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Author : Kim Pettersson
Publisher :
ISBN 13 : 9788759384565
Total Pages : 145 pages
Book Rating : 4.3/5 (845 download)
Download or read book Essays on Audit Quality, Auditor Choice, and Equity Valuation written by Kim Pettersson and published by . This book was released on 2011 with total page 145 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Yaser Fallatah
Publisher :
ISBN 13 :
Total Pages : 272 pages
Book Rating : 4.:/5 (946 download)
Download or read book The Role of Asset Reliability and Auditor Quality in Equity Valuation written by Yaser Fallatah and published by . This book was released on 2006 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper brings together the auditor quality, asset reliability and firm valuation literatures by examining the role of auditor quality in equity valuation. The study broadly follows the Richardson et al. (2005) categorization of the reliability of accounting accruals of balance sheet components and conjectures that the role of auditor quality in equity valuation is more pronounced when asset reliability is not high. Auditor quality is measured using reputation, industry specialist and tenure metrics. The underlying assumption is that auditor quality enhances the market's perception of firm value; as such, auditor quality may mitigate the cost of security mispricing documented by Richardson et al. (2005) for low or medium reliability accruals. The results of the study provide some support that high quality auditors contribute to the valuation of equity for assets. It is less clear as to whether the value is more pronounced for low or medium reliability assets.
Author : Ulf Mohrmann
Publisher :
ISBN 13 : 9783832594251
Total Pages : 300 pages
Book Rating : 4.5/5 (942 download)
Download or read book Essays on the Quality of Audited Financial Statements written by Ulf Mohrmann and published by . This book was released on 2016 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jonas Tritschler
Publisher : Springer Science & Business Media
ISBN 13 : 3658041749
Total Pages : 251 pages
Book Rating : 4.6/5 (58 download)
Download or read book Audit Quality written by Jonas Tritschler and published by Springer Science & Business Media. This book was released on 2013-10-31 with total page 251 pages. Available in PDF, EPUB and Kindle. Book excerpt: Arising from the author’s experience as a practicing CPA, this book is quite different from other research in this field, as it confronts the subject of audit quality from a pragmatic perspective. The first goal of Jonas Tritschler is to develop an audit quality metric on national audit firm level. Financial reporting errors, as detected by the German enforcement institutions during examinations, which subsequently are published in the German Federal Gazette by the involved companies, are the data basis for this measurement. Using the developed audit quality metric, the second goal of this study is to analyze audit quality differences of selected audit firms by comparing their deployed audit input factors such as employee’s competence (ratio of certified professionals to total audit staff), experience of employees (average tenure of employees in years) and client-specific experience (client fluctuation rate). Results indicate a correlation between audit quality according to the developed metric and the operationalized audit input factors mentioned above.
Author : Ping Zhang
Publisher : National Library of Canada = Bibliothèque nationale du Canada
ISBN 13 :
Total Pages : 158 pages
Book Rating : 4.F/5 ( download)
Download or read book Three Essays on Auditor Independence and Auditor Liability written by Ping Zhang and published by National Library of Canada = Bibliothèque nationale du Canada. This book was released on 1999 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Robert Houmes
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)
Download or read book Audit Quality and Overvalued Equity written by Robert Houmes and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Purpose - Audit quality studies document that accruals decrease when the audit firm is large, or the audit firm is an industry specialist, or the audit-client tenure is long. The purpose of this paper is to posit that incentives related to highly-valued equity mitigate these results, as managers use income increasing accruals to augment earnings.Design/methodology/approach - To test this assertion, the authors regress discretionary accruals on: controls, a highly valued equity indicator variable equal to 1 if the client's lagged price-to-earnings ratio is in the highest P/E quintile, indicator variables equal to 1 for alternative measures of audit quality, and interaction terms between the highly valued equity indicator variable and audit quality indicator variables.Findings - Results of tests show positive and statistically significant coefficients for each of the highly-valued equity-audit quality interaction terms, suggesting that when a firm is highly valued the accruals' decreasing effect of high quality auditors is reduced.Originality/value - Beginning with Jensen's article regarding the agency costs of overvalued equity, a stream of research examining factors associated with highly priced firms has developed. The paper extends these findings, as well as the considerable body of audit quality studies, by examining the ability of a high quality auditor to attenuate this result.Keywords Auditing, Equity capital, Price earning ratio, Audit quality, Highly valued equity,Discretionary accruals.
