德勤－复旦会计论坛系列讲座之七十五

时间：2014年12月30日（周二）下午14：30

地点：史带楼504室

主持人：原红旗 教授

演讲嘉宾：Rencheng Wang  (University of Queensland)

Title：Big Four Global Networks and Audit Quality Differentiation: Evidence from U.S.-listed Foreign Firms

Abstract：This study examines audit quality differentiation within Big Four global networks using their U.S.-listed foreign clients. We find that non-U.S. Big Four auditors are associated with lower audit quality than U.S. Big Four auditors, as reflected in lower audit fees and higher abnormal accruals. In addition, the audit quality difference is more pronounced among firms with lower litigation and regulation risk (i.e., with longer distance to New York and weaker home-country legal institutions), and is less pronounced among non-U.S. Big Four auditors with international expertise and global industry specialization (i.e., located in non-U.S. global financial centers and in industries where they specialize globally). Our difference-in-differences analysis also finds that the difference declines subsequent to the first PCAOB inspections of the non-U.S. Big Four auditors. Using going concern opinion issuance and internal control weakness reporting as alternative audit quality measures reinforces our results. Overall, our findings suggest that substantial quality differentiation exits within the Big Four global networks, even in a highly litigious environment such as the U.S. While geographic distance to New York and poor home-country legal institutions exacerbate the quality difference between non-U.S. Big Four and U.S. Big Four auditors, international expertise and global industry specialization mitigate this quality gap.

会计学系

2014-12-26