审计公司任期披露与非专业投资者对审计师独立性的看法:合伙人轮换披露的缓解效应

IF 3.2 3区 管理学 Q1 BUSINESS, FINANCE
Sarah Judge, Brian M. Goodson, Chad M. Stefaniak
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引用次数: 0

摘要

2017 年,PCAOB 开始要求在 SEC 注册客户的审计报告中披露审计事务所任期。许多评论者担心,突出披露事务所任期会导致投资者不恰当地推断出审计质量与长期任期之间的负相关关系。这一点尤其令人担忧,因为经验证据一般并不支持这种担忧。在我们的第一个实验中,我们预测并发现在审计报告中披露审计公司的长期任期会增加投资者对审计公司在进行审计时独立性受损的看法。然而,我们也发现了一种干预措施,可以减轻披露长期任期的影响--在审计报告中附带披露事务所遵守美国证券交易委员会强制合伙人轮换要求的情况。我们发现,这种披露调节了长期任期披露的影响,即在没有(有)合伙人轮换披露的情况下,当披露公司长期任期时,投资者会(不会)认为独立性受损加剧。在第二个实验中,我们预测并发现,披露长期事务所任期信息会降低投资者投资于数量上最优的投资项目的偏好,而这种关系的部分原因是投资者认为独立性受损。同样,合伙人轮换披露也会削弱这一结果。我们的研究结果应有助于监管机构了解其披露任务的影响,也有助于审计公司了解减轻这种影响的实际方法。
本文章由计算机程序翻译,如有差异,请以英文原文为准。

Audit firm tenure disclosure and nonprofessional investors' perceptions of auditor independence: The mitigating effect of partner rotation disclosure

Audit firm tenure disclosure and nonprofessional investors' perceptions of auditor independence: The mitigating effect of partner rotation disclosure

In 2017, the PCAOB began requiring audit firm tenure disclosure within the audit report for SEC registrant clients. Many commenters raised the concern that prominent disclosure of firm tenure would lead investors to inappropriately infer a negative relation between audit quality and long tenure. This is particularly troubling given that empirical evidence generally does not support this concern. In our first experiment, we predict and find that disclosing an audit firm's long tenure within the audit report increases investors' perceptions that the audit firm's independence was impaired while conducting the audit. However, we also identify an intervention that mitigates the effects of disclosing long tenure—an accompanying disclosure in the audit report of the firm's adherence to the SEC's mandatory partner rotation requirement. We find that such a disclosure moderates the effect of long tenure disclosure such that in the absence (presence) of a partner rotation disclosure, investors do (do not) perceive increased independence impairment when long firm tenure is disclosed. In a second experiment, we predict and find that long firm tenure disclosure reduces investors' preference to invest in an otherwise quantitatively optimal investment and that this relation is driven, in part, by perceptions of independence impairment. Again, this result is attenuated by partner rotation disclosure. Our results should be useful to regulators in understanding the effects of their disclosure mandate and to audit firms in understanding a practical way in which they might mitigate the implications of such effects.

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来源期刊
CiteScore
6.20
自引率
11.10%
发文量
97
期刊介绍: Contemporary Accounting Research (CAR) is the premiere research journal of the Canadian Academic Accounting Association, which publishes leading- edge research that contributes to our understanding of all aspects of accounting"s role within organizations, markets or society. Canadian based, increasingly global in scope, CAR seeks to reflect the geographical and intellectual diversity in accounting research. To accomplish this, CAR will continue to publish in its traditional areas of excellence, while seeking to more fully represent other research streams in its pages, so as to continue and expand its tradition of excellence.
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