Oil price uncertainty and audit fees: Evidence from the energy industry
研究了油价不确定性（以隐含波动率衡量）如何影响能源企业的审计费用，发现不确定性增加导致审计费用上升，且主要由审计投入增加而非风险溢价驱动。
This study examines how oil price uncertainty, measured by implied volatility, affects audit fees . Using samples from the energy industry, we find that oil price uncertainty increases audit fees. Furthermore, the mechanism analyses demonstrate that the increase in audit fees is driven by the increased audit effort rather than a higher audit risk premium. Additionally, the positive impact of oil price uncertainty on audit fees is more pronounced for non-state-owned firms, firms with weaker corporate governance , and firms with greater earnings manipulation risks. Finally, our main finding remains robust for oil price uncertainty measured by Shanghai Crude Oil Futures and West Texas Intermediate.