Date of this Version


Document Type

Journal Article

Publication Details

Submitted version

Goodwin-Stewart, J. & Kent, P. (2006). Relation between external audit fees, audit committee characteristics and internal audit. Accounting and Finance, 46(3), 387-404

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2006 HERDC submission


This study examines the association between audit fees, an effective audit committee and internal audit in an Australian setting. We find significant positive associations between the level of audit fees and the existence of an audit committee, the use of internal audit, and audit committee meeting frequency. We also find a significant 3-way interaction between audit committee independence, expertise and meeting frequency. Additional analysis indicates that expertise is positively associated with audit fees only when meeting frequency and independence are low. This is consistent with audit committee members with accounting expertise demanding a higher level of assurance in these circumstances.

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This document has been peer reviewed.