The audit of banks in the USA: Has it changed since the financial crisis?

IF 1.3 Q3 BUSINESS, FINANCE
Paul Tanyi, Jack Cathey
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引用次数: 0

Abstract

The most recent financial crisis exposed to the auditors the risk associated with the audit engagement of their banking clients. Because many banking clients failed and investors suffered trillions of dollars in losses, auditors are now defendants in numerous shareholder and regulatory lawsuits. There is consensus that the financial crisis was created by an abundance of credit, excessive risk taking through complex financial instruments, weak corporate structures, and ineffective regulatory mechanisms. In this study, we examine how the financial crisis has affected the audit engagements of banking clients. We examine audit fees, audit report lag, and auditor changes before and after the financial crisis with respect to specific bank risks like credit risk, interest rate risk, and liquidity. Overall, we find that auditors are more responsive to bank risks in the post-financial crisis period compared to the pre-financial crisis period.

Abstract Image

美国对银行的审计:金融危机后是否有所改变?
最近的金融危机暴露了审计师与其银行客户审计业务相关的风险。由于许多银行客户倒闭,投资者蒙受了数万亿美元的损失,审计师现在已成为众多股东和监管机构诉讼的被告。人们一致认为,金融危机是由大量信贷、通过复杂的金融工具过度承担风险、薄弱的公司结构以及无效的监管机制造成的。在本研究中,我们探讨了金融危机对银行客户审计业务的影响。我们针对特定的银行风险,如信贷风险、利率风险和流动性风险,研究了金融危机前后的审计费用、审计报告滞后性和审计师变动情况。总体而言,我们发现与金融危机前相比,审计师在金融危机后对银行风险的反应更加积极。
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来源期刊
CiteScore
3.70
自引率
6.20%
发文量
21
期刊介绍: Under the guidance of its highly respected Editors and an eminent and truly international Editorial Board?Journal of Banking Regulation?has established itself as one of the leading sources of authoritative and detailed information on all aspects of law and regulation affecting banking institutions.Journal of Banking Regulation?publishes in each quarterly issue detailed briefings analyses and updates which are of direct relevance to practitioners working in the field while meeting the highest intellectual standards.Journal of Banking Regulation?publishes the latest thinking and best practice on:Basel I II and IIIModels for banking supervisionInternational accounting standardsDeposit protectionEnforcement decisions in banking regulation and supervisionCross-border competition in banking servicesCorporate governance in banksHarmonisation in banking marketsSupervising credit riskAnti-money laundering legislation and regulationsMonetary integrationRisk capital and capital adequacySystemic risk in banking operationsCross-border regulationCross-border bank insolvencyModels for banking riskEssential reading for:central bankersbanking supervisorsfinancial regulatorsbankerscompliance officersheads of risk managementpolicy makersbank associationslawyers specialising in banking lawaccountantsinternal and external bank auditorsacademics and researchers
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