Audit fees with roles as proxies for economic bonding between auditor and client affect earnings quality of client’s financial reports. This study aims to examine the relationship between audit fee and earnings management, while simultaneously investigating the moderating effect of female directorship on this relationship. The sample comprises of companies listed on the Stock Exchange of Thailand during 2018 to 2022. The measure of degree of earnings management is proxied by accrual – based earnings management. The multiple regression analysis was utilized. The result from hypothesis testing found that firms that pay higher amounts of audit fees would demonstrate more earnings management. In addition, it was found that an increase in proportion of females in the composition of board members significantly moderates the relationship between audit fee and earnings management in a negative manner. This result supports the economic bonding theory which explains that higher audit fees impair auditor independence which would consequently lead to reduced auditor quality. Furthermore, this empirical study provides the Securities Exchange Commission and the Federation of Accounting Professions with important information to consider when developing regulations for corporate governance and inspection for firms, as well as in monitoring and governing audit firms.