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DETERMINANTS OF AUDIT FEES FOR QUOTED UK COMPANIES

404 citations0/0 files storedJournal of Business Finance &amp Accounting

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Auditing, Earnings Management, Governance Corporate Finance and Governance Corporate Governance and Financial Management

Abstract

This study reports further evidence as to the determinants of the audit fees paid by quoted companies in the UK. It outlines a framework based on the findings from semi‐structured interviews with partners in four large audit firms and the results of previous research, and tests this framework by means of multivariate analysis using 1987 data for a large sample of quoted UK companies. A model explaining 87 per cent of the variation in audit fees is constructed. The principal explanatory variables are found to be auditee size, return on shareholders equity, the number of subsidiaries, the lag between the year end and the date of the audit report, the size of the auditor, a measure of auditee diversification, the ownership structure of the auditee, and whether the auditor was based in London, with the last three being new variables introduced in this study.

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References

1980The Pricing of Audit Services: Theory and Evidence 1986Audit Fees and Auditor Size: Further Evidence 1984Auditing, Consulting, and Auditor Independence 1984The effect of audit firm size on audit prices

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1999Audit Quality and Auditor Size: An Evaluation of Reputation and Deep Pockets Hypotheses 2000THE IMPACT OF BOARD COMPOSITION AND OWNERSHIP ON AUDIT QUALITY: EVIDENCE FROM LARGE UK COMPANIES 2007Auditor fees and audit quality 2000Timeliness of corporate financial reporting in emerging capital markets: empirical evidence from the Zimbabwe Stock Exchange 1999Pricing Initial Audit Engagements: A Test of Competing Theories 2005Determinants of Audit Report Lag: Some Evidence from the Athens Stock Exchange 1994THE DETERMINANTS OF AUDIT FEES: SOME EMPIRICAL MODELS 2012Agency conflicts and auditing in private firms

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