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This dissertation was writer as part of the MSc in Accounting, Auditing & Financial Management at International Hellenic University. This study was designed to examine the effect that the financial and economic crisis have on the audit fees of banks located in PIIGCS ( i.e. Portugal, Ireland, Italy, Greece, Cyprus and Spain) countries. Prior research had focused either generally in the banking sector or specified in solely cases , such as a unique nation. Furthermore, there are not many studies that observe the movements and the behavior of the audit fees. This study, using statistical models that involve major determinants of audit fees, is valuable since it will provide academia with results that concern those European countries that had been affected the most from the current financial distress, meaning all PIIGCS countries. A standard audit fee model, modified accordingly so it is appropriate for the purposes of this research, is used to investigate the existence of an actual difference in the audit fee behavior of 91 EU banks during the crisis. Multiple OLS regression has been used as the solely estimation technique on the panel data collected from Thomson One database for period 2008 - 2016. Our model reports that there is no actual difference if a bank belongs to a PIIGCS country or elsewhere and also that the auditor’s size does matter