.com/article/quality-of-earnings-report-cost) |
| typical buy-side QoE fee by EV (author market estimate) | $25K–$50K | [BD Emerson 2026](https://www.bdemerson.com/article/quality-of-earnings-report-cost) |
| typical buy-side QoE fee by EV (author market estimate) | $45K–$90K | [BD Emerson 2026](https://www.bdemerson.com/article/quality-of-earnings-report-cost) |
| typical buy-side QoE fee by EV (author market estimate) | $80K–$150K | [BD Emerson 2026](https://www.bdemerson.com/article/quality-of-earnings-report-cost) |
| typical buy-side QoE fee by EV (author market estimate) | $150K–$400K | [BD Emerson 2026](https://www.bdemerson.com/article/quality-of-earnings-report-cost) |
| sell-side QoE premium vs buy-side | $10–$30 % premium | [BD Emerson 2026](https://www.bdemerson.com/article/quality-of-earnings-report-cost) |

## Audit firms on US IPOs

The audit firms named most often were Deloitte & Touche (41 IPOs), WWC (38) and Marcum Asia CPAs (28), out of 393 IPOs with a named auditor.

Every audit firm named on five or more IPOs. Member firms of one network are shown under one name.

| Audit firm | Tier | IPOs audited | Median accounting expenses | Median offering |
|---|---|---|---|---|
| [Deloitte & Touche](https://dealcostindex.com/accounting-fees.html#audit-deloitte-touche-llp) | Big Four | 41 | $1.42M — 22 IPOs | $296M |
| [WWC](https://dealcostindex.com/accounting-fees.html#audit-wwc-p-c) | Not on a tier list | 38 | $520K — 8 IPOs | $7.6M |
| [Marcum Asia CPAs](https://dealcostindex.com/accounting-fees.html#audit-marcum-asia-cpas-llp) | Other PCAOB annually inspected | 28 | $433K — 10 IPOs | $9M |
| [KPMG](https://dealcostindex.com/accounting-fees.html#audit-kpmg-llp) | Big Four | 27 | $1.4M — 13 IPOs | $330M |
| [PricewaterhouseCoopers](https://dealcostindex.com/accounting-fees.html#audit-pricewaterhousecoopers-llp) | Big Four | 26 | $1.9M — 19 IPOs | $383M |
| [Ernst & Young](https://dealcostindex.com/accounting-fees.html#audit-ernst-young-llp) | Big Four | 25 | $1.77M — 12 IPOs | $361M |
| [Onestop Assurance](https://dealcostindex.com/accounting-fees.html#audit-onestop-assurance-pac) | Not on a tier list | 23 | $355K — 9 IPOs | $6M |
| [Friedman](https://dealcostindex.com/accounting-fees.html#audit-friedman-llp) | Not on a tier list | 14 | $185K — 5 IPOs | $8M |
| [ZH CPA](https://dealcostindex.com/accounting-fees.html#audit-zh-cpa-llc) | Not on a tier list | 13 | $813K — 3 IPOs | $9M |
| [Wei, Wei](https://dealcostindex.com/accounting-fees.html#audit-wei-wei-co-llp) | Not on a tier list | 11 | — | $9.6M |
| [Audit Alliance](https://dealcostindex.com/accounting-fees.html#audit-audit-alliance-llp) | Not on a tier list | 8 | $500K — 3 IPOs | $8.2M |
| [Kreit & Chiu CPA](https://dealcostindex.com/accounting-fees.html#audit-kreit-chiu-cpa-llp) | Not on a tier list | 8 | $443K — 5 IPOs | $11M |
| [TAAD](https://dealcostindex.com/accounting-fees.html#audit-taad-llp) | Not on a tier list | 8 | $438K — 4 IPOs | $7M |
| [BDO USA](https://dealcostindex.com/accounting-fees.html#audit-bdo-usa-p-c) | Other PCAOB annually inspected | 7 | $765K — 3 IPOs | $283M |
| [BF Borgers CPA PC](https://dealcostindex.com/accounting-fees.html#audit-bf-borgers-cpa-pc) | Not on a tier list | 5 | — | $6.75M |
| [Marcum](https://dealcostindex.com/accounting-fees.html#audit-marcum-llp) | Other PCAOB annually inspected | 5 | $250K — 3 IPOs | $7.13M |
| [TPS Thayer](https://dealcostindex.com/accounting-fees.html#audit-tps-thayer) | Not on a tier list | 5 | — | $6M |

## Audit firm profiles

Each of the 17 audit firms named on five or more IPOs, with the accounting expenses its clients itemized and its most recent IPOs. Each profile has its own link.

