会计师事务所行业专长对审计质量影响的实证研究
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摘要
审计质量的高低对社会经济秩序有着非常重要的影响,也决定了会计师事务所的生存和发展,因此一直以来都是国内外学者们的研究重点。审计质量包括会计师事务所的独立性和专业胜任能力,行业专长作为专业胜任能力的重要组成部分自然也是影响审计质量的一个重要因素。会计师事务所为了提高审计质量增强竞争力,开始发展行业专长。西方国家,事务所已经具备了相当高的行业专长水平,不仅提高了审计质量并且赚取了高额的审计收费。2006年我国发布了新审计准则,强调事务所应该建立行业专长以提高其审计质量。那么在我国目前资本市场下,行业专长能否真正提高审计质量就是本文所要研究的问题。
本文在对行业专长和审计质量进行大量规范性分析的基础上,选取2007和2008年A股的上市公司作为研究样本,运用描述性分析和多元线性回归,从盈余管理和审计收费两个角度,研究了行业专长与审计质量的关系。发现具有行业专长的会计师事务所能够有效发现和抑制企业的操控性应计利润,降低盈余管理,提高审计质量,并且能够比不具有行业专长的会计师事务所获取更高的审计费用,赚取超额的审计溢价。
Audit quality determines the survival and development of accounting firms, also has a significant impact on socio-economic order. The quality of the audit depends on two aspects, the accounting firm's independence and professional competence. Industry expertise, as an important component of professional competence, is also an important factor impact of audit quality. Industry expertise is accounting firm’s a way of proprietary knowledge and expertise in one or several industries, accounting firms accumulated industry experience in the course of business, as well as through human, material, technical resources, and special training in the industry. Using this industry expertise, can make firms enhance competitive advantage, expand market share of industry in the increasingly fierce industry competition. Western countries have focused accounting firm's industry expertise capacity training for a long time. With the continuous improvement of capital markets and competition increasing, industry specialization has become a major business strategy firm. In academia, there are also a lot of research on the industry's theoretical and empirical, confirms the importance of industry expertise. In contrast, China's audit market relatively late, and the research of accounting firm industry expertise is not have a long history. Therefore, the study of accounting firm industry expertise as well as industry expertise on audit quality in China's capital market has a very important practical and theoretical significance.
This paper reviews the research scholars at home and abroad, the research of relationship between industry expertise and audit quality start relatively early, with a different measure of audit quality as the alternative variable. Most research use the earnings management as an alternative index, and has made more consistent results, as industry expertise would reduce earnings management. But the study of using audit fees as an alternative indicator did not reach the same conclusion, which is a research focus of this article. In our country research expertise for the domestic industry started relatively late, up to now there is only a few more representative of the literature.
Then this article conducted a theoretical analysis on the accounting firm industry expertise and the quality of audits. First of all introduce the conception of industry expertise, the development of industry expertise and the effect of industry expertise on audit quality. AS the independence of the auditor under certain conditions, construction industry expertise can improve accounting firms professional competence, improve the management of discovery and suppression of earnings management, enhance audit quality and reduce the risk of audit failure, it also can get a premium, and increase revenue. So this paper put forward two hypotheses: hypothesis 1, firms with industry expertise tolerate less earnings management than non-industry expertise accounting firms; hypothesis 2, firms with industry expertise charging higher audit fees than non-industry expertise of the accounting firm.
To study the relationship of industry expertise on audit quality, the paper selected for handling accruals and audit fees as a proxy for audit quality, because the quality of audits can not be measured, and a variable can not be very good interpretation of the relationship between them. The paper used market share method, selected continuous variables and a dummy variable to measure the industry expertise. After control the size of enterprises, capital structure, financial risk, operating conditions and other factors,use 2007 and 2008 two years companies , study the relationship between industry expertise and manipulation of accruals and audit fees.
Empirical analysis, this article used descriptive statistics, t tests and multiple linear regressions on industry expertise and audit quality, industry expertise and audit fees relationship separately. Descriptive statistics of the data showed that the current level of expertise of CPA Firms in the industry is still relatively low; accounting firms should pay attention to the cultivation of industry expertise. Regression results are basically consistent with the hypothesis of this article.
The empirical results show that, first: accounting firm industry expertise and discretionary accruals profits is negative. The higher the level of industry expertise, the higher the auditor's professional ability, and found the probability of corporate default behavior, control the corporate management of earnings management, audit quality is higher too. Second: accounting firm industry expertise and audit fees were significantly positively correlated. That is, as industry expertise brought high audit quality that enhance the firm's competitiveness, increase its influence in the audit market, then allowing access to higher audit fees.
