Article2011

Responses by Australian auditors to the global financial crisis

Yang Xu · Elizabeth Carson · NEIL L. FARGHER · Liwei Jiang

166 citations0/0 files storedAccounting and Finance

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Auditing, Earnings Management, Governance Financial Distress and Bankruptcy Prediction Corporate Governance and Financial Management

Abstract

Abstract We examine the impact of the global financial crisis (GFC) on auditor behaviour in Australia. Using a sample of listed companies, we examine whether the GFC impacted the propensity of auditors to issue going concern modifications and increased audit effort as reflected in audit fees and audit reporting lag. Controlling for client characteristics, we find an increase in the propensity to issue going concern opinions during the period 2008–2009 compared with the period 2005–2007 and that Big N auditors responded to the GFC earlier than non‐Big N auditors. In relation to audit effort, we find evidence of increased audit fees during the period 2008–2009 compared with the period 2005–2007. There is, however, no evidence of increased audit reporting lags during the GFC.

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References

1968FINANCIAL RATIOS, DISCRIMINANT ANALYSIS AND THE PREDICTION OF CORPORATE BANKRUPTCY 1981Auditor size and audit quality 1980The Pricing of Audit Services: Theory and Evidence 2006Audit Fees: A Meta‐analysis of the Effect of Supply and Demand Attributes*1995Auditor brand name reputations and industry specializations 2002Do Non–Audit Service Fees Impair Auditor Independence? Evidence from Going Concern Audit Opinions 2008The Joint Effect of Investor Protection and Big 4 Audits on Earnings Quality around the World*2006Audit Partner Tenure and Audit Quality

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