Audit Fees and Non-Audit Fees A Seven Year Trend

Transcription

1 Audit Fees and Nn-Audit Fees A Seven Year Trend March 2010 Mark Cheffers, CPA, CEO mcheffers@ivesinc.cm, x223 Dn Whalen, Esq., Research Directr dwhalen@ivesinc.cm, x222

2 Audit Analytics Briefing Index Overview f Database. 1 Research Ppulatin Executive Summary Ttal Audit Fees & Nn-Audit Fees Paid by Accelerated Filers ver Seven Years (Table) Nn-Audit Fees: A Seven Year Review (Tables). 8 Audit Fees: A Seven Year Review (Tables). 9 Audit Fees and SOX 404 Auditr Attestatin Filer Grwth (Table) Definitins fr Audit Categries. 11 Overview: Audit Analytics AuditAnalytics.cm - 9 Main Street 2F, Suttn, MA (508) inf@auditanalytics.cm

3 Seven Year Review f Audit Fee and Nn-Audit Fee Trends (Experienced by Accelerated Filers) Database Overview: The Audit Analytics auditr fee database cntains all fee data disclsed by SEC registrants in electrnic filings since January 1, The data has been extracted primarily frm the fllwing frm types: DEF 14A, DEF 14C, DEFM 14A, PRE 14A, 10-K, 10KSB, 20-F, 40-F and N-CSRs. In cases where tw disclsures filed by the same registrant within the same year prvide incnsistent fee infrmatin (i.e., the PRE 14A disclses different numbers than the DEF 14A), the DEF 14A is given precedence ver ther frms. The definitins f the audit fee categries cntained in the database are prvided at the end f the reprt. Fr further infrmatin regarding the auditr fee categries, see SEC Final Rule , with an effective date f May 6, 2003 (crrected March 31, 2003), and its predecessr rule, SEC Final Rule Research Ppulatin: The audit fee and nn-audit fee analysis herein cncentrates n thse fees paid and disclsed by accelerated filers. The initial ppulatin cmprised f all accelerated filers as identified n March 3, Audit Analytics reviewed this initial ppulatin f 4,018 registrants t determine which f thse disclsed auditr fees fr each and every year frm 2002 t 2008, inclusive. 2 This histrical data requirement distilled the ppulatin t a ttal f 2,924 accelerated filers. Executive Summary Audit Fee and Nn-Audit Fee Trends frm 2002 t In 2002, nn-audit fees were 51% f the ttal fees paid by accelerated filers, but after three years f steady decline nn-audit fees appear t have leveled ff at abut 20% f ttal fees. During calendar year 2002, nnaudit fees represented 51.09% f the ttal fees paid t independent auditrs by the 2,924 accelerated filers that cmprise the research ppulatin f this analysis. Nnaudit fees cntinued t decline as a percentage f ttal fees thrugh the year 2006, reaching a lw f 20.01%. This decline seems t have leveled ff the fllwing tw years. In 2008, the audit fees equaled abut 20.32% f ttal fees. (See graph at right and the table n Page 7: Audit Fees and Nn-Audit Fees Over Revenue). 1 An accelerated filer is a cmpany whse public Flat (as ppsed t Market Capitalizatin) exceeds $75 millin as f the last day f their secnd quarter. Once a registrant becmes an accelerated filer, it will nt lse this status unless its flat drps belw $50 millin. See Rule 12b-2 f the Securities Exchange Act f In this research a large accelerated filer is included in the accelerated filer ppulatin. Ntwithstanding the definitin, the Audit Analytics database maintains the filing status as disclsed by the registrant t the SEC in its last peridic reprt. 2 As f the date f this research, the SEC frms cntaining calendar year 2009 fees were nt yet filed by mst accelerated filers under review. Therefre, calendar year 2009 is nt presented in this analysis. AuditAnalytics.cm - 9 Main Street 2F, Suttn, MA (508) inf@auditanalytics.cm 1

