财务重述对会计师事务所解聘的影响研究
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摘要
本文通过检验财务重述后客户解聘会计师事务所的情况以及事务所变更方向是否受到财务重述的影响,扩展了以往相关文献的研究内容。本文发现在财务重述后的一年内,事务所被解聘的频率在财务重述公司中要高于未发生财务重述的公司。此外,本文检验了财务重述对事务所变更方向的影响。尽管未发现财务重述与事务所变更方向之间存在显著关系,但发现与舞弊相关的重述公司在财务重述后将事务所变更为更具有声誉的事务所,而与差错相关的重述公司在财务重述后将事务所变更为更为顺从的事务所。本文的结论表明差错类重述公司在财务重述后解聘原事务所以试图寻求更为顺从的事务所,而舞弊类重述公司在财务重述后解聘事务所旨在恢复其受损的声誉。
This study extends prior literature by examining the incidence of auditor dismissal in the year following restatement announcement and whether auditor turnover direction is affected by financial restatement. We document a higher likelihood of auditor dismissal in the twelve-month period following restatement announcement for restating firms than for non-restating firms. Besides,we test the effect of financial restatement on auditor turnover direction,although we do not find there exists significant relationship between restatement and auditor turnover direction,we do find that restating firms are more likely to replace incumbent auditor with higher rank auditor following fraud-related restatement announcement. On the other hand,restating firms are prone to replacing incumbent auditor with acquiescent auditor following error-related restatement announcement. Our findings suggest that eror-related restating firms seek obedience,whereas fraud-related restating firms intend to regain trust through auditor dismissal following restatementannouncement.
This study extends prior literature by examining the incidence of auditor dismissal in the year following restatement announcement and whether auditor turnover direction is affected by financial restatement. We document a higher likelihood of auditor dismissal in the twelve-month period following restatement announcement for restating firms than for non-restating firms. Besides,we test the effect of financial restatement on auditor turnover direction,although we do not find there exists significant relationship between restatement and auditor turnover direction,we do find that restating firms are more likely to replace incumbent auditor with higher rank auditor following fraud-related restatement announcement. On the other hand,restating firms are prone to replacing incumbent auditor with acquiescent auditor following error-related restatement announcement. Our findings suggest that eror-related restating firms seek obedience,whereas fraud-related restating firms intend to regain trust through auditor dismissal following restatementannouncement.
引文
李东平,黄德华,王振林.2001.“不清洁”审计意见、盈余管理与会计师事务所变更.会计研究,6:51~57
马晨.2013.外部审计、媒介环境对财务重述影响研究.西安交通大学博士论文
马晨,程茂勇,张俊瑞.2014.事务所变更能帮助公司提升审计质量么?---来自二次财务重述的经验证据.中国软科学,10:109~120
马晨,程茂勇,张俊瑞,祁郡.2015.外部审计、媒介环境对财务重述的影响研究.管理工程学报,4:65~75
Bradshaw,M.T.,S.A.Richardson,and R.G.Sloan.2001.Do Analysts and Auditors Use Information in Accruals Journal of Accounting Research,39(1):45~74
Chen,H.,J.Z.Chen,G.J.Lobo,and Y.Wang.2011.Effects of Audit Quality on Earnings Management and Cost of Equity Capital:Evidence from China.Contemporary Accounting Research,28(3):892~925
Ettredge,M.,J.Heintz,C.Li,and S.Scholz.2011.Auditor Realignments Accompanying Implementation of SOX 404ICFR Reporting Requirements.Accounting Horizons,25(1):17~39
Ettredge,M.,C.Li,and S.Scholz.2007.Audit Fees and Auditor Dismissals in the Sarbanes-Oxley Era.Accounting Horizons,21(4):371~386
Farber,D.B.2005.Restoring Trust after Fraud:Does Corporate Governance Matter The Accounting Review,80(2):539~561
Hennes,K.M.,A.J.Leone,and B.P.Miller.2014.Determinants and Market Consequences of Auditor Dismissals after Accounting Restatements.The Accounting Review,89(3):1051~1082
Johnson,W.B.,and T.Lys.1990.The Market for Audit Services:Evidence from Voluntary Auditor Changes.Journal of Accounting and Economics,12(1):281~308
Lennox,C.2000.Do Companies Successfully Engage in Opinion-Shopping Evidence from the UK.Journal of Accounting and Economics,29(3):321~337