### Deloitte & Touche [#](https://dealcostindex.com/accounting-fees.html#audit-deloitte-touche-llp)

Deloitte & Touche was the named auditor on 41 US IPOs priced 2023–2026, with a median offering of $296M. In 477 public-company proxies filed in 2025 it billed a median audit fee of $2.2M for fiscal 2024. On 22 of them the issuer itemized its accounting expenses, with a median of $1.42M (0.65% of proceeds).

- Tier: Big Four

- Exchanges: Nasdaq Global Select Market (16), New York Stock Exchange (14)

- Industries: Healthcare & life sciences (10), Technology & telecom (9), Industrials & business services (7)

The 6 most recent of 41 IPOs; all of them are in the IPO file.

| Company | Offering | Accounting expenses | Source |
|---|---|---|---|
| BlossomHill Therapeutics, Inc. | $150M | — | [Prospectus Aug 2026](https://www.sec.gov/Archives/edgar/data/1839970/000119312526329416/d98958ds1a.htm) |
| Apnimed, Inc. | $192M | $1.1M | [Prospectus Jul 2026](https://www.sec.gov/Archives/edgar/data/1745648/000119312526316811/apni-20260727.htm) |
| Jersey Mike's Subs Inc. | $1B | — | [Prospectus Jul 2026](https://www.sec.gov/Archives/edgar/data/2127043/000119312526326453/project_70_424b4.htm) |
| Bending Spoons S.p.A. | — | — | [Prospectus Jul 2026](https://www.sec.gov/Archives/edgar/data/2004711/000110465926079884/tm2613674-14_424b4.htm) |
| ERock, Inc. | $600M | $2.58M | [Prospectus Jun 2026](https://www.sec.gov/Archives/edgar/data/2110029/000119312526258942/d12401ds1a.htm) |
| Quantinuum Inc. | $1.68B | $7.4M | [Prospectus Jun 2026](https://www.sec.gov/Archives/edgar/data/2110105/000162828026039286/quantinuum-sx1a2.htm) |

### WWC [#](https://dealcostindex.com/accounting-fees.html#audit-wwc-p-c)

WWC was the named auditor on 38 US IPOs priced 2023–2026, with a median offering of $7.6M. On 8 of them the issuer itemized its accounting expenses, with a median of $520K (5.11% of proceeds).

- Tier: Not on a tier list

- Exchanges: Nasdaq Capital Market (33), Nasdaq Global Market (1)

- Industries: Industrials & business services (16), Healthcare & life sciences (6), Technology & telecom (5)

The 6 most recent of 38 IPOs; all of them are in the IPO file.

| Company | Offering | Accounting expenses | Source |
|---|---|---|---|
| Advance JV Group Ltd | — | — | [Prospectus Sep 2026](https://www.sec.gov/Archives/edgar/data/2089447/000149315226040933/form424b4.htm) |
| Charming Medical Ltd | $6.4M | — | [Prospectus Oct 2025](https://www.sec.gov/Archives/edgar/data/2035992/000121390025100671/ea0213012-11.htm) |
| LEIFRAS Co., Ltd. | $5M | $1M | [Prospectus Oct 2025](https://www.sec.gov/Archives/edgar/data/2030277/000182912625004852/leifras_f1a6.htm) |
| Zenta Group Co Ltd | — | — | [Prospectus Sep 2025](https://www.sec.gov/Archives/edgar/data/2011458/000149315225012859/form424b4.htm) |
| Eastern International Ltd. | — | — | [Prospectus Aug 2025](https://www.sec.gov/Archives/edgar/data/2013320/000164117225025815/form424b4.htm) |
| TryHard Holdings Ltd | — | — | [Prospectus Aug 2025](https://www.sec.gov/Archives/edgar/data/2044241/000149315225012451/form424b4.htm) |

### Marcum Asia CPAs [#](https://dealcostindex.com/accounting-fees.html#audit-marcum-asia-cpas-llp)

Marcum Asia CPAs was the named auditor on 28 US IPOs priced 2023–2026, with a median offering of $9M. In 24 public-company proxies filed in 2025 it billed a median audit fee of $304K for fiscal 2024. On 10 of them the issuer itemized its accounting expenses, with a median of $433K (3.99% of proceeds).