4 2. Fr each year since 2002, accelerated filers have experienced a drp in the cst f nnaudit fees as a percentage f their revenue. In rder t adjust fr inflatin and crprate grwth frm year t year, Audit Analytics calculated the ttal nn-audit fees paid by the ppulatin f accelerated filers and divided the fee amunt by the ttal revenue f the same registrants. The results f this analysis are shwn in the graph n the right by displaying the average amunt f nn-audit fees paid per $1 millin in revenue. In 2002, the average amunt f nn-audit fees paid per $1 millin f revenue equaled $399. (See graph n right.) Since 2002, this figure declined fr six years in a rw t an amunt f $142 fr every millin dllars in revenue in Therefre, in 2008 the accelerated filer ppulatin studied in this analysis paid less than half the amunt f nn-audit fees that they paid in (See als, table n Page 8: Nn-Audit Fees Over Revenue, Percentage frm Year t Year). 3 The graph n the right prvides the yearly percentage decline f the numbers displayed in the prir graph. This graph shws that the dramatic cuts f ver 20% experienced in calendar year 2003, 2004, and 2005 culd nt cntinue indefinitely. Nevertheless, ntable declines cntinued. Calendar year 2006 shwed a substantial drp f 9.45%. Calendar year 2007 experienced a drp f 2.11% fllwed by a drp f 5.44% in T sme extent, the drp in nn-audit fees may be attributable t Auditr Independence Rules adpted by the SEC t implement Sectin 208(a) f the Sarbanes-Oxley Act. The rules adpted in 2001 (SEC Release N , ) and strengthened in 2003 (SEC Release N , ) preclude the audit firm that perfrms the audit f a registrant s financial statements t cncurrently perfrm nn-audit services. A list f nine categries f precluded services identified by the SEC fllws (abbreviated titles prvided): (1) bkkeeping; (2) financial infrmatin systems design and implementatin; (3) appraisals; (4) actuarial services; (5) internal audit utsurcing services; (6) management functins; (7) investment adviser services; (8) legal services; (9) expert services. Fr full titles f the precluded services and shrt definitins, see SEC News Release f January 22, 2003 ( ) and als see SEC s 2007 FAQs regarding the auditr independence rules ( ). AuditAnalytics.cm - 9 Main Street 2F, Suttn, MA (508) inf@auditanalytics.cm 2

5 3. After the initial increase in audit fees due t the requirements f SOX 404, accelerated filers have experienced a dwnward trend in audit fees. T present the audit fees in the same manner as the nn-audit fees, the ttal amunt f audit fees paid by the ppulatin f accelerated filers is divided by the ttal revenue f the same registrants. The results f this analysis are shwn in the graph n the right by displaying the average amunt f audit fees paid per $1 millin in revenue. In 2004, the average amunt f audit fees paid per $1 millin f revenue increased frm $419 t $609. (See graph at right.) This increase was due, in large part, t the requirements f Sectin 404 f the Sarbanes Oxley Act f 2002 ( SOX 404 ), which required management t evaluate the effectiveness f the cmpany s internal cntrls ver financial reprting ( ICFRs ). United States accelerated filers were first required t prvide SOX 404 certificatins in annual reprts fr fiscal years ending n r after Nvember 15, In additin t the management s certificatin, SOX 404 required the registered public accuntant t attest t and reprt n the management s assessment. This new requirement and expansin f scpe caused an increase in fees. Since the initial increase, audit fees have trended dwnward (See graph at right.) As explained in the next sectin, this dwnward trend has ccurred despite the fact that the percentage f registrants that fell under the purview f SOX 404 increased ver the years. In additin, fees drpped during a perid when audit firms lst the supplemental fees earned frm nn-audit services. 4 (See als, table n Page 9: Audit Fees Over Revenue, Percentage Change frm Year t Year.) 4 As explained in ftnte 3, Auditr Independence Rules adpted by the SEC, preclude auditrs frm perfrming nnaudit services that previusly represented a substantial segment f fees. The lss f this incme frced auditrs t shift the cst f litigatin risks and ther csts absrbed by these fees ver t audit fees. AuditAnalytics.cm - 9 Main Street 2F, Suttn, MA (508) inf@auditanalytics.cm 3

