Articlegreen2015

Early Evidence on the Effects of Critical Audit Matters on Auditor Liability

Christine Gimbar · Bowe Hansen · Michael E. Ozlanski

53 citations0/0 files storedCurrent Issues in Auditing

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

Abstract

SUMMARY The U.S. Public Company Accounting Oversight Board recently proposed changes to the audit reporting model that would require auditors to disclose areas of high audit risk within the audit report. Concerns about the proposal's potential to increase auditor liability have been raised by practitioners and highlighted in the business press. In this paper, we review five recent experiments that directly relate to these concerns, identify patterns in the results, and discuss the implications of these findings for regulators and practitioners.

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References

1986Norm theory: Comparing reality to its alternatives.1992Explaining the evidence: Tests of the Story Model for juror decision making.1997Decision Affect Theory: Emotional Reactions to the Outcomes of Risky Options 2016Risk Disclosure Preceding Negative Outcomes: The Effects of Reporting Critical Audit Matters on Judgments of Auditor Liability 2016The Effects of Critical Audit Matter Paragraphs and Accounting Standard Precision on Auditor Liability 2002The Affective Consequences of Expected and Unexpected Outcomes 2001Improving Jurors' Evaluations of Auditors in Negligence Cases 2010Can Identifying and Investigating Fraud Risks Increase Auditors’ Liability?

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2020Investigating recent audit reform in the Australian context: An analysis of the KAM disclosures in audit reports 2017–2018 2016Comments by the Auditing Standards Committee of the Auditing Section of the American Accounting Association on PCAOB Release No. 2016-003, Proposed Auditing Standard—The Auditor's Report on an Audit of Financial Statements when the Auditor Expresses an Unqualified Opinion and Related Amendments to PCAOB Standards 2017Does Considering Key Audit Matters Affect Auditor Judgment Performance?2022

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