Audit fees are a reflection of the quality of auditing for external users of financial statements. Independent auditing is an important part of the financial reporting system. The independent auditor's report can indicate the fulfillment of the client's management obligations to investors, and the audit fee can be considered a cost that the client pays to the auditor in exchange for fulfilling these obligations, and examining the causes and factors affecting it is important. Therefore, the purpose of this study is to examine the relationship between government institutional ownership and investor sentiment with audit fees. The statistical population of the study is companies listed on the Tehran Stock Exchange and the sample under study includes 160 companies listed during the years 2019 to 2023. The research method is descriptive and in terms of the relationship between variables, it is a combination of causality and it is applied in terms of purpose. The regression method and panel data as well as the fixed effects model have been used to process and test the hypotheses. The results obtained from the analysis of the hypotheses showed that investor sentiment has a positive and significant relationship with audit fees, and government institutional ownership has a negative and significant relationship with audit fees.