Author : Rachel Schwartz
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (32 download)
Download or read book Essays on the Impact of Auditors' Liability on Audit Quality and Investment written by Rachel Schwartz and published by . This book was released on 1994 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Chuntao Li
Publisher : Open Dissertation Press
ISBN 13 : 9781361440124
Total Pages : pages
Book Rating : 4.4/5 (41 download)
Download or read book Two Essays on Auditing Quality in China's Audit Market for Listed Firms written by Chuntao Li and published by Open Dissertation Press. This book was released on 2017-01-27 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "Two Essays on Auditing Quality in China's Audit Market for Listed Firms" by Chuntao, Li, 李春濤, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: Abstract of the thesis entitled Two Essays on Auditing Quality in China's Audit Market for Listed Firms Essay I: Determinants of Audit Opinion: Evidence from China Essay II: Audit Firm Size and Perception of Audit Quality: Evidences from China Submitted By Li, Chuntao For the Degree of Doctor of Philosophy the University of Hong Kong in November, 2007 The first essay documents a continuous relation between audit firm size and the issuing of qualified opinions in China using a panel data set of audit firms and listed firms from 2001 to 2003. The relation is robust after controlling for a set of confounding factors and dealing with the endogeneity issues. It is also robust when we exclude audit firms involving foreign partners or private client firms from our samples. Our results indicate that the audit-firm-size effect as suggested by DeAngelo (1981) and Dye (1993) is applicable to audit markets that has not yet been dominated by a few very large players as well as audit markets where client firms are partially state-owned entities. 2The second essay analyzes how the stock market perceives the quality of audit among a number of small sized audit firms in China's emerging audit market. By using earnings response coefficient (ERC) as a measure of perceived audit quality, this paper examines the continuous relationship between audit firm size and the market perceived audit quality in China. We find a positive association between audit size and investor's perception of earnings quality. That is, stock market reacts stronger for unexpected earnings audited by larger audit firms. This effect is significant after controlling for listed firms' financial situations and ownership characteristics. This result indicates that audit firms of varying size in China are not homogeneous in quality. Relatively larger audit firms are perceived to be of higher quality by investors. 3 DOI: 10.5353/th_b3955783 Subjects: Auditing - China Auditing - Standards - China
Author : Junxiong Fang
Publisher :
ISBN 13 :
Total Pages : 47 pages
Book Rating : 4.:/5 (13 download)
Download or read book Auditor Choice and Its Implications for Group-Affiliated Firms written by Junxiong Fang and published by . This book was released on 2015 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine which of two opposing financial reporting incentives that group-affiliated firms experience shapes their accounting transparency evident in auditor choice. In one direction, complex group structure and intra-group transactions enable controlling shareholders to pursue diversionary activities that they later hide by distorting reported earnings. In the other direction, as outside investors price protect against potential expropriation, controlling shareholders may be eager to improve financial reporting quality in order to alleviate agency costs. To empirically clarify whether group affiliation affects company insiders' incentives to address minority shareholders' concerns over agency costs, we examine auditor selection of group firms relative to stand-alone firms. In comparison to non-group firms, our evidence implies that group firms are more likely to appoint Top 10 audit firms in China, especially when their controlling shareholders have stronger incentives to improve external monitoring of the financial reporting process. After isolating group firms, we find that the presence of a Top 10 auditor translates into higher earnings and disclosure quality, higher valuation implications for related-party transactions, and cheaper equity financing, implying that these firms benefit from engaging a high-quality auditor. In additional analysis consistent with our predictions, we find that group firms that are Top 10 clients pay higher audit fees and their controlling shareholders are more constrained against meeting earnings benchmarks through intra-group transactions and siphoning corporate resources at the expense of minority investors. Collectively, our evidence supports the narrative that insiders in firms belonging to business groups weigh the costs and benefits stemming from auditor choice.