Industry expertise can effectively inhibit the earnings management, increase audit fees, improve audit quality, therefore, our country should increase the training accounting firm industry expertise. First of all, improve the efficiency of the audit market, accelerate the construction of the market system, to stimulate and regulate the demand and provider sides for high audit quality. The Government should continue to encourage and support the merger between accounting firms to expanding the size of firm, While should also leading the audit industry for the healthy competition, so as to ensure the normal development of accounting firms. In addition, the accounting firm should increase investment in training industry expertise, in order to grown to the level of experts in the industry gradually.
本文在对行业专长和审计质量进行大量规范性分析的基础上,选取2007和2008年A股的上市公司作为研究样本,运用描述性分析和多元线性回归,从盈余管理和审计收费两个角度,研究了行业专长与审计质量的关系。发现具有行业专长的会计师事务所能够有效发现和抑制企业的操控性应计利润,降低盈余管理,提高审计质量,并且能够比不具有行业专长的会计师事务所获取更高的审计费用,赚取超额的审计溢价。
Audit quality determines the survival and development of accounting firms, also has a significant impact on socio-economic order. The quality of the audit depends on two aspects, the accounting firm's independence and professional competence. Industry expertise, as an important component of professional competence, is also an important factor impact of audit quality. Industry expertise is accounting firm’s a way of proprietary knowledge and expertise in one or several industries, accounting firms accumulated industry experience in the course of business, as well as through human, material, technical resources, and special training in the industry. Using this industry expertise, can make firms enhance competitive advantage, expand market share of industry in the increasingly fierce industry competition. Western countries have focused accounting firm's industry expertise capacity training for a long time. With the continuous improvement of capital markets and competition increasing, industry specialization has become a major business strategy firm. In academia, there are also a lot of research on the industry's theoretical and empirical, confirms the importance of industry expertise. In contrast, China's audit market relatively late, and the research of accounting firm industry expertise is not have a long history. Therefore, the study of accounting firm industry expertise as well as industry expertise on audit quality in China's capital market has a very important practical and theoretical significance.
This paper reviews the research scholars at home and abroad, the research of relationship between industry expertise and audit quality start relatively early, with a different measure of audit quality as the alternative variable. Most research use the earnings management as an alternative index, and has made more consistent results, as industry expertise would reduce earnings management. But the study of using audit fees as an alternative indicator did not reach the same conclusion, which is a research focus of this article. In our country research expertise for the domestic industry started relatively late, up to now there is only a few more representative of the literature.
Then this article conducted a theoretical analysis on the accounting firm industry expertise and the quality of audits. First of all introduce the conception of industry expertise, the development of industry expertise and the effect of industry expertise on audit quality. AS the independence of the auditor under certain conditions, construction industry expertise can improve accounting firms professional competence, improve the management of discovery and suppression of earnings management, enhance audit quality and reduce the risk of audit failure, it also can get a premium, and increase revenue. So this paper put forward two hypotheses: hypothesis 1, firms with industry expertise tolerate less earnings management than non-industry expertise accounting firms; hypothesis 2, firms with industry expertise charging higher audit fees than non-industry expertise of the accounting firm.
To study the relationship of industry expertise on audit quality, the paper selected for handling accruals and audit fees as a proxy for audit quality, because the quality of audits can not be measured, and a variable can not be very good interpretation of the relationship between them. The paper used market share method, selected continuous variables and a dummy variable to measure the industry expertise. After control the size of enterprises, capital structure, financial risk, operating conditions and other factors,use 2007 and 2008 two years companies , study the relationship between industry expertise and manipulation of accruals and audit fees.
Empirical analysis, this article used descriptive statistics, t tests and multiple linear regressions on industry expertise and audit quality, industry expertise and audit fees relationship separately. Descriptive statistics of the data showed that the current level of expertise of CPA Firms in the industry is still relatively low; accounting firms should pay attention to the cultivation of industry expertise. Regression results are basically consistent with the hypothesis of this article.
The empirical results show that, first: accounting firm industry expertise and discretionary accruals profits is negative. The higher the level of industry expertise, the higher the auditor's professional ability, and found the probability of corporate default behavior, control the corporate management of earnings management, audit quality is higher too. Second: accounting firm industry expertise and audit fees were significantly positively correlated. That is, as industry expertise brought high audit quality that enhance the firm's competitiveness, increase its influence in the audit market, then allowing access to higher audit fees.