- Tier: Other PCAOB annually inspected

- Exchanges: Nasdaq Capital Market (22), Nasdaq Global Market (5)

- Industries: Industrials & business services (14), Technology & telecom (8), Consumer & retail (4)

The 6 most recent of 28 IPOs; all of them are in the IPO file.

| Company | Offering | Accounting expenses | Source |
|---|---|---|---|
| Micware Co., Ltd. | $22.8M | $2.63M | [Prospectus May 2026](https://www.sec.gov/Archives/edgar/data/2083526/000182912626003987/micware_f1a.htm) |
| POMDOCTOR Ltd | $20M | $30K | [Prospectus Oct 2025](https://www.sec.gov/Archives/edgar/data/1877971/000121390025089295/ea0200019-20.htm) |
| OMS Energy Technologies Inc. | — | — | [Prospectus May 2025](https://www.sec.gov/Archives/edgar/data/2012219/000121390025042797/ea0200016-30.htm) |
| Haoxin Holdings Ltd | — | — | [Prospectus Apr 2025](https://www.sec.gov/Archives/edgar/data/1936817/000121390025032325/ea0238263-424b4_haoxin.htm) |
| Top Win International Ltd | — | — | [Prospectus Apr 2025](https://www.sec.gov/Archives/edgar/data/2033515/000121390025028000/ea0210397-13.htm) |
| Top Win International Ltd | — | — | [Prospectus Apr 2025](https://www.sec.gov/Archives/edgar/data/2033515/000121390025028008/ea0210397-14.htm) |

### KPMG [#](https://dealcostindex.com/accounting-fees.html#audit-kpmg-llp)

KPMG was the named auditor on 27 US IPOs priced 2023–2026, with a median offering of $330M. In 331 public-company proxies filed in 2025 it billed a median audit fee of $2.62M for fiscal 2024. On 13 of them the issuer itemized its accounting expenses, with a median of $1.4M (0.32% of proceeds).

- Tier: Big Four

- Exchanges: Nasdaq Global Select Market (10), New York Stock Exchange (8)

- Industries: Technology & telecom (8), Healthcare & life sciences (6), Consumer & retail (4)

The 6 most recent of 27 IPOs; all of them are in the IPO file.

| Company | Offering | Accounting expenses | Source |
|---|---|---|---|
| SK hynix Inc. | $26.5B | $4.75M | [Prospectus Jul 2026](https://www.sec.gov/Archives/edgar/data/2120882/000119312526295501/d32785df1a.htm) |
| Neutron Holdings, Inc. | $174M | $7.23M | [Prospectus Jul 2026](https://www.sec.gov/Archives/edgar/data/1699963/000162828026044471/neutronholdingsinc-sx1a1.htm) |
| GMR Solutions Inc. | $479M | — | [Prospectus May 2026](https://www.sec.gov/Archives/edgar/data/1898718/000110465926060835/tm2518736-29_424b5.htm) |
| Cerebras Systems Inc. | $5.55B | — | [Prospectus May 2026](https://www.sec.gov/Archives/edgar/data/2021728/000162828026035214/cerebras-424b4.htm) |
| Arxis, Inc. | $1.13B | $15M | [Prospectus Apr 2026](https://www.sec.gov/Archives/edgar/data/2093536/000119312526151122/d81728ds1a.htm) |
| Central Bancompany, Inc. | $373M | — | [Prospectus Nov 2025](https://www.sec.gov/Archives/edgar/data/2065601/000110465925114684/tm2512009-13_424b4.htm) |

### PricewaterhouseCoopers [#](https://dealcostindex.com/accounting-fees.html#audit-pricewaterhousecoopers-llp)

PricewaterhouseCoopers was the named auditor on 26 US IPOs priced 2023–2026, with a median offering of $383M. In 417 public-company proxies filed in 2025 it billed a median audit fee of $3.5M for fiscal 2024. On 19 of them the issuer itemized its accounting expenses, with a median of $1.9M (0.72% of proceeds).

- Tier: Big Four

- Exchanges: New York Stock Exchange (13), Nasdaq Global Select Market (6)

- Industries: Healthcare & life sciences (8), Industrials & business services (7), Financial services (3)

The 6 most recent of 26 IPOs; all of them are in the IPO file.

| Company | Offering | Accounting expenses | Source |
|---|---|---|---|
| Seaport Therapeutics, Inc. | $255M | $600K | [Prospectus May 2026](https://www.sec.gov/Archives/edgar/data/2042347/000119312526178716/d73463ds1a.htm) |
| National Healthcare Properties, Inc. | $462M | — | [Prospectus Apr 2026](https://www.sec.gov/Archives/edgar/data/1561032/000162828026026541/nhp-424b4.htm) |
| AEVEX Corp. | $320M | $6.7M | [Prospectus Apr 2026](https://www.sec.gov/Archives/edgar/data/2096300/000119312526155986/d22113ds1a.htm) |
| MiniMed Group, Inc. | $560M | $6M | [Prospectus Mar 2026](https://www.sec.gov/Archives/edgar/data/2062583/000162828026012865/minimedgroupincs-1a3.htm) |
| Eikon Therapeutics, Inc. | $381M | $1.3M | [Prospectus Feb 2026](https://www.sec.gov/Archives/edgar/data/1861123/000119312526025565/d903262ds1a.htm) |
| Lumexa Imaging Holdings, Inc. | $463M | $2.88M | [Prospectus Dec 2025](https://www.sec.gov/Archives/edgar/data/2071288/000119312525304460/d217676ds1a.htm) |

