会计师事务所合并与审计收费

以中国2005年以来发生的14起会计师事务所合并案为例,通过大样本的经验研究方法探讨了会计师事务所的合并对审计收费的影响。研究发现,总体来看,会计师事务所合并后审计收费有显著提高;但分组研究发现,只在小客户市场上,会计师事务所合并后审计收费有了显著的提高。进一步的研究发现,在大客户市场上,之所以事务所合并对审计收费的影响无显著的影响,是因为会计师事务所在合并后尽管议价能力有了较大的提升,但同时规模效率也得到了充分的发挥。     

会计师事务所合并对审计收费的影响研究

本文以2006年至2008年间我国证券审计市场中会计师事务所合并案例为研究样本,对审计收费与事务所合并行为及其带来的事务所规模扩大之间的关系进行回归分析,考察了会计师事务所合并对其审计收费的影响.研究发现,在控制了客户的规模、客户报表的复杂程度、客户的风险、审计意见类型等因素之后,事务所之间的合并行为和由此带来的事务所规模的扩大与审计收费之间存在显著的正向相关关系,这也从一个侧面提供了有关事务所合并的经济后果的经验证据.     

会计师事务所合并的经济后果文献综述

合并是会计师事务所实现规模扩张的重要途径。目前,国内外学者对于会计师事务所合并经济后果的研究较为广泛,包括合并对审计收费的影响研究,对审计质量的影响研究以及对审计师行业专长的研究。以往对于会计师事务所合并经济后果的理论和案例研究较多,近几年实证研究逐渐增多,但各方学者所得结论随研究角度和样本的不同而不同。因此,会计师事务所合并经济后果产生的内在机理有待进一步研究。     

我国本土会计师事务所合并对审计收费的影响研究

本文以我国证券审计市场2009年的事务所合并案为例,通过合并前一年至合并后两年共四年数据之间的两两比较,考察了本土事务所合并对审计收费影响的动态变化过程。研究发现,合并后两年与合并前一年相比、合并后两年与合并当年相比,事务所的审计收费显著提高,而其他组没有显著变化。     

媒体负面报道与审计收费：基于事务所组织形式变更的视角

事务所向特殊普通合伙制的转变,为研究审计师法律责任的增强对媒体治理作用的影响提供了现实样本.以公司层面的负面报道和审计收费数据进行研究发现,转制后,负面报道与审计费用和正向异常收费显著正相关,但在转制前均不显著;考虑事务所规模的差异后,发现对大型事务所,转制提高了负面报道与正向异常收费的相关性,但对小型事务所,审计收费和异常收费与负面报道的相关性在转制前后没有显著变化,表明审计师法律责任的强化是媒体发挥治理作用的重要路径.     

会计师事务所组织形式、盈余管理与IPO折价

会计师事务所组织形式由有限责任制变为特殊普通合伙制,增加了审计师的法律责任,提高了审计的鉴证价值和保险价值,有利于审计师在 IPO 审计过程中更好地发挥信息中介作用。以保荐制下 IPO公司为样本,实证考察事务所组织形式对 IPO 盈余管理和 IPO 折价的影响。研究发现,相比有限责任制事务所,特殊普通合伙制事务所审计的发行公司的正向盈余管理水平更低,IPO 折价率也更低。研究结论表明事务所转制后,审计师加强了对发行公司盈余管理行为的约束,提高了 IPO 定价效率,监管部门推动的事务所转制对 IPO 市场具有积极治理效果。     

合并对会计师事务所绩效的影响

合并扩大了会计师事务所的规模,同时也对整个审计市场产生影响.从会计师事务所视角看,合并扩大了会计师事务所的绝对规模,但是从相关CPA人均额看,合并当年对事务所绩效的影响并不尽如人意.合并的规模经济效应受事务所整合能力的影响,在合并后一年才有所体现.未来事务所通过合并进行扩张时,需要谨慎选择合并对象,综合考察合并对象与本所的异同,在合并后要迅速建立有效的整合机制,充分发挥合并的规模效应,提升绩效.     

事务所转制、审计师个人特征与会计稳健性

本文选用已转制事务所在转制前后各一年所审计客户公司为研究样本,在过去研究事务所转制基本效应的基础上,进一步考虑面对事务所转制带来的法律风险变化,不同特征审计师审计的公司,会计稳健性是否存在显著差异。研究发现:事务所转为特殊普通合伙制,客户公司会计稳健性普遍提高,但个人特征不同的审计师所审计客户公司的会计稳健性提高程度存在显著不同,具有本科或以上学历的审计师所审计客户公司的会计稳健性提高更加明显,而执业时间较长、年龄较大的审计师,其所审计客户公司的会计稳健性提高程度相对较弱。     