Industry expertise can effectively inhibit the earnings management, increase audit fees, improve audit quality, therefore, our country should increase the training accounting firm industry expertise. First of all, improve the efficiency of the audit market, accelerate the construction of the market system, to stimulate and regulate the demand and provider sides for high audit quality. The Government should continue to encourage and support the merger between accounting firms to expanding the size of firm, While should also leading the audit industry for the healthy competition, so as to ensure the normal development of accounting firms. In addition, the accounting firm should increase investment in training industry expertise, in order to grown to the level of experts in the industry gradually.
引文
[1]王英姿.注册会计师审计质量评价与控制研究[M].第1版.上海:上海财经大学出版社,2002年:17-21.
[2]莫茨,夏拉夫.审计理论结构[M].第一版.中国商业出版社,1990年:298.
[3]亚当·斯密.国民财富的性质和原因的研究(上卷)[M].第1版,郭大力,王亚男译,北京:商务印书馆,1981年中译本.
[1]汪军.上市公司审计质量研究一来自中国股市的经验数据[D].西南农业大学博士论文,2003.
[1]蔡春,鲜文铎.会计师事务所行业专长与审计质量相关性的检验一来自中国上市公司审计市场的经验证据[J].会计研究,2007(6):41-47.
[2]韩洪灵,陈汉文.会计师事务所的行业专门化是一种有效的竞争战略吗一来自中国审计市场的经验证据[J].审计研究,2008(1):53-60.
[3]刘明辉,李黎,张羽.我国审计市场集中度与审计质量关系的实证分析[J].会计研究,2003(7):37-41.
[4]刘桂良,宋丹兵.会计师事务所专业化经营的衡量方法[J].系统工程,2006 (1) : 122-126.
[5]刘明辉,徐正刚.中国注册会计师行业的规模经济效应研究[J].会计研究, 2005(10):7l-75.
[6]漆江娜,陈慧霖,张阳.事务所规模·品牌·价格与审计质量一国际“四大”中国审计市场收费与质量研究[J].审计研究,2004(3):59-65.
[7]王芸,杨华领.会计师事务所行业专长与审计收费的实证分析一来自中国A股证券市场2003—2005年的经验数据[J].当代财经,2008(9):126-129.
[8]夏立军.审计师行业专长与审计市场研究评述[J].中国注册会计师,2004 (7): 58-62.
[9]余玉苗.行业知识、行业专门化与独立审计风险的控制[J].审计研究,2004 (5):63-67.
[10]张龙平.试论我国社会审计质量控制标准的建设[J].注册会计师通讯, 1994.(8):29-34.
[11] Allen T. Craswell, Jere R.Francis and StePhen L.Taylor. Auditor Brand Name Reputation and Industry Specialization[J]. Journal of Accounting and Economics, 1995.
[12]Casterella et al. Auditor Industry Specialization, Client Bargaining Power, and Audit Pricing[J]. Auditing: Journal of Practice and Theory , 2004, (23):123-140.
[13]Craswell, A. T. , Francis ,J. R. and Stephen L.T. Auditor brand name reputations and industry specializations [J]. Journal of Accounting and Economics, 1995, 20(1):297-322.
[14]Cullinan, C. P. Evidence of Non-Big 6 Market Specialization and Pricing Power in a Niche Assurance Service Market[J]. 1998 (supplement) 17:47-57.
[15]DeAngelo, L. Auditor size and audit quality[J]. Journal of Accounting and Economics, 1981(3) :183-199.
[16]Dechow P.M. , R. G. Slogan, and A. P. Sweeney .Detecting Earnings Management[J]. The Accounting Review, 1995,Vol. 70, No. 2:193-226.
[17]Deis, D.J. and G.A. Giroux. Determinants of Audit Quality in the Public Sector[J]. The Accounting Review, 1992, 67(3):462-479.
[18]Ettredge, M. and R.Greenberg. Determinants of Fee Cutting on Initial Audit Engagements[J]. Journal of Accounting Research ,1990,28(1): 198-210.
[19]Gramling, A. A. and D.N.Stone. Audit Firm Industry Expertise: A Review and Synthesis of the Archival Literature[J]. Journal of Accounting Literature, 2001, (20):1-29.
[20]Healy, P. M. The effect of bonus schedule on accounting decisions[J]. Journal of Accounting and Economics, 1985, 7(1/2/3):85-107.
[21]Hogan C E, Jeter D C. Industry specialization by auditors[J]. Auditing: A Journal of Practice and Theory, 1999, 18(1):1-17.
[22]Ilias G. Basioudis and Sheila Ellwood. An Empirical Investigation of Price Competition and Industry pecialization in NHS Audit Services[J]. Financial Accountability and Management , 2005(May), 21 (2):219-248.
