审计师的政治关系和SEC的监督

IF 3.2 3区 管理学 Q1 BUSINESS, FINANCE
Jagan Krishnan, Meng Li, Hyun Jong Park
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引用次数: 0

摘要

我们考察了审计师的政治关系是否与美国证券交易委员会对审计客户的监督有关。具体而言,我们测试了审计师的政治行动委员会捐款是否与SEC的三种监督行动有关:意见信、调查和会计与审计执法发布(AAERs)。与较高的政治关系导致美国证券交易委员会加强审查一致,我们发现具有较高政治关系的审计师的客户更有可能收到评论信并面临美国证券交易委员会的调查。然而,在SEC调查的条件下,我们发现审计师的政治关系与aaer的发行之间没有关联。我们认为,投资者和分析师对审计客户的高度关注可能是导致SEC加强审查的一个机制,因为审计师的政治关系可能被视为一个危险信号。使用EDGAR下载和收益预测修正的数量,我们记录了与该机制存在一致的证据。这些发现增加了我们对审计师的政治关系如何影响SEC对审计客户的监督的理解。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Auditor political connections and SEC oversight

We examine whether auditor political connections are associated with the SEC's oversight of audit clients. Specifically, we test whether auditors' political action committee contributions are associated with three SEC oversight actions: comment letters, investigations, and Accounting and Auditing Enforcement Releases (AAERs). Consistent with higher political connections inducing heightened scrutiny from the SEC, we find that the clients of auditors with higher political connections are more likely to receive comment letters and face SEC investigations. However, conditional on SEC investigation, we find no association between auditor political connections and the issuance of AAERs. We consider heightened attention from investors and analysts toward audit clients as one possible mechanism leading to increased SEC scrutiny because auditor political connections could be perceived as a red flag. Using EDGAR downloads and the number of earnings forecast revisions, we document evidence consistent with the existence of this mechanism. These findings add to our understanding of how auditor political connections could influence SEC oversight over audit clients.

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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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