Investigating further, public companies paid an average of $7.1 million in audit fees in 2013 while private companies audit fees averaged $175K. This is due to the number of audit hours required, with public companies requiring an average of 17,525, at an estimated average cost of $249 per hour, and private companies requiring an average of 2,927, at an estimated average cost of $179 per hour. Despite the amount spent on audit, fraud still occurs and cost companies on average 5% of revenue and $6.3Bn in total in 2016. Cash assets were the most commonly misappropriated accounting for 83% of frauds. The following illustrates some of the largest fraud cases which has occurred in the past.