Main Determinants of Audit Fees. Evidence from the AIM UK: 2009 - 2011

      Аннотация: Audit and audit fees have gained much attention due to the global financial crisis and huge scandals surrounding clients of the Big 4 audit firms. This book discusses determinants of audit fees in the AIM market, the audit function as a cost of monitoring and the auditor’s role as an aspect of corporate governance; essentially facilitated by Agency Theory. The results of this study confirm the findings of previous authors that size, complexity and risk are the principal factors which determine the amount paid as audit fees. This book is aimed at persons (e.g. students on undergraduate and postgraduate programmes or practitioners) interested in researching audit fees (in particular) or involved in other forms of business research. Management acts in stewardship and fiduciary roles towards shareholders and hence have to account on a periodic basis through the issue of financial (and other) statements. However due to information asymmetry an agency problem arises which needs to be monitored through several devices including the audit function. Since June 2016, mandatory tendering and rotation are being enforced by virtue of the Audit Regulation and Directive (ARD).

Ключевые слова: Audit fee, Alternative Investment Market (AIM), Audit fee premium, Big 4.