Mande,V.,and M.Son.2012.Do Financial Restatements Lead to Auditor Changes Auditing:A Journal of Practice&Theory,32(2):119~145
Myers,J.N.,L.A.Myers,Z-V.Palmrose,and S.Susan.2003.Mandatory Auditor Rotation:Evidence from Restatements.Working paper,University of Illinois at Urbana-Champaign
Sengupta,P.,and M.Shen.2007.Can Accruals Quality Explain Auditors'Decision Making The Impact of Accruals Quality on Audit Fees,Going Concern Opinions and Auditor Change.Working paper,George Mason University
Vanstraelen,A.2003.Going-Concern Opinions,Auditor Switching,and the Self-Fulfilling Prophecy Effect Examined in the Regulatory Context of Belgium.Journal of Accounting,Auditing and Finance,18(2):231~254
Wang,Q.,T.J.Wong,and L.Xia.2008.State Ownership,the Institutional Environment,and Auditor Choice:Evidence from China.Journal of Accounting and Economics,46(1):112~134
Wilson,W.M.2008.An Empirical Analysis of the Decline in the Information Content of Earnings Following Restatements.The Accounting Review,83(2):519~548
本文英文版刊发于中国会计学会英文期刊China Journal of Accounting Studies 2015年第3卷第3期。
(1)管理层有时也会主动进行财务重述,比如在管理层、大股东发生变更的情况下。这些主动的重述是确保继任管理层与前任管理层的会计操纵无关。
(2)t年是公司重述财务报表的年度。
(3)本文也按照其他方法度量SWITCH。如果公司在重述后用前十大事务所更换非前十大事务所为1,用非前十大事务所更换前十大事务所为2,其他情形为0。这种度量方式生成的SWITCH其回归模型结果与正文一致。
(4)出于篇幅考虑,未列示结果。
(5)出于简化,未列示控制变量。
马晨.2013.外部审计、媒介环境对财务重述影响研究.西安交通大学博士论文
马晨,程茂勇,张俊瑞.2014.事务所变更能帮助公司提升审计质量么?---来自二次财务重述的经验证据.中国软科学,10:109~120
马晨,程茂勇,张俊瑞,祁郡.2015.外部审计、媒介环境对财务重述的影响研究.管理工程学报,4:65~75
Bradshaw,M.T.,S.A.Richardson,and R.G.Sloan.2001.Do Analysts and Auditors Use Information in Accruals Journal of Accounting Research,39(1):45~74
Chen,H.,J.Z.Chen,G.J.Lobo,and Y.Wang.2011.Effects of Audit Quality on Earnings Management and Cost of Equity Capital:Evidence from China.Contemporary Accounting Research,28(3):892~925
Ettredge,M.,J.Heintz,C.Li,and S.Scholz.2011.Auditor Realignments Accompanying Implementation of SOX 404ICFR Reporting Requirements.Accounting Horizons,25(1):17~39
Ettredge,M.,C.Li,and S.Scholz.2007.Audit Fees and Auditor Dismissals in the Sarbanes-Oxley Era.Accounting Horizons,21(4):371~386
Farber,D.B.2005.Restoring Trust after Fraud:Does Corporate Governance Matter The Accounting Review,80(2):539~561
Hennes,K.M.,A.J.Leone,and B.P.Miller.2014.Determinants and Market Consequences of Auditor Dismissals after Accounting Restatements.The Accounting Review,89(3):1051~1082
Johnson,W.B.,and T.Lys.1990.The Market for Audit Services:Evidence from Voluntary Auditor Changes.Journal of Accounting and Economics,12(1):281~308
Lennox,C.2000.Do Companies Successfully Engage in Opinion-Shopping Evidence from the UK.Journal of Accounting and Economics,29(3):321~337
Mande,V.,and M.Son.2012.Do Financial Restatements Lead to Auditor Changes Auditing:A Journal of Practice&Theory,32(2):119~145
Myers,J.N.,L.A.Myers,Z-V.Palmrose,and S.Susan.2003.Mandatory Auditor Rotation:Evidence from Restatements.Working paper,University of Illinois at Urbana-Champaign
Sengupta,P.,and M.Shen.2007.Can Accruals Quality Explain Auditors'Decision Making The Impact of Accruals Quality on Audit Fees,Going Concern Opinions and Auditor Change.Working paper,George Mason University
Vanstraelen,A.2003.Going-Concern Opinions,Auditor Switching,and the Self-Fulfilling Prophecy Effect Examined in the Regulatory Context of Belgium.Journal of Accounting,Auditing and Finance,18(2):231~254
Wang,Q.,T.J.Wong,and L.Xia.2008.State Ownership,the Institutional Environment,and Auditor Choice:Evidence from China.Journal of Accounting and Economics,46(1):112~134
Wilson,W.M.2008.An Empirical Analysis of the Decline in the Information Content of Earnings Following Restatements.The Accounting Review,83(2):519~548
本文英文版刊发于中国会计学会英文期刊China Journal of Accounting Studies 2015年第3卷第3期。
(1)管理层有时也会主动进行财务重述,比如在管理层、大股东发生变更的情况下。这些主动的重述是确保继任管理层与前任管理层的会计操纵无关。
(2)t年是公司重述财务报表的年度。
(3)本文也按照其他方法度量SWITCH。如果公司在重述后用前十大事务所更换非前十大事务所为1,用非前十大事务所更换前十大事务所为2,其他情形为0。这种度量方式生成的SWITCH其回归模型结果与正文一致。
(4)出于篇幅考虑,未列示结果。
(5)出于简化,未列示控制变量。