### Ernst & Young [#](https://dealcostindex.com/accounting-fees.html#audit-ernst-young-llp)

Ernst & Young was the named auditor on 25 US IPOs priced 2023–2026, with a median offering of $361M. In 461 public-company proxies filed in 2025 it billed a median audit fee of $2.87M for fiscal 2024. On 12 of them the issuer itemized its accounting expenses, with a median of $1.77M (0.47% of proceeds).

- Tier: Big Four

- Exchanges: New York Stock Exchange (11), Nasdaq Global Select Market (9)

- Industries: Healthcare & life sciences (8), Financial services (5), Industrials & business services (5)

The 6 most recent of 25 IPOs; all of them are in the IPO file.

| Company | Offering | Accounting expenses | Source |
|---|---|---|---|
| Londian Wason New Energy Tech Inc. | $94.3M | $3.32M | [Prospectus Aug 2026](https://www.sec.gov/Archives/edgar/data/2006960/000119312526329121/d476818df1a.htm) |
| DSC Holdings Ltd. | $51M | $4.14M | [Prospectus Jun 2026](https://www.sec.gov/Archives/edgar/data/1966041/000121390026070374/ea0200059-36.htm) |
| Pershing Square Inc. | $405M | — | [Prospectus Apr 2026](https://www.sec.gov/Archives/edgar/data/2026053/000114036126018103/ny20040230x30_424b4.htm) |
| X-Energy, Inc. | $1.02B | — | [Prospectus Apr 2026](https://www.sec.gov/Archives/edgar/data/2088896/000110465926049515/tm2527015-22_424b4.htm) |
| Kailera Therapeutics, Inc. | $625M | — | [Prospectus Apr 2026](https://www.sec.gov/Archives/edgar/data/2096997/000119312526151904/d113532ds1a.htm) |
| Metals Royalty Co Inc. | — | — | [Prospectus Apr 2026](https://www.sec.gov/Archives/edgar/data/2087398/000110465926040599/tm2526563-24_424b4.htm) |

### Onestop Assurance [#](https://dealcostindex.com/accounting-fees.html#audit-onestop-assurance-pac)

Onestop Assurance was the named auditor on 23 US IPOs priced 2023–2026, with a median offering of $6M. On 9 of them the issuer itemized its accounting expenses, with a median of $355K (4.80% of proceeds).

- Tier: Not on a tier list

- Exchanges: Nasdaq Capital Market (18), NYSE American (2)

- Industries: Consumer & retail (11), Industrials & business services (7), Technology & telecom (3)

The 6 most recent of 23 IPOs; all of them are in the IPO file.

| Company | Offering | Accounting expenses | Source |
|---|---|---|---|
| Fitness Champs Holdings Ltd | $5M | $240K | [Prospectus Apr 2026](https://www.sec.gov/Archives/edgar/data/2023796/000164117225011509/formf-1.htm) |
| Ambitions Enterprise Management Co. L.l.c | $6M | $880K | [Prospectus Oct 2025](https://www.sec.gov/Archives/edgar/data/2010959/000121390025070564/ea0200557-14.htm) |
| Acco Group Holdings Ltd | — | — | [Prospectus Oct 2025](https://www.sec.gov/Archives/edgar/data/2038378/000121390025099963/ea0214214-19.htm) |
| Fitness Champs Holdings Ltd | — | — | [Prospectus Sep 2025](https://www.sec.gov/Archives/edgar/data/2023796/000164117225026583/form424b4.htm) |
| NUSATRIP Inc | $15M | $107K | [Prospectus Aug 2025](https://www.sec.gov/Archives/edgar/data/2006468/000164117225020822/forms-1a.htm) |
| BUUU Group Ltd | $6M | $336K | [Prospectus Aug 2025](https://www.sec.gov/Archives/edgar/data/2047273/000121390025054589/ea0221100-07.htm) |

### Friedman [#](https://dealcostindex.com/accounting-fees.html#audit-friedman-llp)

Friedman was the named auditor on 14 US IPOs priced 2023–2026, with a median offering of $8M. On 5 of them the issuer itemized its accounting expenses, with a median of $185K (1.73% of proceeds).

