早期审计合伙人轮岗的决定因素和职业后果

Brandon Gipper, Luzi Hail, C. Leuz
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引用次数: 0

摘要

我们研究了一些审计合伙人在最长的五年周期结束前轮换客户业务的频率和原因。具体而言,我们调查审计质量问题是否对审计业务合伙人和客户过早分离起作用。在2008年至2014年期间,我们对约4,000名六大客户的审计事务所合伙人轮换进行了抽样调查,结果发现,财务杠杆或业绩等客户特征几乎没有解释力。相比之下,严重的审计质量问题,如财务重述或PCAOB检查结果,与早期的合伙人轮换有关。这些关联在没有被安排退休、晋升或临时休假解释的早期轮岗,以及大客户和合伙人经验不足的情况下更为明显。我们还发现,由于审计质量原因,女性合伙人更有可能提前轮岗。提前轮换对职业生涯有影响。合伙人被分配到更少的SEC发行人客户,管理更少的审计时间,获得更低的合伙人评级,并且在早期轮换后更有可能接受内部检查。我们的研究结果表明,审计质量问题是早期合伙人轮岗的一个重要因素,随后对合伙人的客户分配和管理责任产生负面的职业后果。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Determinants and Career Consequences of Early Audit Partner Rotations
We examine how often and why some audit partners rotate off client engagements before the end of the maximum five-year cycle period. Specifically, we investigate whether audit quality issues play a role for engagement partners and clients to separate prematurely. For a sample of about 4,000 within-audit firm partner rotations for Big 6 clients over the 2008 to 2014 period, we find that client characteristics such as financial leverage or performance have little explanatory power. In contrast, severe audit quality issues such as financial restatements or PCAOB inspection findings are associated with early partner rotations. These associations are more pronounced for early rotations that are not explained by scheduled retirements, promotions, or temporary leaves as well as for large clients and when partners are less experienced. We also find that female partners have a higher likelihood of early rotation for audit quality reasons. Early rotations have career consequences. Partners are assigned to fewer SEC issuer clients, manage fewer audit hours, receive lower partner ratings, and are more likely to be internally inspected after being rotated early. Our results suggest that audit quality concerns are an important factor for early partner rotations with ensuing negative career consequences for partners’ client assignments and management responsibilities.
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