Article2008

Evidence on the Audit Risk Model: Do Auditors Increase Audit Fees in the Presence of Internal Control Deficiencies?*

695 citations0/0 files storedContemporary Accounting Research

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Auditing, Earnings Management, Governance Accounting and Financial Management Corporate Governance and Financial Management

Abstract

The article discusses the study of determining whether audit risk model is descriptive of what occurs in the auditing practice or if the relationship between fees and internal control deficiencies (ICDs) suggest that audit enterprises exert more effort in auditing firms that impart ICDs. The study examines the internal controls over financial reporting (ICOFR), generally accepted accounting principles (GAAP), audit risk model, audit fees and sections of Sarbanes-Oxley Act. The study found out that audit fees are significantly higher for firms disclosing material weakness.

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References

2005Performance matched discretionary accrual measures 2002The Quality of Accruals and Earnings: The Role of Accrual Estimation Errors 2005The market pricing of accruals quality 1981Auditor independence, ‘low balling’, and disclosure regulation 2007Determinants of weaknesses in internal control over financial reporting 2007Accruals Quality and Internal Control over Financial Reporting 2008The Effect of SOX Internal Control Deficiencies and Their Remediation on Accrual Quality 2006The discovery and reporting of internal control deficiencies prior to SOX-mandated audits

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2009Internal control and management guidance 2012Business Strategy, Financial Reporting Irregularities, and Audit Effort 2007Market reactions to the disclosure of internal control weaknesses and to the characteristics of those weaknesses under section 302 of the Sarbanes Oxley Act of 2002 2013Relation between Audit Effort and Financial Report Misstatements: Evidence from Quarterly and Annual Restatements 2013A new measure of accounting quality

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