The total audit fees paid to statutory
auditors and their networks by companies operating in France fell
between 2008 and 2009, according to a survey by France’s financial
markets regulator (Autorité des Marchés Financiers – AFM).

The survey was based on information taken from
registered documents of companies quoted in the French stock
market’s CAC 40 index, financial statements published by Euro Stoxx
50 companies and a sample of 40 companies in the B and C
compartments of Euronext.

The results showed total fees paid by CAC 40
issuers fell by 2%, or €14m ($18m), between 2008 and 2009.

There was a decline of 4%, or €61m, for
issuers in the Euro Stoxx 50 during the same period.

Total fees paid by the sample of companies in
the Euronext B compartment declined by 4% compared with 2008, while
companies in the Euronext C compartment showed a 2% increase.

The survey also details findings of:

  • Fees paid for directly-related services;
  • Non-audit fees;
  • Analysis of certain joint audit situations;
  • Average audit fees; and,
  • Distribution of engagements.