6 4. In recent years, accelerated filers have experienced a dwnward trend in audit fees despite the fact that the percentage f cmpanies that were required t adhere t SOX 404 increased during the same time perid. As nted abve, United States accelerated filers were first required t prvide SOX 404 certificatins in annual reprts fr fiscal years ending n r after Nvember 15, During its third year f applicatin, the scpe f SOX 404 expanded t include a new categry f public registrant: accelerated freign filers. Fr year 3, a large accelerated freign filer was required t prvide a management pinin and an auditr attestatin reprt in its annual reprt fr the fiscal year ending n r after July 15, Hwever, an accelerated freign filer that is nt a large accelerated freign filer was nly required, fr its first year, t prvide a management pinin fr this perid. 5 Because SOX 404 requirements applied t different categries f accelerated filers at different dates, the number f cmpanies that needed t file an auditr attestatin increased frm year t year. In 2004, ut f a ttal f the 2,924 cmpanies, 1,804 filed auditr attestatins. (See graph at tp right.) This number increased by 667 cmpanies in 2005 t a ttal f 2481 auditr attestatin filers. In 2006, the number increased by 244 cmpanies t a ttal f An increase f 152 in 2007 and 43 in 2008 brught t ttal number f auditr attestatin filers t Therefre, in 2008 all but 4 f the 2,924 cmpanies filed an auditr attestatin. 6 When cmparing the graph n the tp f the page with the secnd graph, which shws audit fees during the same time perid, it becmes apparent that audit fees decreased while the number f auditr attestatin filings increased. Therefre the average audit fee fr the research ppulatin decreased during a perid f increased wrklad fr auditrs. (See als, table n Page 10: Audit Fees and SOX 404 Auditr Attestatin Filer Grwth, Change frm Year t Year.) 5 In general, Sectin 404 requires that each annual reprt cntain an internal cntrl reprt that (1) acknwledges the management s respnsibility t maintain adequate internal cntrls, (2) identifies the framewrk used t evaluate the effectiveness f the internal cntrls ver financial reprting, and (3) prvides an assessment f the effectiveness f these internal cntrls as f the end f the fiscal year. 6 If a cmpany filed an auditr attestatin fr a particular year and then skips a subsequent year (fr any reasn) the cmpany is still cunted as an auditr attestatin filer under this analysis because the auditr has becme invlved in the review f the ICFRs whether r nt there is a gap in the SOX 404 filings. A cmpany can legitimately skip a SOX 404 filing fr ne calendar year if its fiscal year was changed frm a date prir t Nvember 15 t a date n r after Nvember 15. AuditAnalytics.cm - 9 Main Street 2F, Suttn, MA (508) inf@auditanalytics.cm 4

7 5. In additin t the increase in the scpe f wrk created by the requirements f SOX 404, audit firms have experienced ther market frces that impsed cst pressures n the industry. Because the research ppulatin used in this analysis is cmprised f current accelerated filers, this paper has discussed the auditr s increased scpe f wrk due t the implementatin f SOX 404. In additin t these extra wrk requirements, audit firms have experience ther cst pressures ver the years due t ther market frces. As explained in prir research by Audit Analytics, these frces are mre significant than the cst f SOX 404 cmpliance. 7 A few f the ptential reasns include the fllwing: Salary Increases: during 2006 and 2007, salaries fr entry-level and lateral-hire auditrs increased much mre than in ther industries. Fr example, while a 2% increase was typical in many industries in 2006, a survey by Rbert Half Internatinal Inc. expected a 9% increase in starting salaries fr large auditing firms and an 11% increase fr Infrmatin Technlgy auditrs. Auditing is a high labr task and such increases must be reflected in audit fees. Litigatin Risk Expsures: since 2004, the audit industry was required t reassess the risks inherent in public cmpany audits, including the astunding inventry f class actin claims currently faced by auditing firms. The litigatin inventry against the Big 4 firms is daunting. Fr example, while nt admitting t any wrngding, an auditr settled the Parmalat securities class actin matter, that was filed in January f 2004, fr $149 millin. These types f payments and the nging expsure frm utstanding litigatin must be factred int the fees. Fraud Detectin and Valuatin: changes in auditing standards require additinal wrk in the areas f fraud detectin, understanding the business, and fair value cnsideratins. Reevaluatin f Audit Prcesses: a reevaluatin f all external audit prcesses, including a decisin t fcus mre n internal cntrls (independent f 404 requirements) has increased the scpe f many audits. Restatements and Financial Persnnel Changes within Clients: Prir t 2007, there were five cnsecutive years during which the number f financial restatements grew. 8 In additin, the changes in financial persnnel in cmpanies created a mre risky envirnment fr auditrs. The ppulatin under review jump frm 125 CFO departures in 2004 t 333 departures in 2005 with cntinued increases thereafter: 357 in 2006; 406 in 2007; and 454 in SEC Auditr Independence Rules: Auditr Independence Rules adpted by the SEC t implement Sectin 208(a) f the Sarbanes-Oxley Act, rules nt linked t the requirements f Sectin 404, preclude auditrs frm perfrming nn-audit services that previusly represented a substantial segment f fees. The lss f this incme frced auditrs t shift the cst f risks absrbed by these fees ver t audit fees. Fr example, in 2003, Audit and Audit Related Fees fr 404 Filers represented 74.56% f ttal fees with 25.44% f the fees utside this categry. 7 In 2005, the percentages shifted t 88.65% and 11.35%. 7 Therefre, in 2003 abut 25% f the litigatin expsure and ther risks were distributed ver wrk that was nt audit wrk r audit related wrk. Cnsequently, audit and audit related wrk carried abut 75% f the risk burden. As the rules changed, audit firms were frced t be audit fcused fr independence reasns and nly audit and audit related fees were available t carry the burden/cst f the risk. 7 In February 2007, Audit Analytics published a study that quantified the cst f SOX 404 implementatin and adherence by cmparing audit fee changes f 404 filers with nn-404 filers. This analysis fund that SOX 404 cmpliance represented abut 15% f the audit fees paid. (See Audit Analytics, Surprised by Audit Fees; A Cmparisn f Audit Fee Changes Experienced by SOX Sectin 404 Filers and Nn-Filers, Feb ) 8 See Audit Analytics; 2009 Financial Restatements, A Nine Year Cmparisn, Feb AuditAnalytics.cm - 9 Main Street 2F, Suttn, MA (508) inf@auditanalytics.cm 5

