This study examines the effect of equity overvaluation on the brand name reputation of CPA firms and audit fees. Following Rhodes-Kropf, Robinson, and Viswanathan (2005) and Chi and Gupta (2009), we use a M/B decomposition model to estimate the overvaluation of prior equity value. Our empirical results show that overvalued companies are more likely to employ Big 4 accounting firms in the next period. We also find that overvalued companies incline to pay higher audit fees in the next period than non-overvalued companies.