财务重述与会计师事务所风险管理战略
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摘要
自上世纪90年代中期以来，财务重述问题逐渐受到监管当局和学术界的广泛关注。通过对财务重述相关文献的梳理，我们发现，目前研究的焦点集中于考察公司治理机制对财务重述的影响，其中却忽略了公司治理诸多机制中不可或缺的部分——外部审计。本文试图从会计师事务所风险管理战略的角度研究外部审计与财务重述之间的关系，深入分析事务所对财务重述的风险评估以及应对风险的管理战略。我们相信，本文的结论不仅有利于防范财务重述的发生，还有利于更好的理解和发挥审计师的外部公司治理角色。本文在事务所客户组合管理理论、专业审计准则和事务所实践的基础上构建了财务重述与事务所风险管理战略关系的理论模型，并以2003年至2006年A股上市公司为研究样本进行实证检验，试图回答三个方面的问题：(1)事务所能否识别出财务重述所蕴含的风险，并采取有效的风险管理战略?(2)事务所对不同原因导致的财务重述是否会有选择的运用风险管理战略?(3)新审计准则的颁布是否会影响事务所的风险管理战略?通过实证检验，我们发现：(1)事务所会评估财务重述所蕴含的风险以及可能的回报，并在评估的基础上运用多种风险管理战略将客户组合风险降低到可接的水平，这包括审计定价战略、审计意见战略和辞聘战略。(2)事务所能够识别并区分不同原因所导致的财务重述，并有选择的运用风险管理战略。具体表现在：事务所对会计准则特征导致的财务重述不会运用任何风险管理战略；对于业务复杂性导致的财务重述，事务所仅会运用审计定价战略；对于内部控制缺陷导致的财务重述，事务所将综合运用审计定价战略和审计意见战略；而对于盈余操纵导致的财务重述，事务所将会采用比较极端的风险管理战略——审计意见战略和辞聘战略。(3)新审计准则的颁布提高了事务所对财务重述的风险管理程度。本文的主要创新和贡献表现在：(1)首次从事务所风险管理战略的角度考察外部审计对财务重述的影响，扩展了财务重述的研究视角；(2)集中考察事务所对审计风险的管理决策，丰富了客户组合风险管理研究；(3)厘清了导致财务重述发生的内在原因；(4)首次以经验数据支持我国事务所会有选择的运用风险管理战略规避审计风险；(5)为新审计准则的实施效果提供了间接的经验证据。
Since the last mid-90,Regulatory auditor and academics has paid more attentionto financial restatements.Through reviewing existing literature about financialrestatements,we find that the focus of current research is on the relationship betweencorporate governance mechanisms and financial restatements.However,as animportant corporate governance mechanism,there are few studies to research therelationship between audit and financial restatements,especial the relationshipbetween client risk management of audit firm and financial restatements.We shouldanalysis auditor firms' risk evaluation and risk reaction for financial restatementsdeeply.It not only helps prevent the occurrence of financial restatements,but alsohelps us understand and play the role of external corporate governance of audit.
With a sample of A-share listed corporations from 2003 to 2006,this dissertationdevelops a conceptual model for studying the relationship between financialrestatements and client risk management of audit firms,which is based on audit firmportfolio management theory,professional standards,and the practices of audit firms,and intend to test the following questions:(1)Could audit firms identify the risk offinancial restatements and use proper risk-management strategies to moderate the riskof financial restatements?(2)Whether audit firm could select differentrisk-management strategies for financial restatements of different causes? (3)Whetherthe promulgation of New Auditing Standards could improve audit firms' riskmanagement for financial restatements.
