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Fair Value Opinion Shopping

18 citations0/0 files storedBehavioral Research in Accounting

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Auditing, Earnings Management, Governance Accounting Theory and Financial Reporting Financial Reporting and Valuation Research

Abstract

ABSTRACT This study reports the results of an experiment designed to provide empirical evidence related to fair value opinion shopping. The experiment provides initial evidence that managers are likely to shop for fair value opinions from external valuation professionals in the absence of a requirement to disclose that behavior to the board or auditor. Disclosure becomes a meaningful deterrent when the beneficiary of opinion shopping is perceived to be the manager. However, disclosure is an ineffective deterrent when the beneficiary is perceived to be shareholders.

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References

1983Separation of Ownership and Control 2007The Social Responsibility of Business Is to Increase Its Profits 2005The economic implications of corporate financial reporting 1981Auditor size and audit quality 2003Earnings Management through Real Activities Manipulation 1999A Review of the Earnings Management Literature and Its Implications for Standard Setting 2002Audit committee, board of director characteristics, and earnings management 1996Causes and Consequences of Earnings Manipulation: An Analysis of Firms Subject to Enforcement Actions by the SEC*

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2015The Auditing Standards Committee of the Auditing Section of the American Accounting Association is Pleased to Provide Comments on PCAOB Staff Consultation Paper No. 2015-01, The Auditor's Use of the Work of Specialists

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