[23]Jones J. Earnings Management during Import Relief Investigations [J]. Journal of Accounting Research, 1991, Vol. 29 , No. 2:193-228.
[24]Krishnan G. Does Big6 Auditor Industry Expertise Constrain Earnings Management? [J]. Accounting Horizons, 2003(supplement):1-16.
[25]Kwon , S. Y. The impact of Competition within the Client ' s Industry on the Auditor Selection Decision[J]. Auditing: A Journal of Practice and Theory, 1996(15):53-70.
[26]Lys. T and R. L. Watts .Lawsuits against auditors[J]. Journal of Accounting Research, 1994 (Supplement), 32:65-93.
[27]Mike. Stein and Brian. Cadman. Industry Specializationand Auditor Quality in U. S. Market[J]. Working Paper: University of Oregon, 2005, 1-20.
[28]Neal T. L and Riley R. R. Auditor industry specialist research design[J]. Auditing: Journal of Practice and Theory, 2004,23(2):169-177.
[29] O' Keefe, T. B. , R.D.King, and K. M. Gaver. Audit Fees, Industry Specialization and Compliance with GAAS Reporting Standards[J]. Auditing: A Journal of Practice and Theory, 1994(Fall), 13(2):41-45.
[30]Shockley R A and R N Holt. A Behavioral Investigation of Supplier Differentiation in the Market for Audit Services[J]. Journal of Accounting Research, 1983, Autumn:545-564.
[31]Steven Balsam, Jagan Krishnan and Joon S Yang. Auditor Industry Specialization and Earnings Quality[J]. Auditing: A Journal of Practice and Theory, 2003, Vol. 22, No. 2:71-97.
[32]Titman and Trueman. Information Quality and the Value of New Issue [J]. Journal of Accounting and Economics, 1986, 8(2):159-172.
[33]W. Robert Knechel, Vic Naiker, and Gail Pacheco. Does Auditor Industry Specialization Matter? Evidence from Market Reaction to Auditor Switches[J]. Journal of Practice and Theory, 2007 Vol.26, No.1:19-45.
[34]Watts, R. L. and Zimmerman, J. L. Auditor independence and scope of services[J]. University of Rochester, 1982, 5(1):20-26.
[35]William J. Cenker and Albert L. Nagy. Auditor Resignations and Auditor Industry Specialization[J]. Accounting Horizons, 2008, Vol.22, No. 3: 279-295.
[36]Yardley. J. A, N. L. Kauffman, T. D. Cairney et al. Supplier Behavior in the U.S. Audit Market[J]. Journal of
[2]莫茨,夏拉夫.审计理论结构[M].第一版.中国商业出版社,1990年:298.
[3]亚当·斯密.国民财富的性质和原因的研究(上卷)[M].第1版,郭大力,王亚男译,北京:商务印书馆,1981年中译本.
[1]汪军.上市公司审计质量研究一来自中国股市的经验数据[D].西南农业大学博士论文,2003.
[1]蔡春,鲜文铎.会计师事务所行业专长与审计质量相关性的检验一来自中国上市公司审计市场的经验证据[J].会计研究,2007(6):41-47.
[2]韩洪灵,陈汉文.会计师事务所的行业专门化是一种有效的竞争战略吗一来自中国审计市场的经验证据[J].审计研究,2008(1):53-60.
[3]刘明辉,李黎,张羽.我国审计市场集中度与审计质量关系的实证分析[J].会计研究,2003(7):37-41.
[4]刘桂良,宋丹兵.会计师事务所专业化经营的衡量方法[J].系统工程,2006 (1) : 122-126.
[5]刘明辉,徐正刚.中国注册会计师行业的规模经济效应研究[J].会计研究, 2005(10):7l-75.
[6]漆江娜,陈慧霖,张阳.事务所规模·品牌·价格与审计质量一国际“四大”中国审计市场收费与质量研究[J].审计研究,2004(3):59-65.
[7]王芸,杨华领.会计师事务所行业专长与审计收费的实证分析一来自中国A股证券市场2003—2005年的经验数据[J].当代财经,2008(9):126-129.
[8]夏立军.审计师行业专长与审计市场研究评述[J].中国注册会计师,2004 (7): 58-62.
[9]余玉苗.行业知识、行业专门化与独立审计风险的控制[J].审计研究,2004 (5):63-67.
[10]张龙平.试论我国社会审计质量控制标准的建设[J].注册会计师通讯, 1994.(8):29-34.
[11] Allen T. Craswell, Jere R.Francis and StePhen L.Taylor. Auditor Brand Name Reputation and Industry Specialization[J]. Journal of Accounting and Economics, 1995.