- Tier: Not on a tier list

- Exchanges: Nasdaq Capital Market (11), NASDAQ Capital Market (1)

- Industries: Industrials & business services (5), Consumer & retail (3), Technology & telecom (3)

The 6 most recent of 14 IPOs; all of them are in the IPO file.

| Company | Offering | Accounting expenses | Source |
|---|---|---|---|
| Republic Power Group Ltd | $5M | $287K | [Prospectus Oct 2025](https://www.sec.gov/Archives/edgar/data/1912884/000121390025086565/ea0231495-09.htm) |
| Galaxy Payroll Group Ltd | — | — | [Prospectus Sep 2024](https://www.sec.gov/Archives/edgar/data/1905920/000121390024078170/ea0214208-424b4_galaxy.htm) |
| mF International Ltd | — | — | [Prospectus Apr 2024](https://www.sec.gov/Archives/edgar/data/1940941/000149315224015708/form424b4.htm) |
| mF International Ltd | — | — | [Prospectus Apr 2024](https://www.sec.gov/Archives/edgar/data/1940941/000149315224015705/form424b4.htm) |
| Junee Ltd | $8M | — | [Prospectus Apr 2024](https://www.sec.gov/Archives/edgar/data/1897087/000121390024011444/ff12024a12_junee.htm) |
| Garden Stage Ltd | — | — | [Prospectus Dec 2023](https://www.sec.gov/Archives/edgar/data/1954269/000121390023092476/f424b41123_gardenstage.htm) |

### ZH CPA [#](https://dealcostindex.com/accounting-fees.html#audit-zh-cpa-llc)

ZH CPA was the named auditor on 13 US IPOs priced 2023–2026, with a median offering of $9M. On 3 of them the issuer itemized its accounting expenses, with a median of $813K (8.13% of proceeds).

- Tier: Not on a tier list

- Exchanges: Nasdaq Capital Market (9), Nasdaq Global Market (2)

- Industries: Industrials & business services (10), Consumer & retail (1), Other (1)

The 6 most recent of 13 IPOs; all of them are in the IPO file.

| Company | Offering | Accounting expenses | Source |
|---|---|---|---|
| BGIN BLOCKCHAIN Ltd | $30M | $1.3M | [Prospectus Oct 2025](https://www.sec.gov/Archives/edgar/data/1945565/000121390025087010/ea0202759-16.htm) |
| Pinnacle Food Group Ltd | — | — | [Prospectus Apr 2025](https://www.sec.gov/Archives/edgar/data/2032755/000121390025033838/ea0211833-13.htm) |
| WF International Ltd. | — | — | [Prospectus Apr 2025](https://www.sec.gov/Archives/edgar/data/1979610/000173112225000505/e6474_424b4.htm) |
| Luda Technology Group Ltd | $10M | $813K | [Prospectus Feb 2025](https://www.sec.gov/Archives/edgar/data/1984124/000121390025003366/ea0220044-05.htm) |
| WF International Ltd. | — | — | [Prospectus Jan 2025](https://www.sec.gov/Archives/edgar/data/1979610/000173112225000084/e6288_424b4.htm) |
| New Century Logistics | — | — | [Prospectus Dec 2024](https://www.sec.gov/Archives/edgar/data/1968043/000149315224050584/form424b4.htm) |

### Wei, Wei [#](https://dealcostindex.com/accounting-fees.html#audit-wei-wei-co-llp)

Wei, Wei was the named auditor on 11 US IPOs priced 2023–2026, with a median offering of $9.6M.

- Tier: Not on a tier list

- Exchanges: Nasdaq Capital Market (11)

- Industries: Industrials & business services (8), Consumer & retail (1), Technology & telecom (1)

The 6 most recent of 11 IPOs; all of them are in the IPO file.

| Company | Offering | Accounting expenses | Source |
|---|---|---|---|
| Hang Feng Technology Innovation Co., Ltd. | — | — | [Prospectus Sep 2025](https://www.sec.gov/Archives/edgar/data/2060083/000121390025087229/ea0233710-12.htm) |
| Rich Sparkle Holdings Ltd | — | — | [Prospectus Jul 2025](https://www.sec.gov/Archives/edgar/data/2031688/000121390025062147/ea0212005-11.htm) |
| Leishen Energy Holding Co., Ltd. | — | — | [Prospectus Dec 2024](https://www.sec.gov/Archives/edgar/data/1985139/000149315224050874/form424b4.htm) |
| HUHUTECH International Group Inc. | — | — | [Prospectus Oct 2024](https://www.sec.gov/Archives/edgar/data/1945415/000121390024089418/ea0206594-11.htm) |
| Li Bang International Corp Inc. | — | — | [Prospectus Oct 2024](https://www.sec.gov/Archives/edgar/data/1896425/000121390024089686/ea0218085-424b4_libang.htm) |
| Mingteng International Corp Inc. | — | — | [Prospectus Apr 2024](https://www.sec.gov/Archives/edgar/data/1948099/000121390024034492/ea0204240-424b4_mingteng.htm) |

