Original Research Article | OPEN ACCESS
Determinants of Audit Fees in Nigerian Banks

Olugboyega Sunday Kajola1 , Jayeola Olabisi2, Akanbi Abiola Tonade3, Osindero Taofeek Agbatogun4,

1Department of Accounting, Federal University of Agriculture, Abeokuta, Nigeria; 2Department of Accounting, Federal University of Agriculture, Abeokuta, Nigeria; 3Department of Accounting, Crescent University, Abeokuta, Nigeria; 4Department of Accounting, Federal University of Agriculture, Abeokuta, Nigeria.

For correspondence:-  Olugboyega Kajola   Email: kajolaso@funaab.edu.ng

Received: January 27, 2022        Accepted: March 23, 2022        Published: March 31, 2022

Citation: Kajola OS, Olabisi J, Tonade AA, Agbatogun OT, Determinants of Audit Fees in Nigerian Banks. Account Tax Rev 2022; 6(1):30-47 doi:

© 2022 The authors.
This is an Open Access article that uses a funding model which does not charge readers or their institutions for access and distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0) and the Budapest Open Access Initiative (http://www.budapestopenaccessinitiative.org/read), which permit unrestricted use, distribution, and reproduction in any medium, provided the original work is properly credited..


The study examined factors that influenced the amount of audit fees paid by ten Nigerian banks during the fifteen years 2006-2020. Client board-specific attributes (board size and board independence), client firm-specific attributes (bank size, leverage and profitability) and audit firm-specific attributes (audit tenure and joint audit) are used as proxy variables of audit fee determinants. The analytical technique adopted for the study was pooled ordinary least squares regression. Results revealed that board independence, size and leverage have a positive, while joint audit has a negative and significant effect, on audit fees. The study, however, could not confirm profitability, audit tenure and board size as important determinants of audit fees in Nigeria as the results produced an insignificant relationship. It is recommended that corporate boards and regulatory agencies in Nigeria take into consideration the four significant audit fee determinant variables when corporate governance policies, particularly auditors’ remuneration, are formulated as these variables are capable of influencing the quality of audit work.

Keywords: audit fees, audit firm-specific, banks, board-specific, firm-specific, Nigeria

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