A July 3, 2020 Financial Times article by Jonathan Ford and Tabby Kinder states, "Audit fees in Europe are far below those in the U.S. Audits of Russell 3000 index companies in the U.S. cost 0.39 per cent of company turnover on average. Those in Europe average just 0.13 per cent, while for German companies it is a feeble 0.09 per cent."

Write a short essay considering the possible implications of low audit fees for German companies relative to those in other countries, specifically the United States. Consider possible explanations for lower audit fees in Germany relative to those in Europe and the United States, incentives, culture of public accounting firms, and the potential impact fees might have on the quality of financial statements and audits.