### Audit Alliance [#](https://dealcostindex.com/accounting-fees.html#audit-audit-alliance-llp)

Audit Alliance was the named auditor on 8 US IPOs priced 2023–2026, with a median offering of $8.2M. On 3 of them the issuer itemized its accounting expenses, with a median of $500K (6.10% of proceeds).

- Tier: Not on a tier list

- Exchanges: Nasdaq Capital Market (8)

- Industries: Consumer & retail (3), Industrials & business services (2), Technology & telecom (2)

The 6 most recent of 8 IPOs; all of them are in the IPO file.

| Company | Offering | Accounting expenses | Source |
|---|---|---|---|
| WhiteFiber, Inc. | $159M | $372K | [Prospectus Aug 2025](https://www.sec.gov/Archives/edgar/data/2042022/000121390025070709/ea0249945-04.htm) |
| K-tech Solutions Co Ltd | — | — | [Prospectus Jul 2025](https://www.sec.gov/Archives/edgar/data/2049187/000121390025064537/ea0223235-17.htm) |
| iOThree Ltd | — | — | [Prospectus Apr 2025](https://www.sec.gov/Archives/edgar/data/1997637/000121390025030667/ea0200830-14.htm) |
| Ruanyun Edai Technology Inc. | — | — | [Prospectus Apr 2025](https://www.sec.gov/Archives/edgar/data/1873454/000173112225000554/e6507_424b4.htm) |
| Huachen AI Parking Management Technology Holding Co., Ltd | — | — | [Prospectus Feb 2025](https://www.sec.gov/Archives/edgar/data/1958399/000121390025010702/ea0230031-424b4_huachenai.htm) |
| Wing Yip Food Holdings Group Ltd | $8.2M | $500K | [Prospectus Nov 2024](https://www.sec.gov/Archives/edgar/data/1999860/000121390024076881/ea0200046-14.htm) |

### Kreit & Chiu CPA [#](https://dealcostindex.com/accounting-fees.html#audit-kreit-chiu-cpa-llp)

Kreit & Chiu CPA was the named auditor on 8 US IPOs priced 2023–2026, with a median offering of $11M. On 5 of them the issuer itemized its accounting expenses, with a median of $443K (3.69% of proceeds).

- Tier: Not on a tier list

- Exchanges: Nasdaq Capital Market (6), NYSE American (2)

- Industries: Industrials & business services (4), Other (1), Consumer & retail (1)

The 6 most recent of 8 IPOs; all of them are in the IPO file.

| Company | Offering | Accounting expenses | Source |
|---|---|---|---|
| Knorex Ltd. | $12M | $30K | [Prospectus Sep 2025](https://www.sec.gov/Archives/edgar/data/1982960/000149315225014499/formf-1a.htm) |
| Concorde International Group Ltd. | $5M | $558K | [Prospectus Apr 2025](https://www.sec.gov/Archives/edgar/data/2001794/000121390024109747/ea0224735-f1a4_concorde.htm) |
| Cuprina Holdings | $12M | $443K | [Prospectus Apr 2025](https://www.sec.gov/Archives/edgar/data/1995704/000149315225004913/formf-1a.htm) |
| Baiya International Group Inc. | — | — | [Prospectus Mar 2025](https://www.sec.gov/Archives/edgar/data/1944712/000101376225001683/ea0200053-11.htm) |
| CTRL GROUP Ltd | — | — | [Prospectus Jan 2025](https://www.sec.gov/Archives/edgar/data/1969928/000121390025005354/ea0201511-12.htm) |
| Ryde Group Ltd | $12M | — | [Prospectus Mar 2024](https://www.sec.gov/Archives/edgar/data/1971115/000149315224009105/form424b4.htm) |

### TAAD [#](https://dealcostindex.com/accounting-fees.html#audit-taad-llp)

TAAD was the named auditor on 8 US IPOs priced 2023–2026, with a median offering of $7M. On 4 of them the issuer itemized its accounting expenses, with a median of $438K (5.88% of proceeds).

