Factors that Determine the Audit Fees Paid by the Companies Listed on the Novo Mercado of the BM&FBOVESPA

Itzhak David Simão Kaveski, Paulo Roberto da Cunha


This study identifies the factors that influence the determination of the external audit fees paid by companies listed on the Novo Mercado segment of the BM&FBovespa stock exchange. The research carried out was descriptive and predominantly quantitative in nature, carried out by means of analysis of panel data. The sample consisted of the 83 companies listed on the Novo Mercado of the BM&FBovespa during 2010 and 2011. The finding of a positive relationship between firm size and audit fees suggests that the larger the size of the audited company, the greater the audit workload and, thus, the greater the audit fees charged, confirming hypothesis 1 of the research. Contrary to research hypothesis, leverage showed a negative relationship, suggesting that less leveraged companies pay more audit fees. Finally, with respect to the profitability of total assets and Market-to-Book, no significant relationships were found, resulting in rejection of research hypotheses 2 and 3. It is concluded that size and leveraging are the factors that determine the external audit fees paid by the companies investigated. Thus, the larger the size of the company and the less its leveraging, the higher the fees of the independent auditors of the companies in the Novo Mercado.


Honorários da auditoria; Teoria da Agência; Governança Corporativa.


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