After three consecutive years of decline, audit fees as a percentage of revenue of Independent Auditors increased slightly in 2009, points out a new comprehensive study for Audit Analytics.

However, the research firm says that as with non-audit fees, the uptick is due to a decrease in revenues instead of an increase in fees.  It stresses the fees declined despite the extra work demanded of independent auditors during the same period when more and more companies were required to obtain a auditor attestations required under the Sarbanes-Oxley Act.

The number of financial restatements rose in 2010, after three years of decline, according to a new study from Audit Analytics. The new uptick was driven by non-accelerated filers.

In addition, although the quantity increased slightly, the severity of the restatements remained low, AA stresses.