- Tier: Not on a tier list

- Exchanges: Nasdaq Capital Market (6), NYSE American (1)

- Industries: Consumer & retail (5), Technology & telecom (2), Industrials & business services (1)

The 6 most recent of 8 IPOs; all of them are in the IPO file.

| Company | Offering | Accounting expenses | Source |
|---|---|---|---|
| Dreamland Ltd | — | — | [Prospectus Jul 2025](https://www.sec.gov/Archives/edgar/data/2041338/000164117225020588/form424b4.htm) |
| Epsium Enterprise Ltd | — | — | [Prospectus Mar 2025](https://www.sec.gov/Archives/edgar/data/1883437/000101376225002307/ea023300702-424b4_epsium.htm) |
| Epsium Enterprise Ltd | — | — | [Prospectus Mar 2025](https://www.sec.gov/Archives/edgar/data/1883437/000101376225002304/ea023300701-424b4_epsium.htm) |
| PicoCELA Inc. | $7M | $747K | [Prospectus Jan 2025](https://www.sec.gov/Archives/edgar/data/2018462/000149315224047979/formf-1a.htm) |
| BrilliA Inc | $10M | $575K | [Prospectus Nov 2024](https://www.sec.gov/Archives/edgar/data/2000230/000121390024087852/ea0200081-17.htm) |
| BloomZ Inc. | $5.38M | — | [Prospectus Jul 2024](https://www.sec.gov/Archives/edgar/data/1984014/000121390024063635/ea0200922-05.htm) |

### BDO USA [#](https://dealcostindex.com/accounting-fees.html#audit-bdo-usa-p-c)

BDO USA was the named auditor on 7 US IPOs priced 2023–2026, with a median offering of $283M. In 76 public-company proxies filed in 2025 it billed a median audit fee of $1.06M for fiscal 2024. On 3 of them the issuer itemized its accounting expenses, with a median of $765K (0.38% of proceeds).

- Tier: Other PCAOB annually inspected

- Exchanges: Nasdaq Global Select Market (3), Nasdaq Global Market (2)

- Industries: Healthcare & life sciences (3), Technology & telecom (1), Real estate (1)

The 6 most recent of 7 IPOs; all of them are in the IPO file.

| Company | Offering | Accounting expenses | Source |
|---|---|---|---|
| Ionic Digital Inc. | — | — | [Prospectus Jul 2026](https://www.sec.gov/Archives/edgar/data/2007691/000118518526003152/ionicdigi424b4072026.htm) |
| Yesway, Inc. | $280M | — | [Prospectus Apr 2026](https://www.sec.gov/Archives/edgar/data/1859836/000110465926047210/tm2527636-17_424b4.htm) |
| Lb Pharmaceuticals Inc. | $285M | $550K | [Prospectus Sep 2025](https://www.sec.gov/Archives/edgar/data/1691082/000119312525197877/d12080ds1a.htm) |
| SmartStop Self Storage REIT, Inc. | $810M | — | [Prospectus Apr 2025](https://www.sec.gov/Archives/edgar/data/1585389/000119312525071444/d860878d424b4.htm) |
| Aardvark Therapeutics, Inc. | $94.2M | $765K | [Prospectus Feb 2025](https://www.sec.gov/Archives/edgar/data/1774857/000119312525021764/d882459ds1a.htm) |
| zSpace, Inc. | $9.38M | — | [Prospectus Dec 2024](https://www.sec.gov/Archives/edgar/data/1637147/000110465924125986/tm244059-38_424b4.htm) |

### BF Borgers CPA PC [#](https://dealcostindex.com/accounting-fees.html#audit-bf-borgers-cpa-pc)

BF Borgers CPA PC was the named auditor on 5 US IPOs priced 2023–2026, with a median offering of $6.75M.

- Tier: Not on a tier list

- Exchanges: Nasdaq Capital Market (3), NYSE American (1)

- Industries: Consumer & retail (2), Technology & telecom (1), Energy, mining & utilities (1)

Every IPO:

| Company | Offering | Accounting expenses | Source |
|---|---|---|---|
| Lead Real Estate Co., Ltd | $8M | — | [Prospectus Sep 2023](https://www.sec.gov/Archives/edgar/data/1888980/000110465923104707/tm227558-37_f1a.htm) |
| Trio Petroleum Corp. | $6M | — | [Prospectus Apr 2023](https://www.sec.gov/Archives/edgar/data/1898766/000149315223008934/forms-1a.htm) |
| ARB IOT Group Ltd | $5M | $271K | [Prospectus Apr 2023](https://www.sec.gov/Archives/edgar/data/1930179/000121390022081914/ea170555-f1a3_arbiot.htm) |
| MGO Global Inc. | $7.5M | — | [Prospectus Jan 2023](https://www.sec.gov/Archives/edgar/data/1902794/000157587222001375/cm209_s1a.htm) |
| MGO Global Inc. | — | — | [Prospectus Jan 2023](https://www.sec.gov/Archives/edgar/data/1902794/000157587223000060/cm225_424b4.htm) |