[12]Casterella et al. Auditor Industry Specialization, Client Bargaining Power, and Audit Pricing[J]. Auditing: Journal of Practice and Theory , 2004, (23):123-140.
[13]Craswell, A. T. , Francis ,J. R. and Stephen L.T. Auditor brand name reputations and industry specializations [J]. Journal of Accounting and Economics, 1995, 20(1):297-322.
[14]Cullinan, C. P. Evidence of Non-Big 6 Market Specialization and Pricing Power in a Niche Assurance Service Market[J]. 1998 (supplement) 17:47-57.
[15]DeAngelo, L. Auditor size and audit quality[J]. Journal of Accounting and Economics, 1981(3) :183-199.
[16]Dechow P.M. , R. G. Slogan, and A. P. Sweeney .Detecting Earnings Management[J]. The Accounting Review, 1995,Vol. 70, No. 2:193-226.
[17]Deis, D.J. and G.A. Giroux. Determinants of Audit Quality in the Public Sector[J]. The Accounting Review, 1992, 67(3):462-479.
[18]Ettredge, M. and R.Greenberg. Determinants of Fee Cutting on Initial Audit Engagements[J]. Journal of Accounting Research ,1990,28(1): 198-210.
[19]Gramling, A. A. and D.N.Stone. Audit Firm Industry Expertise: A Review and Synthesis of the Archival Literature[J]. Journal of Accounting Literature, 2001, (20):1-29.
[20]Healy, P. M. The effect of bonus schedule on accounting decisions[J]. Journal of Accounting and Economics, 1985, 7(1/2/3):85-107.
[21]Hogan C E, Jeter D C. Industry specialization by auditors[J]. Auditing: A Journal of Practice and Theory, 1999, 18(1):1-17.
[22]Ilias G. Basioudis and Sheila Ellwood. An Empirical Investigation of Price Competition and Industry pecialization in NHS Audit Services[J]. Financial Accountability and Management , 2005(May), 21 (2):219-248.
[23]Jones J. Earnings Management during Import Relief Investigations [J]. Journal of Accounting Research, 1991, Vol. 29 , No. 2:193-228.
[24]Krishnan G. Does Big6 Auditor Industry Expertise Constrain Earnings Management? [J]. Accounting Horizons, 2003(supplement):1-16.
[25]Kwon , S. Y. The impact of Competition within the Client ' s Industry on the Auditor Selection Decision[J]. Auditing: A Journal of Practice and Theory, 1996(15):53-70.
[26]Lys. T and R. L. Watts .Lawsuits against auditors[J]. Journal of Accounting Research, 1994 (Supplement), 32:65-93.
[27]Mike. Stein and Brian. Cadman. Industry Specializationand Auditor Quality in U. S. Market[J]. Working Paper: University of Oregon, 2005, 1-20.
[28]Neal T. L and Riley R. R. Auditor industry specialist research design[J]. Auditing: Journal of Practice and Theory, 2004,23(2):169-177.
[29] O' Keefe, T. B. , R.D.King, and K. M. Gaver. Audit Fees, Industry Specialization and Compliance with GAAS Reporting Standards[J]. Auditing: A Journal of Practice and Theory, 1994(Fall), 13(2):41-45.
[30]Shockley R A and R N Holt. A Behavioral Investigation of Supplier Differentiation in the Market for Audit Services[J]. Journal of Accounting Research, 1983, Autumn:545-564.
[31]Steven Balsam, Jagan Krishnan and Joon S Yang. Auditor Industry Specialization and Earnings Quality[J]. Auditing: A Journal of Practice and Theory, 2003, Vol. 22, No. 2:71-97.
[32]Titman and Trueman. Information Quality and the Value of New Issue [J]. Journal of Accounting and Economics, 1986, 8(2):159-172.
[33]W. Robert Knechel, Vic Naiker, and Gail Pacheco. Does Auditor Industry Specialization Matter? Evidence from Market Reaction to Auditor Switches[J]. Journal of Practice and Theory, 2007 Vol.26, No.1:19-45.
[34]Watts, R. L. and Zimmerman, J. L. Auditor independence and scope of services[J]. University of Rochester, 1982, 5(1):20-26.
[35]William J. Cenker and Albert L. Nagy. Auditor Resignations and Auditor Industry Specialization[J]. Accounting Horizons, 2008, Vol.22, No. 3: 279-295.
[36]Yardley. J. A, N. L. Kauffman, T. D. Cairney et al. Supplier Behavior in the U.S. Audit Market[J]. Journal of