8 Increased Educatinal Requirement: T address the increased sphisticatin in business methds and accunting rules, prfessinal rganizatins began recmmending during the 1990s that CPAs receive 150 semester hurs f educatin instead f the traditinal 120 hurs. As a result, states began enacting legislatin that created a 150-hur requirement. Mst f the new state requirements became effective during the 2000s. Fr example New Yrk s legislatin became effective n August 1, Over 40 states nw require that a CPA have at least 150 semester hurs f educatin. Therefre, in additin t ther market frces, this mre demanding educatinal requirement has increased market salaries fr new hires. The Glbal Market Place: The trend twards increased glbalizatin f business resulted in a significant expansin f cmpany peratins ccurring in emerging markets. These emerging markets lack strng crprate gvernance and perate under different business practices and accunting plicies, all f which create additinal audit wrk t cnslidate peratins and t cmply with lcal legal and regulatry requirements fr statutry reprting. AuditAnalytics.cm - 9 Main Street 2F, Suttn, MA (508) inf@auditanalytics.cm 6

9 Audit Fees & Nn-Audit Fees Paid by Accelerated Filers Over Seven Years (2,924 Accelerated Filers) 90.00% 80.00% 70.00% 60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% Audit Fees & Nn Audit Fees as a Percentage f Ttal Fees 72.79% 78.45% 79.99% 78.80% 48.91% 59.00% 51.09% 41.00% Audit Fees 79.68% 27.21% 21.55% 20.01% 21.20% Nn Audit Fees 20.32% Audit Fees Nn Audit Fees Ttal Fees ($ Millin) Audit Fees & Nn-Audit Fees Over Revenue Ttal Revenue ($ Millin) Ttal Fees as a % f Revenue Audit Fees Nn-Audit Fees $ Millin % f Ttal $ Millin % f Ttal ,369 9,433, % 3, % 3, % ,446 10,480, % 4, % 3, % ,910 11,837, % 7, % 2, % ,309 13,142, % 8, % 2, % ,051 14,443, % 8, % 2, % ,473 16,230, % 9, % 2, % ,679 16,745, % 9, % 2, % Ntes: 1 The research abve is based n fees disclsed in SEC filings as f March 16, Only a small percentage f calendar year 2009 fees have been disclsed by registrants as f the research date and thus 2009 is nt presented. 2 The fees abve are based n fees paid by a ppulatin f 2,924 accelerated filers, all accelerated filers as identified n March 3, 2010 that disclsed audit fees fr each and every year displayed. 3 The ttal nn-audit fees represent the aggregate f all ther disclsed fees that are nt audit fees. Fr a breakdwn f the fees that cnstitute the ttal nn-audit fees, see definitins n page 11. AuditAnalytics.cm 9 Main Street 2F, Suttn, MA (508) inf@auditanalytics.cm 7

