Total Audit Cost per Year
Quantifies the overall cost associated with conducting audits over a year. Understanding audit costs helps in budgeting and ensuring that audits provide value relative to their expense.
Sum of all audit-related costs for the year
If a company spent $50,000 on audits over a year, the total audit cost is $50,000.
The costs might include internal auditor salaries & benefits, external audit fees, audit software & tools, travel & accomodation, training & development, consultancy fees, administrative costs, post-audit activities, and potential penalties.