This dissertation finds that:(1)Audit firms charge higher audit fees for thecorporations of financial restatements;Meanwhile the corporations of financialrestatements are more likely to be given modified opinion;Also audit firms are morelikely eliminate client which occur financial restatements from their client portfolio.This means that audit firms could identify the risk of financial restatements and use aseries of risk-management strategies to moderate risk.(2)Audit firms could identifyand distinguish between different causes of financial restatements,and chose differentrisk-management strategies,which can be showed in the following results:firstlyaudit firms would not chose any risk-management strategies for restatements causedby the characteristics of accounting standard;secondly audit firms would only choseaudit fees strategy for restatements caused by transaction complexity;Thirdly auditfirms would chose audit fees and modified opinion strategy for restatements caused by internal control weakness;finally audit firms would chose modified opinion andresignation strategy for restatements caused by earning manipulation.(3)After theenactment of New Audit Standard,the risk adjustment of audit fees increased forrestatement corporations significantly.And audit firms were more likely issuemodified opinion for restatement corporations.This means that New Audit Standardraised the level of risk management of audit firms.
The main innovations and contributions are presented as follows:firstly thispaper studies the relationship between financial restatements and audit firm risk-management strategy,which expand existing literature about financial restatements;secondly this paper focuses on auditors' risk-management decision to audit risk,which enrich the research of client portfolio;thirdly this paper clarifies the underlyingcauses of financial restatements;fourthly this paper provides evidence for theselective use of risk-management strategies;lastly but not the least,this paperprovides indirect evidence for efficiency of New Audit Standard.
Since the last mid-90,Regulatory auditor and academics has paid more attentionto financial restatements.Through reviewing existing literature about financialrestatements,we find that the focus of current research is on the relationship betweencorporate governance mechanisms and financial restatements.However,as animportant corporate governance mechanism,there are few studies to research therelationship between audit and financial restatements,especial the relationshipbetween client risk management of audit firm and financial restatements.We shouldanalysis auditor firms' risk evaluation and risk reaction for financial restatementsdeeply.It not only helps prevent the occurrence of financial restatements,but alsohelps us understand and play the role of external corporate governance of audit.
With a sample of A-share listed corporations from 2003 to 2006,this dissertationdevelops a conceptual model for studying the relationship between financialrestatements and client risk management of audit firms,which is based on audit firmportfolio management theory,professional standards,and the practices of audit firms,and intend to test the following questions:(1)Could audit firms identify the risk offinancial restatements and use proper risk-management strategies to moderate the riskof financial restatements?(2)Whether audit firm could select differentrisk-management strategies for financial restatements of different causes? (3)Whetherthe promulgation of New Auditing Standards could improve audit firms' riskmanagement for financial restatements.
This dissertation finds that:(1)Audit firms charge higher audit fees for thecorporations of financial restatements;Meanwhile the corporations of financialrestatements are more likely to be given modified opinion;Also audit firms are morelikely eliminate client which occur financial restatements from their client portfolio.This means that audit firms could identify the risk of financial restatements and use aseries of risk-management strategies to moderate risk.(2)Audit firms could identifyand distinguish between different causes of financial restatements,and chose differentrisk-management strategies,which can be showed in the following results:firstlyaudit firms would not chose any risk-management strategies for restatements causedby the characteristics of accounting standard;secondly audit firms would only choseaudit fees strategy for restatements caused by transaction complexity;Thirdly auditfirms would chose audit fees and modified opinion strategy for restatements caused by internal control weakness;finally audit firms would chose modified opinion andresignation strategy for restatements caused by earning manipulation.(3)After theenactment of New Audit Standard,the risk adjustment of audit fees increased forrestatement corporations significantly.And audit firms were more likely issuemodified opinion for restatement corporations.This means that New Audit Standardraised the level of risk management of audit firms.
The main innovations and contributions are presented as follows:firstly thispaper studies the relationship between financial restatements and audit firm risk-management strategy,which expand existing literature about financial restatements;secondly this paper focuses on auditors' risk-management decision to audit risk,which enrich the research of client portfolio;thirdly this paper clarifies the underlyingcauses of financial restatements;fourthly this paper provides evidence for theselective use of risk-management strategies;lastly but not the least,this paperprovides indirect evidence for efficiency of New Audit Standard.
引文
①相关数据来自于Scholz (2008)的统计分析。
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