10 Nn-Audit Fees: A Seven Year Review (2,924 Accelerated Filers) Nn Audit Fees (US $) Per Millin Dllars in Revenue Nn Audit Fees Over Revenue Percentage Change frm Year t Year 0.00% 5.00% 10.00% 15.00% % 5.44% 9.45% 20.00% 00% 25.00% 30.00% 27.02% 21.81% 25.78% Nn-Audit Fees Over Revenue Percentage Change frm Year t Year Nn-Audit Fees ($) Revenue ($) Nn-Audit Fees Per $1 Millin In Revenue % Change f Rati frm Previus Year ,764,932,556 9,433,034,758, ,052,853,033 10,480,662,164, % ,696,086,657 11,837,510,710, % ,221,625,240 13,142,619,441, % ,210,860,742 14,443,467,531, % ,432,091,129 16,230,800,493, % ,372,725,169 16,745,094,124, % Ntes: 1 The research abve is based n fees disclsed in SEC filings as f March 16, Only a small percentage f calendar year 2009 fees have been disclsed by registrants as f the research date and thus 2009 is nt presented. 2 The fees abve are based n fees paid by a ppulatin f 2,924 accelerated filers, all accelerated filers as identified n March 3, 2010 that disclsed audit fees fr each and every year displayed. 3 The ttal nn-audit fees represent the aggregate f all ther disclsed fees that are nt audit fees. Fr a breakdwn f the fees that cnstitute the ttal nn-audit fees, see definitins n page 11. AuditAnalytics.cm 9 Main Street 2F, Suttn, MA (508) inf@auditanalytics.cm 8

11 Audit Fees: A Seven Year Review (2,924 Accelerated Filers) Audit Fees (US $) Per Millin Dllars in Revenue Audit Fees Over Revenue Percentage Change frm Year t Year 50.00% 40.00% % 30.00% 20.00% 10.00% 0.00% 10.00% 20.00% 9.71% 0.97% 0.54% 8.98% 0.23% Audit Fees Over Revenue Percentage Change frm Year t Year Audit Fees ($) Revenue ($) Audit Fees Per $1 Millin In Revenue % Change f Rati frm Previus Year ,604,150,999 9,433,034,758, ,393,059,063 10,480,662,164, % ,214,067,417 11,837,510,710, % ,086,978,868 13,142,619,441, % ,839,650,096 14,443,467,531, % ,041,174,708 16,230,800,493, % ,305,795,079 16,745,094,124, % Ntes: 1 The research abve is based n fees disclsed in SEC filings as f March 16, Only a small percentage f calendar year 2009 fees have been disclsed by registrants as f the research date and thus 2009 is nt presented. 2 The fees abve are based n fees paid by a ppulatin f 2,924 accelerated filers, all accelerated filers as identified n March 3, 2010 that disclsed audit fees fr each and every year displayed. 3 The ttal nn-audit fees represent the aggregate f all ther disclsed fees that are nt audit fees. Fr a breakdwn f the fees that cnstitute the ttal nn-audit fees, see definitins n page 11. AuditAnalytics.cm 9 Main Street 2F, Suttn, MA (508) inf@auditanalytics.cm 9

12 Audit Fees and SOX 404 Auditr Attestatin Filer Grwth (2,924 Accelerated Filers) Audit Fees per Millin in Revenue Audit Fees per Millin in Revenue Number f Auditr Attestatin Filers (in Research Ppulatin) Number f Auditr Attestatin Filers Audit Fees ($) Revenue ($) Audit Fees ver Revenue (Rati) Number f Auditr Attestatin Filers % f Ppulatin that Filed Auditr Attestatins ,214,067,417 11,837,510,710, % ,086,978,868 13,142,619,441, % ,839,650,096 14,443,467,531, % ,041,174,708 16,230,800,493, % ,305,795,079 16,745,094,124, % Ntes: 1 The research abve is based n fees disclsed in SEC filings as f March 16, Only a small percentage f calendar year 2008 fees have been disclsed by registrants as f the research date and thus 2009 is nt presented. 2 The fees abve are based n fees paid by a ppulatin f 2,924 accelerated filers, all accelerated filers as identified n March 3 The "% f Ppulatin that Filed Auditr Attestatins" is base n a ttal research ppulatin f 2,924 accelerated filers discussed in ftnte 2 abve. Audit Fees and SOX 404 Auditr Attestatin Filer Grwth Change frm Year t Year 3, 2010 that disclsed audit fees fr each and every year displayed. AuditAnalytics.cm 9 Main Street 2F, Suttn, MA (508) inf@auditanalytics.cm 10