Author : Tjibbe Bosman
Publisher :
ISBN 13 : 9789465100067
Total Pages : 0 pages
Book Rating : 4.1/5 ( download)
Download or read book Three Essays on Institutional Conditions that Enable Audit Quality written by Tjibbe Bosman and published by . This book was released on 2024 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Audit partnerships have substantial agency costs, as partner effort and the residual risk from an audit are mostly unobservable, inviting shirking and free riding at the expense of audit quality. I study three institutional conditions in this dissertation that could improve audit quality. In Chapter Two, I research the consequences of introducing the Dutch audit partner clawback. Partners primarily reduce their compensation risk by de-risking and find little evidence of quality improvements. Confronted with clawbacks, partners accept fewer and less risky clients, initially audit longer, and issue more modified audit opinions. Meanwhile, partner income and audit fees increase, and clients switch to less competent auditors. In Chapter Three, my Ph.D. supervisors and I investigate the auditor selection model. Auditors are selected and paid for by the organizations they audit. According to theory and recent findings, this auditor selection model incentivizes auditors to avoid reporting adverse audit outcomes to ensure client retention. We study local subsidiary audits under International Auditing Standards, where audit partners are either assigned to audit subsidiaries or self-selected by the subsidiaries’ management. Our findings suggest that assigned auditors may become too independent of auditees at the cost of client knowledge and their access to audit evidence.Chapter Four, a collaborative effort with my Ph.D. supervisors, addresses the often discussed but little-researched relationship between audit firm culture and audit quality. We find a positive relation, especially for more complex audit settings. We conclude that other than clawbacks and assigning auditors, social controls could provide significant audit quality incentives."--
Author : Anwer S. Ahmed
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book Evidence on Audit Quality Differences Across Big N Audits written by Anwer S. Ahmed and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We provide evidence on the determinants of the choice of an industry specialist auditor and the effect of this choice on cost of equity for a sample of firms that are audited by Big N auditors. We find that firms with more severe conflicts of interest between managers and shareholders are more likely to use an industry specialist auditor. Furthermore, we document that firms that use an industry specialist auditor have a significantly lower cost of equity after controlling for firms' endogenous decision to use an industry specialist auditor.
Author : Thomas Heaton Spitters
Publisher : Lulu.com
ISBN 13 : 1257374060
Total Pages : 375 pages
Book Rating : 4.2/5 (573 download)
Download or read book Accounting Essays written by Thomas Heaton Spitters and published by Lulu.com. This book was released on 2011-03-31 with total page 375 pages. Available in PDF, EPUB and Kindle. Book excerpt: A thorough retrospective guide to financial accounting changes related to Sarbanes - Oxley and corresponding legislation.
Author : Suil Pae
Publisher : National Library of Canada = Bibliothèque nationale du Canada
ISBN 13 :
Total Pages : 154 pages
Book Rating : 4.F/5 ( download)
Download or read book Firm Value, Audit Quality, and Social Welfare in the Presence of Costly Litigation Against Auditors written by Suil Pae and published by National Library of Canada = Bibliothèque nationale du Canada. This book was released on 1996 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ulf Mohrmann
Publisher : Logos Verlag Berlin GmbH
ISBN 13 : 3832541853
Total Pages : 300 pages
Book Rating : 4.8/5 (325 download)
Download or read book Essays on the Quality of Audited Financial Statements written by Ulf Mohrmann and published by Logos Verlag Berlin GmbH. This book was released on 2016-02-15 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: The dissertation consists of four essays on the quality of audited financial statements. The first analysis investigates the association between several regulations of the audit market and earnings characteristics. The second essay differentiates between different drivers of audit quality after an auditor change by comparing the effects of voluntary and mandatory auditor changes. The third study analyses the different strategies of Big4 and non-Big4 auditors in dealing with Level 3 fair values. The fourth part examines banks' valuation behavior concerning Level 3 fair values.