审计师流动与财务报告可比性——基于中国会计师事务所合并的经验证据

本文主要从审计师流动的视角考察审计师对客户财务报告可比性的动态影响。基于1998-2012年中国发生的47起会计师事务所合并事件,我们发现,合并前,相对于相同审计师群审计的两家客户的应计利润可比性,不同审计师群审计的两家客户的应计利润可比性更差;而合并后,不同审计师群审计的两家客户的财务报告可比性显著提高。同时,我们还发现,在合并后,相对于两家新客户的应计利润可比性,不同审计师群审计的两家老客户的应计利润可比性更差。这些研究结果表明,审计师流动导致的审计风格转变是影响财务报告可比性的重要因素,而且其影响程度在老客户与新客户上存在显著的差异。     

非审计业务对审计市场绩效的影响——基于会计师事务所业务结构的角度

以审计质量和审计收费作为审计市场绩效的衡量指标,从会计师事务所业务结构角度来考察我国注册会计师行业拓展非审计业务对审计市场所带来的影响。实证检验发现,相对于其他事务所而言,非审计业务规模越大和当年非审计业务规模较上年扩大的事务所,其审计质量越好,审计收费也越高。这说明在目前审计服务市场容量有限,竞争过于激烈的环境下,拓展非审计业务有利于增强审计独立性和提高审计收费,是改善行业执业环境的一个重要途径。     

Audit and non-audit fees and capital market perceptions of auditor independence

This study provides evidence on whether auditor independence-in-appearance, proxied by earnings response coefficients, is related to the non-audit fee ratio (non-audit to total fees from a client) or client importance (total fees from a client as a percentage of the total revenues of the audit firm). The results from large samples over the period 2001–2006 show, contrary to popular belief and the findings of some prior studies, that there is no evidence of a relation between perceived auditor independence and the non-audit fee ratio. However, perceived auditor independence is negatively associated with client importance, consistent with the economic theory of auditing. Our paper adds to the literature by examining the relative importance of non-audit fee ratios and client importance as determinants of independence-in-appearance.     

The Effect of Audit Partner Diversity on Audit Quality: Evidence from China

This study examines the effects of audit partner diversity on audit quality. Using a sample of Chinese listed companies from 2004–2018, we find that audit quality is positively associated with audit partner diversity in educational background, gender, and generational cohort. These findings suggest that diverse partner teams outperform homogenous teams and support the information perspective that audit partner diversity produces different viewpoints and perspectives, thus reducing judgement bias and leading to higher audit quality. Furthermore, we find that client information asymmetry, auditor task motivation, and task ability play a moderating role in reinforcing the positive effects of audit partner diversity on audit quality. Our findings have practical implications for audit firm personnel dispatching and team formation, and heighten the need to integrate team dynamics in the audit quality framework.     

Audit fee lowballing: Determinants,recovery, and future audit quality

Prior research on the link between lowballing (LB) of audit fees and audit quality is inconclusive. Using more recent data and an innovative design, we define LB engagements as those where the audit fee discount is at least 30 percent. We consider three research questions to understand the possible link between LB and audit quality. First, we investigate whether the two variables that are often associated with auditor independence in the literature—non-audit fees and client importance—are related to LB. Second, we test whether lowballing auditors recoup initial audit fee discounts in the future period. Lastly, we investigate the relation between recovery of audit fees and future audit quality. We find that non-audit fees in the first year of engagement are negatively related to the propensity to LB. LB is significantly positively related to client importance for client firms switching from a non-Big N to another non-Big N auditor while the relation is insignificant for client firms switching from a Big N to another Big N auditor. The results of non-audit fees and client importance indicate that economic dependence does not motivate audit firms to lowball. Further, lowballing auditors tend to recoup their initial fee discounts in subsequent periods via increases in audit fees. Using multiple measures of audit quality, we do not find a significant relation between recovery of audit fees and future audit quality. Overall, contrary to regulators’ concerns, our results suggest that LB does not impair audit quality.     

会计师事务所规模与审计定价——基于中国本土事务所的经验研究

会计师事务所规模与审计收费之间的关系取决于产品差异化、声誉投资、市场势力等三个因素与规模效应之间何者相对占优。对我国A股上市公司2007～2008年数据检验发现,无论是以业务收入、注册会计师人数还是从业人员人数度量事务所规模,事务所规模与审计收费之间都呈显著的正向关系。这表明,大事务所可以收取更高的审计费用。同时,在我国审计市场,规模效应相对于其他三个因素可能不占优势。     

The Importance of Audit Firm Characteristics and the Drivers of Auditor Change in UK Listed Companies

This paper explores the importance of audit firm characteristics and the factors motivating auditor change based on questionnaire responses from 210 listed UK companies (a response rate of 70%). Twenty-nine potentially desirable auditor characteristics are identified from the extant literature and their importance elicited. Exploratory factor analysis reduces these variables to eight uncorrelated underlying dimensions: reputation/quality; acceptability to third parties: value for money: ability to provide non-audit services: small audit firm: specialist industry knowledge; non-Big Six large audit firm: and geographical proximity. Insights into the nature of ‘the Big Six factor’ emerge. Two thirds of companies had recently considered changing auditors; the main reasons cited being audit Ice level, dissatisfaction with audit quality and changes in top management. Of those companies that considered change. 73% did not actually do so. the main reasons cited being fee reduction by the incumbent and avoidance of disruption. Thus audit fee levels are both a key precipitator of change and a key factor in retaining the status quo.     

