How can access data on audit fees charged by audit firms to LISTED banks operating in Africa? I need the past 12 years data on audit fees in Africa and would appreciate if one can assist where to locate such a data base.
Does any one know if there is a LISTED bank in Africa not audited by any of the big 4 auditors? It appears the big 4- Delloite,PWC,Ernst and Young and KPMG dominate this field. For the risks in banks, do firms get out of these big 4 even where they have made some mistakes?
Regards
Erick Outa
It depends on the accounting standards and regulations that govern disclosure practice in the target country. In the US and UK disclosing of such information on the income statements of firms is mandatory. In other context, such information can be obtained personally from the regulatory bodies of the stock exchange market.
I believe the information is disclosed as a line item in the financial statements of the banks . This is the practice by listed companies and banks in most countries.
Thanks Tariq and Takiah.It is true audit fee is disclosed as notes to the accounts in listed banks and companies. But Im looking at 10 years 2004-2014 across 15 countries (3000 firm years) in Africa including English and Francophone states. So it is not possible to manually go through each financial statement for each bank in each country to extract the audit fee line..Any further approaches will be appreciated.
best
Any further approaches
Hye, All listed companies are required to disclose their audit fee paid in financial statements, Also the important thing is you should also consider, non-audit fee, if any. Because when we are examining the risk of companies/banks, normally audit firm charge higher for more risk(risk of manipulation) in the financial statements. then normally there are non-audit payment is also involved. Like every auditor have to give opinion on financial statements and for reputation company always want positive opinion, even if company is facing any difficulty.
As a researcher you have no option but to google the company websites to get the data. Its tediuos but that's the only way. Such data is not summarised anywhere.
@Obert: I agree with you 100%. It's a tedious process, but it's not difficult using a generic search algorithm (e.g., CTRL+F and "audit fee".
There is no publicly or commercially available database of audit fees for less developed markets. You can contact individual authors of previous studies to ask if they are willing to share their data. There are published studies using audit fees from South Africa, Egypt, Nigeria - and maybe others if you do a careful literature search.
Be aware that some countries (e.g., Algeria, Morocco, the Ivory Coast, Tunisia,
Congo) have joint audit requirements, increasing cross-country differences in fee determinants.
Thank you so much for all your responses and hopefully there will be some light at the end of the tunnel.
Erick, I just googled the following phrase: "Big 4" and and "banking" and "audit fees"
If you do that, you'll find some interesting links. NOTICE TO ANYONE who doesn't know how to use Google to find answers to your questions. Go to these tutorials:
http://www.freetech4teachers.com/p/google-tools-tutorials.html
and
https://www.youtube.com/playlist?list=PLtx-qUNKJwDz6b_3NaGTkGXaTPrLCpacY
Some links:
http://aaajournals.org/doi/abs/10.2308/ajpt-50701?journalCode=ajpt
http://www.iiste.org/Journals/index.php/RJFA/article/download/8302/8585
http://arizona.openrepository.com/arizona/bitstream/10150/190460/1/azu_etd_mr0167_sip1_m.pdf
If I can do that, Erick, you can, too, my friend!
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