Author : Xiaojie Christine Sun
Publisher :
ISBN 13 :
Total Pages : 194 pages
Book Rating : 4.:/5 (918 download)
Download or read book Essays on Auditor Quality and Non-GAAP Earnings written by Xiaojie Christine Sun and published by . This book was released on 2015 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chapter 1 provides empirical evidence that auditors may play a role in the disclosure of non-GAAP earnings. Using non-GAAP earnings disclosures hand-collected from firms' annual press releases, I find that firms are more likely to disclose non-GAAP earnings if their auditors are industry experts. Furthermore, firms with these high quality auditors report low quality non-GAAP exclusions in their reconciliation to GAAP income/loss. I interpret these results as suggesting that managers are more likely to opportunistically disclose non-GAAP earnings when they have high quality auditors. However, I do not find a significant association between auditor quality and the likelihood of non-GAAP earnings meeting or beating financial benchmarks. Taken together, my results suggest a negative relationship between auditor quality and non-GAAP earnings quality, in contrast to the positive effects of auditor quality on GAAP earnings documented in prior literature. These findings contribute to the literature on audit quality and non-GAAP earnings, as well as to the regulatory discussion of whether non-GAAP earnings should be audited. Chapter 2 investigates the characteristics of actual, disclosed non-GAAP exclusions. My results indicate that three categories of exclusions that increase non-GAAP earnings, impairment expenses, loss, mark-down, and mark-offs, and other exclusions that increase non-GAAP earnings, are associated with the next period's operating income, indicating that these exclusions are of low quality or may be opportunistic. However, stock-based compensation, amortization expenses, and restructuring costs excluded from non-GAAP earnings do not predict future operating income and therefore are one-time high-quality exclusions. I find no consistent results on the persistence of exclusions that decrease non-GAAP earnings (i.e. gains). These results contribute to the literature by providing the first empirical evidence on the quality of actual non-GAAP exclusions disclosed by companies. Next, I extend the analyses in Chapter 1, finding that high-quality auditors are negatively related to the quality of non-GAAP increasing exclusions. However, I do not find evidence that firms with high-quality auditors are more likely to use non-GAAP increasing exclusions to meet or beat financial benchmarks, further supporting the results presented in Chapter 1.
Author : Guochang Zhang
Publisher : Springer
ISBN 13 : 9781493943449
Total Pages : 0 pages
Book Rating : 4.9/5 (434 download)
Download or read book Accounting Information and Equity Valuation written by Guochang Zhang and published by Springer. This book was released on 2016-08-23 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this book is to offer a more systematic and structured treatment of the research on accounting‐based valuation, with a primary focus on recent theoretical developments and the resulting empirical analyses that recognize the role of accounting information in making managerial decisions. Since its inception, valuation research in accounting has evolved primarily along an “empirically driven” path. In the absence of models constructed specifically to explain this topic, researchers have relied on economic intuition and theories from other disciplines (mainly finance and economics) as a basis for designing empirical analyses and interpreting findings. Although this literature has shed important light on the usefulness of accounting information in capital markets, it is obvious that the lack of a rigorous theoretical framework has hindered the establishment of a systematic and well‐structured literature and made it difficult to probe valuation issues in depth. More recently, however, progress has been made on the theoretical front. The two most prominent frameworks are (i) the “linear information dynamic approach” and (ii) the “real options‐based approach” which recognizes managerial uses of accounting information in the pursuit of value generation. This volume devotes its initial chapters to an evaluation of the models using the linear dynamic approach, and then provides a synthesis of the theoretical studies that adopt the real options approach and the empirical works which draw on them. The book also makes an attempt to revisit and critique existing empirical research (value-relevance and earnings-response studies) within the real options-based framework. It is hoped that the book can heighten interest in integrating theoretical and empirical research in this field, and play a role in helping this literature develop into a more structured and cohesive body of work. Value is of ultimate concern to economic decision-makers, and valuation theory should serve as a platform for studying other accounting topics. The book ends with a call for increased links of other areas of accounting research to valuation theory.
Author : Masoud Yaharadeh
Publisher :
ISBN 13 :
Total Pages : 124 pages
Book Rating : 4.:/5 (221 download)
Download or read book Three Essays on the Structure of Auditing Industry, Auditor Liability, and the Regulation of Audit Quality written by Masoud Yaharadeh and published by . This book was released on 1992 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt:
