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July 28, 2010

AMF survey reveals drop in French audit fees

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:

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

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