扩大审计报告对小型和高风险公司的影响

IF 3.2 3区 管理学 Q1 BUSINESS, FINANCE
Elizabeth Gutierrez, Miguel Minutti-Meza, Kay W. Tatum, Maria Vulcheva
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引用次数: 0

摘要

英国分别从2013年和2017年开始,分两波授权扩大审计报告。先前对第一波报告的研究(其中包括受到严格监管的大型公司)得出的结论是,扩大报告的增量价值有限。我们关注的是第二波,其中包括在另类投资市场(AIM)上市的公司。AIM的特点是新兴公司规模较小,风险较高,受较少的监管要求和私人监督。我们研究在这种情况下,投资者和其他利益相关者是否从扩展报告中受益。我们发现,AIM公司的扩展报告较短,关键审计事项较少。接下来,我们证明这些报告对投资者的增量信息价值或审计质量和成本的后果可以忽略不计。最后,尽管我们发现扩展报告内容的一些变化与投资者对年度报告的反应和审计费用有关,但外部监督和公司规模的变化并没有发挥增量作用。通过关注一组信息环境较弱的公司,我们的发现有助于扩展先前关于扩展报告有限增量价值的研究的结论。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The consequences of expanded audit reports for small and risky companies

The United Kingdom mandated expanded audit reports in two waves, starting in 2013 and 2017, respectively. Prior studies of the first wave, which included large and highly regulated companies, concluded that expanded reports have limited incremental value. We focus on the second wave, which included companies listed on the Alternative Investment Market (AIM). The AIM is characterized by emerging companies that are smaller, riskier, and subject to lighter regulatory requirements and to private monitoring. We examine whether investors and other stakeholders benefit from expanded reports in this setting. We document that AIM companies have shorter expanded reports and fewer key audit matters. Next, we demonstrate that these reports have negligible incremental information value for investors or consequences for the quality and cost of audits. Finally, although we find that some variations in the expanded reports' content are associated with investor reactions to the annual report and with audit fees, variations in external monitoring and company size do not play an incremental role. By focusing on a set of companies with weaker information environments, our findings help to extend the conclusions from prior studies about the limited incremental value of expanded reports.

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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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