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• Auditor Independence and Fair Value Accounting: An Examination of Nonaudit Fees and Goodwill Impairments AI翻译
  作者：Carcello, Joseph V.; Neal, Terry L.; Reid, Lauren C.; Shipman, Jonathan E.
  作者单位：University of Tennessee System; University of Tennessee Knoxville; Wake Forest University; University of Arkansas System; University of Arkansas Fayetteville
  摘要：Inadequate testing of fair value accounting estimates, including goodwill, is often cited as an audit deficiency in PCAOB inspection reports, and, in some cases, these deficiencies have led to enforcement actions against the auditor. As a result of these issues, the PCAOB recently proposed a new auditing standard for fair value accounting. While these regulatory actions suggest that auditors are challenged by the fair value regime of accounting for goodwill, they also highlight an area where t...
• Customer Concentration and Public Disclosure: Evidence from Management Earnings and Sales Forecasts AI翻译
  作者：Crawford, Steven; Huang, Ying; Li, Ningzhong; Yang, Ziyun
  作者单位：University of Houston System; University of Houston; University of Texas System; University of Texas Dallas; University of Houston System; University of Houston; University of Houston Victoria
  摘要：This study examines the association between customer base concentration and corporate public disclosure policy. When the customer base is more concentrated, large customers face lower costs of accessing the supplier firm's private information, reducing customers' overall demand for the supplier's public information, suggesting a negative association between customer concentration and the amount of public disclosure. Alternatively, large customers have greater bargaining power and may demand th...
• How Busyness Influences SEC Compliance Activities: Evidence from the Filing Review Process and Comment Letters AI翻译
  作者：Gunny, Katherine A.; Hermis, Judith M.
  作者单位：University of Colorado System; University of Colorado Denver; United States Department of Defense; United States Navy; Naval Postgraduate School
  摘要：The SEC reviews firm filings and issues comment letters on those filings. These comment letters play an important role in the assessment of firm value. These activities are seasonally compressed because over 70 percent of registrants have a December fiscal year-end. Research in other settings finds that busyness leads to negative outcomes. We examine how busyness impacts the frequency, scope, and timeliness of comment letters. We find that the SEC issues fewer comment letters when busy, focuse...
• Unexpected SEC Resource Constraints and Comment Letter Quality AI翻译
  作者：Ege, Matthew; Glenn, Jennifer L.; Robinson, John R.
  作者单位：Texas A&M University System; Texas A&M University College Station; Mays Business School
  摘要：We investigate whether reviews of transactional filings by the SEC unexpectedly constrain SEC resources, leading to lower quality comment letters for periodic reports. The Sarbanes-Oxley Act requires the SEC to review periodic reports (e.g., 10-Ks) at least once every three years. However, the SEC also reviews transactional filings (e.g., initial public offerings and acquisitions), which are unpredictable and often occur in waves. We find comment letters for periodic reports are of lower quali...
• Does an Audit Judgment Rule Increase or Decrease Auditors' Use of Innovative Audit Procedures? AI翻译
  作者：Kang, Yoon Ju; Piercey, M. David; Trotman, Andrew
  作者单位：University of Massachusetts System; University of Massachusetts Amherst; Northeastern University
  摘要：The current audit environment encourages auditors to conduct defensive auditing procedures in lieu of using new, innovative, and potentially more effective audit procedures, due to concerns these procedures may be second-guessed in litigation or by audit inspectors such as the PCAOB. As a result, auditors may prefer traditional generally accepted procedures over innovative procedures that are potentially more effective. We test recent proposals that an Audit Judgment Rule (AJR) encourages the ...
• When Is the Averaging Effect Present in Auditor Judgments? AI翻译
  作者：Lambert, Tamara A.; Peytcheva, Marietta
  作者单位：Lehigh University
  摘要：Auditing standards task auditors with collecting sufficient appropriate evidence to form audit judgments. Yet, cognitive psychology documents a robust finding in which people evaluate a bundle of relevant, directionally consistent evidence as though averaging the strength of the components. In consequence, a bundle of evidence may be viewed as weaker evidence than the bundle's strongest evidence item alone. We experimentally examine whether this averaging effect occurs in an audit context, and...
• Moving the Conceptual Framework Forward: Accounting for Uncertainty AI翻译
  作者：Barker, Richard; Penman, Stephen
  作者单位：University of Oxford; Columbia University
  摘要：To meet the objectives of financial reporting in the IASB's Conceptual Framework, the balance-sheet approach embraced by the Framework is necessary but not sufficient. Critical, but largely overlooked, is the role of uncertainty, which we argue defines the role of accrual accounting as a distinctive source of information for investors when investment outcomes are uncertain. This role is in some sense paradoxical: on the one hand, uncertainty undermines both the balance sheet (because uncertain...
• Does Other Comprehensive Income Volatility Influence Credit Risk and the Cost of Debt? AI翻译
  作者：Bao, May Xiaoyan; Billett, Matthew T.; Smith, David B.; Unlu, Emre
  作者单位：University System Of New Hampshire; University of New Hampshire; Indiana University System; Indiana University Bloomington; University of Nebraska System; University of Nebraska Lincoln
  摘要：We examine the usefulness of other comprehensive income (OCI) to debt investors in nonfinancial companies. Motivated by Merton's (1974) real options framework, we construct a measure of incremental OCI volatility, designed to capture the effect of OCI on overall firm asset volatility, which is a primary driver of credit risk in Merton's (1974) model. We find that the volatility of incremental OCI influences the likelihood of default, credit ratings, and the cost of debt. Overall, our evidence ...
• Are Audit Firms' Compensation Policies Associated with Audit Quality? AI翻译
  作者：Ernstberger, Juergen; Koch, Christopher; Schreiber, Eva Maria; Trompeter, Greg
  作者单位：Technical University of Munich; Johannes Gutenberg University of Mainz; State University System of Florida; University of Central Florida
  摘要：We examine how compensation policies of audit firms are associated with audit quality. Specifically, we investigate the effects of the ratio of variable to fixed compensation and the size of the basis for profit sharing (i.e., whether partners share profits in a small or in a large profit pool). For our analyses, we use detailed mandatory disclosure of the compensation policies in German audit firms. We document that compensation policies vary considerably across audit firms. We find that prof...
• Trader Participation in Disclosure: Implications of Interactions with Management AI翻译
  作者：Elliott, W. Brooke; Grant, Stephanie M.; Hobson, Jessen L.
  作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Washington; University of Washington Seattle
  摘要：Technological advances are creating a shift in the information disclosure environment allowing more investors to interact with management. We examine three key levels of trader-management interaction to assess the accuracy of traders' market-tested value estimates and resulting market price. These data require an engaging experiment and a complex, contextually rich asset, which we create by playing a popular gaming app before the experiment. Participants view financial information, ask managem...