October 30, 2020

By the Numbers: $2.06 Billion

That’s how much General Electric paid its longtime external auditor KPMG in fees from 2000 to 2019, according to an analysis of GE’s proxy filings for each of the past 20 years.

GE dumped KPMG on June 22, ending an 111-year relationship. Deloitte will be GE’s new external auditor beginning in 2021.

Here’s a breakdown of fees GE paid to KPMG during the past 20 years:

2000 

  • Audit fees: $23.9 million
  • Financial information systems design and implementation fees: $11.5 million
  • Tax fees: $13.8 million
  • Non-audit services fees: $15.5 million
  • Other fees: $38.9 million

Total: $103.6 million

2001

  • Audit fees: $23.5 million
  • Financial information system design and implementation fees: $2.1 million
  • Tax fees: $17.5 million
  • Non-audit services fees: $13.8 million
  • Other fees: $3.7 million

Total: $60.6 million

2002

  • Audit fees: $38.7 million
  • Audit-related fees: $23.3 million
  • Tax fees: $21.2 million
  • Other fees: $6.1 million

Total: $89.3 million

2003

  • Audit fees: $55.3 million
  • Audit-related fees: $22.9 million
  • Tax fees: $12.9 million
  • Other fees: $500,000

Total: $91.6 million

2004

  • Audit fees: $78.2 million
  • Audit-related fees: $15.5 million
  • Tax fees: $8.9 million
  • Other fees: $0

Total: $102.6 million

2005

  • Audit fees: $89.4 million
  • Audit-related fees: $11.4 million
  • Tax fees: $8.4 million
  • Other fees: $0

Total: $109.2 million

2006

  • Audit fees: $85.8 million
  • Audit-related fees: $20.6 million
  • Tax fees: $9 million
  • Other fees: $0

Total: $115.4 million

2007

  • Audit fees: $81.4 million
  • Audit-related fees: $30.8 million
  • Tax fees: $10.3 million
  • Other fees: $0

Total: $122.5 million

2008

  • Audit fees: $94.3 million
  • Audit-related fees: $31.5 million
  • Tax fees: $7.2 million
  • Other fees: $0

Total: $133 million

2009

  • Audit fees: $88.8 million
  • Audit-related fees: $13.3 million
  • Tax fees: $8 million
  • Other fees: $0

Total: $110.1 million

2010

  • Audit fees: $89.8 million
  • Audit-related fees: $9.7 million
  • Tax fees: $9.3 million
  • Other fees: $0

Total: $108.8 million

2011

  • Audit fees: $87.1 million
  • Audit-related fees: $15.1 million
  • Tax fees: $11 million
  • Other fees: $0

Total: $113.2 million

2012

  • Audit fees: $84.8 million
  • Audit-related fees: $7.7 million
  • Tax fees: $6.8 million
  • Other fees: $0

Total: $99.3 million

2013

  • Audit fees: $84.3 million
  • Audit-related fees: $11.7 million
  • Tax fees: $4.1 million
  • Other fees: $0

Total: $100.1 million

2014

  • Audit fees: $78.2 million
  • Audit-related fees: $10.7 million
  • Tax fees: $2.2 million
  • Other fees: $0

Total: $91.1 million

2015

  • Audit fees: $75 million
  • Audit-related fees: $20.8 million
  • Tax fees: $1.8 million
  • Other fees: $0

Total: $97.6 million

2016

  • Audit fees: $81.5 million
  • Audit-related fees: $6.9 million
  • Tax fees: $1.5 million
  • Other fees: $0

Total: $89.9 million

2017

  • Audit fees: $95.8 million
  • Audit-related fees: $45.4 million
  • Tax fees: $1.7 million
  • Other fees: $0

Total: $142.9 million

2018

  • Audit fees: $63.7 million
  • Audit-related fees: $40.2 million
  • Tax fees: $700,000
  • Other fees: $0

Total: $104.6 million

2019

  • Audit fees: $61.1 million
  • Audit-related fees: $13.9 million
  • Tax fees: $4.1 million
  • Other fees: $0

Total: $79.1 million

Related article:

Auditor Swap: General Electric and KPMG Officially Call It Quits

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