This dissertation was written as part of the M
Sc in Accounting Auditing & Financial
Management at the International Hellenic University.
This study designed to examine the factors affecting the level of external audit
fees
paid by financial institutions to their auditors
in
European Union. Studies have investigated on market structures for audit services in economies of the USA, UK, Canada and
Australia with the common characteristic of continuous exclusion of
the financial sec-tor. This study
, using measures that are unique and more applicable to
banks, in order
to
fill this area. A standard audit fee model, modified accordingly, is used to investigate
the specific effect of measures like bank size, risks and complexities on audit fees for
136
banks. Multiple OLS regression was used as the estimation
technique on the panel
data collected through databases over a 6
-
year post consolidation periods covering
2010
-
2015.
Our model reports that the risks examined as important by the regulatory
agencies are the same that
audit firms consider too. In the future
is expected that the
concern
of the audit
process for banks is likely to enhance, following the general attempt of controlling banks' high risk activities.
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