Audit Firm Tenure and Audit Quality in a Constrained Market

We examine the relation between audit quality and audit firm tenure in the Iranian audit market, which is constrained by government policies that create intense competition for clients among many small audit firms. We develop arguments that these circumstances create cost pressures that entrench low audit quality and render auditors' plans more predictable to managers wishing to misstate their accounts. Using publicly available data for the audits of listed companies in Iran prior to mandatory audit firm rotation and the incidence of misstated financial reports identified by the Iranian Association of Certified Public Accountants Inspection Office, we find that the likelihood of a misstatement is lowest in the first two years of audit firm tenure. We also find that the likelihood of misstatement is not associated with the year preceding a mandatory audit firm rotation, suggesting outgoing auditor effort is not sensitive to the prospect of subsequent revelations of deficiencies. Although our results from a pre-mandatory rotation period show that frequent rotations appear to improve the financial reporting quality in our sample, we are wary of interpreting these results as support for the mandatory audit firm rotation policy in Iran. Rather, we suggest this is a peculiar consequence of deficiencies in audit quality inherent in the Iranian market.     

The Relative Importance of Audit Quality Attributes

Corporate collapses and audit failures have threatened the credibility of the audit function, with audit quality once again being a major issue. Motivated by the significance of auditing and perceptions of audit quality in enhancing the reliability and credibility of financial statements, this article investigates the relative importance of audit team and audit firm attributes in perceptions of audit quality by users of audit services. Data are gathered from 81 users of audit services and analysed using adaptive conjoint analysis in order to measure the relative importance of audit team and audit firm attributes in perceptions of audit quality. The results show that, in general, users of audit services perceive audit team attributes as being relatively more important than audit firm attributes in perceptions of audit quality. The findings of the study have implications for regulators and the accounting profession concerned with improving confidence in corporate governance and the effectiveness and integrity of the audit process, and for audit firms in monitoring and promoting the quality of their audit services.     

Audit Effort and Stock Price Crash Risk

We examine how stock price crash risk is affected by audit effort, as measured by audit hours. Using a unique dataset of audit hours in China, we find that audit effort is negatively related to crash risk. The negative impact of audit effort on crash risk is more pronounced for listed firms that have higher inherent risks and weaker external monitoring of their information environment. Our findings are robust to various tests, including a two-stage regression analysis, controlling for listed firm-fixed effects and audit firm-fixed effects, and using alternative measures of crash risk. In addition to audit output measures, audit effort has an incremental influence on crash risk. The effects of audit effort on crash risk continue to hold after controlling for auditor industry expertise and auditor tenure.     

Audit firm merger and the strategic response by large audit firms

We examine the impact of a change in the audit industry structure in China as a result of two recent mergers involving large non-Big 4 audit firms. The ‘New Big’ audit firms, Ruihua and BDO Lixin, became the third and fourth largest audit firms in China following audit firm mergers, outranking both EY and KPMG in terms of total audit revenues in 2013. We find a significant audit fee and audit quality increase for the New Big audit firms relative to the Big 4 audit firms following the mergers. While this finding could be interpreted as an increase in quality as a result of audit firm consolidation, we find that this net effect is due to a decrease in audit fees and audit quality for the Big 4 following the mergers, rather than an increase in audit fees and audit quality by the New Big audit firms. We discuss the implications of our findings for various regulators.     

Audit market structure,fees and choice in a period of structural change: Evidence from the UK – 1998–2003

This paper presents evidence on audit market concentration and auditor fee levels in the UK market in the crucial period of structural change following the PricewaterhouseCoopers’ (PwC) merger and encompassing Andersen’s demise (1998–2003). Given the current interest in auditor choice, analysis is also undertaken at the individual audit firm level and by industry sector. There is evidence of significant upward pressure on audit fees since 2001 but only for smaller auditees. Audit fee income for top tier auditors (Big 5/4) did not change significantly while the number of auditees fell significantly, consistent with a move towards larger, less risky, clients. A decomposition analysis of the aggregate Big 5/4 concentration ratio changes over the period identifies the impact of four distinct consumer-based reasons for change: leavers; net joiners; non-par auditor switches; and (only for the audit fees measure) audit fee changes. Andersen’s demise markedly reduced the level of inequality among the top tier firms but PwC retained its position as a ‘dominant firm’. On switching to the new auditor, former Andersen clients experienced an initial audit fee rise broadly in line with inflation, with no evidence of fee premia or discounting. They also reported significantly lower NAS fees, consistent with audit firms and auditees responding to public concerns about perceptions of auditor independence. There is no general evidence of knowledge spillover effects or cross-subsidisation of the audit fee by NAS. The combined findings provide no evidence to indicate that recent structural changes have resulted in anticompetitive pricing; the key concerns remain the lack of audit firm choice and issues concerning the governance and accountability of audit firms.