13 Audit Fee Categry Definitins Audit Fees Cnsists f all fees necessary t perfrm the audit r review in accrdance with GAAS. This categry als may include services that generally nly the independent accuntant reasnably can prvide, such as cmfrt letters, statutry audits, attest services, cnsents and assistance with and review f dcuments filed with the SEC. Audit Related Fees In general are assurance and related services (e.g., due diligence services) that traditinally are perfrmed by the independent accuntant. Mre specifically, these services wuld include, amng thers: emplyee benefit plan audits, due diligence related t mergers and acquisitins, accunting cnsultatins and audits in cnnectin with acquisitins, internal cntrl reviews, attest services that are nt required by statute r regulatin and cnsultatin cncerning financial accunting and reprting standards. Benefit Plan Related Fees In general these fees cmpse part f the ttal audit related fee number. In cases where the registrant itemizes their audit related fees and disclses the fees assciated with benefit plan audits, the benefit plan fees are subtracted frm the ttal audit related fees and entered under this field. FISDI Fees Financial infrmatin systems design and implementatin related fees. Currently the principal accuntant is prhibited frm such services. With the implementatin f SEC Rule , with an effective date f May 6, 2003 and a crrected March 31, 2003, these fees nw are a cmpnent f Other Fees. Tax Related Fees Typically this categry wuld include fees fr tax cmpliance, tax planning, and tax advice. Tax cmpliance generally invlves preparatin f riginal and amended tax returns, claims fr refund and tax payment-planning services. Tax planning and tax advice encmpass a diverse range f services, including assistance with tax audits and appeals, tax advice related t mergers and acquisitins, emplyee benefit plans and requests fr rulings r technical advice frm taxing authrities. This categry wuld nt capture thse services related t the audit. Other/Miscellaneus All ther auditr fees. (Nte that prir t the implementatin f SEC Rule , with an effective date f May 6, 2003 and a crrected March 31, 2003, this categry included tax related fees and audit related fees.) Ttal Nn-Audit Fees The sum f Audit Related Fees, Benefit Plan Related Fees, FISDI Fees, Tax Related Fees and Other/Misc Fees. AuditAnalytics.cm - 9 Main Street 2F, Suttn, MA (508) inf@auditanalytics.cm 11

14 Audit Analytics - Audit, Regulatry and Disclsure Intelligence Audit Analytics prvides detailed intelligence research n ver 20,000 public cmpanies and 1,500 accunting firms. Our data includes detailed categrizatins f issues and is cnsidered by many prfessinals t be the best primary data surce fr tracking and analysis f the fllwing public cmpany disclsures: Sarbanes-Oxley Disclsures - Track Sectin 404 internal cntrl disclsures and Sectin 302 disclsure cntrls. Auditr Infrmatin - Knw wh is auditing whm, their fees, auditr changes, auditr pinins and mre. Restatements - Identify cmpany restatements by type, auditr and peer grup. Analyze by date, perid and specific issue. Legal Disclsures - Search all federal litigatin by auditr, cmpany and litigatin type. Knw wh is representing whm. Crprate Gvernance - Track directr & fficer changes, audit cmmittee members, C-level executives and their bigraphies. SEC Cmment Letters - An extensive cllectin f SEC staff reviews and cmpany respnses expertly categrized accrding t a taxnmy f 1,500 citatins. Detailed reprts are easily created by issue, cmpany, industry, auditr, fees and mre and are dwnladable int Excel. Daily ntificatins via are available fr auditr changes, restatements and directr & fficer changes. Access t Audit Analytics is available via n-line subscriptin, enterprise data-feeds, daily ntificatins and custm research reprts. Cntact Fr mre infrmatin n subscriptins, data feeds, XML APIs r t schedule an n-line demnstratin, please cntact: Audit Analytics Sales (508) Inf@AuditAnalytics.cm AuditAnalytics.cm - 9 Main Street 2F, Suttn, MA (508) inf@auditanalytics.cm 12