### Marcum [#](https://dealcostindex.com/accounting-fees.html#audit-marcum-llp)

Marcum was the named auditor on 5 US IPOs priced 2023–2026, with a median offering of $7.13M. In 24 public-company proxies filed in 2025 it billed a median audit fee of $304K for fiscal 2024. On 3 of them the issuer itemized its accounting expenses, with a median of $250K (3.23% of proceeds).

- Tier: Other PCAOB annually inspected

- Exchanges: Nasdaq Capital Market (1), NASDAQ Global Market (1)

- Industries: Healthcare & life sciences (3), Industrials & business services (1), Consumer & retail (1)

Every IPO:

| Company | Offering | Accounting expenses | Source |
|---|---|---|---|
| Neonc Technologies Holdings, Inc. | — | — | [Prospectus Mar 2025](https://www.sec.gov/Archives/edgar/data/1979414/000182912625002051/neonctechnologies_424b4.htm) |
| Heritage Distilling Holding Company, Inc. | $6.75M | $250K | [Prospectus Nov 2024](https://www.sec.gov/Archives/edgar/data/1788230/000121390024095822/ea0200109-11.htm) |
| Kairos Pharma, LTD. | $6.2M | $200K | [Prospectus Sep 2024](https://www.sec.gov/Archives/edgar/data/1962011/000149315224032896/forms-1a.htm) |
| SolarMax Technology, Inc. | $18M | $270K | [Prospectus Feb 2024](https://www.sec.gov/Archives/edgar/data/1519472/000164033424000200/solarmax_s1a.htm) |
| Lucy Scientific Discovery, Inc. | $7.5M | — | [Prospectus Feb 2023](https://www.sec.gov/Archives/edgar/data/1865127/000121390023008329/fs12023a9_lucyscientific.htm) |

### TPS Thayer [#](https://dealcostindex.com/accounting-fees.html#audit-tps-thayer)

TPS Thayer was the named auditor on 5 US IPOs priced 2023–2026, with a median offering of $6M.

- Tier: Not on a tier list

- Exchanges: Nasdaq Capital Market (5)

- Industries: Industrials & business services (4), Healthcare & life sciences (1)

Every IPO:

| Company | Offering | Accounting expenses | Source |
|---|---|---|---|
| ZJK Industrial Co., Ltd. | — | — | [Prospectus Sep 2024](https://www.sec.gov/Archives/edgar/data/1941506/000173112224001512/e5994_424b4.htm) |
| Lobo Ev Technologies Ltd | — | — | [Prospectus Mar 2024](https://www.sec.gov/Archives/edgar/data/1932072/000149315224010850/form424b4.htm) |
| Planet Image International Ltd | $5M | — | [Prospectus Jan 2024](https://www.sec.gov/Archives/edgar/data/1868395/000121390024007011/f424b40124_planetimage.htm) |
| Elevai Labs Inc. | $6M | $225K | [Prospectus Nov 2023](https://www.sec.gov/Archives/edgar/data/1840563/000121390023085076/ea188013-s1a2_elevailabs.htm) |
| Lichen China Ltd | $16M | $600K | [Prospectus Feb 2023](https://www.sec.gov/Archives/edgar/data/1876766/000121390023002450/ea171443-f1a6_lichenchina.htm) |

A firm’s figures describe the specific IPOs in these filings. Accounting expenses are each issuer’s estimate of its own accounting costs for the offering and are not the named firm’s fee or rate card. Quality-of-earnings prices are as published by the firm or survey cited and may not reflect current pricing. No firm has reviewed or endorsed these figures, and naming a firm does not imply any affiliation with it. Confirm fees directly with the firm before relying on them.

## Data and citation

Annual audit fees are in the [annual audit fees file](https://dealcostindex.com/data/export/annual_audit_fees.csv), the IPO figures in the [IPO costs file](https://dealcostindex.com/data/export/ipo_costs.csv) and the quality-of-earnings prices in the [benchmarks file](https://dealcostindex.com/data/export/benchmarks.csv) (data version 2026.09.10, CC BY 4.0). Cite as Deal Cost Index, “How much do accountants charge on a deal?”, data version 2026.09.10, with a link to this page.

Deal Cost Index. Data: CC BY 4.0.