Alhassan Musah, Abigail Padi, Bismark Okyere
Purpose: This study examined the effect of board characteristics, audit committee characteristics and gender diversity on audit fees of listed firms in Ghana. Design/methodology/approach: The study adopted a quantitative approach relying on secondary data extracted from annual report of listed companies in Ghana. The sample includes 21 listed firms excluding commercial banks and insurance companies. Data was collected on the selected companies over a 10-year period from 2010 to 2019. The study used descriptive analysis, correlation analysis and panel regression analysis to analyze the data collected. Findings: The results of the study show that listed firms in Ghana have good corporate governance structures in terms of board size, board independence, board chairperson independence, etc. The study also shows that female representation on board and other top-level positions among listed firms is low. The results of the regression analysis show that board size, board chairperson independence, management shareholding and female representation on the board were significant determinants of audit fees in Ghana. Among these variables board size and independent board chairperson had positive relationship while management shareholding and female representation on the board had negative relationship with audit fees. Originality/Value: The research extends the literature on determinants of audit fees that have focused largely on firm characteristics and regulatory changes to include gender diversity and audit committee characteristics on audit fees in a developing economy (Ghana). Practical implications: The study is important to practitioners it highlights the importance of audit fees determinants. It will help companies to know which governance structures that influence audit fee pricing. The implication of the study is that listed firms may increase female representation on their boards and also increase directors’ shareholding to reduce audit fees. Research limitations: The study is limited to a geographical area (Ghana). the authors propose that future studies will widely consider other African countries to improve the scanty literature in the area.