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.