Bringing Darkness to Light: The Influence of Auditor Quality and Audit Committee Expertise on the Timeliness of Financial Statement Restatement Disclosures
Bringing Darkness to Light: The Influence of Auditor Quality and Audit Committee Expertise on the Timeliness of Financial Statement Restatement Disclosures
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DOI：
10.2139/ssrn.1787008
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发表时间：
2011-08
期刊：
影响因子：
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通讯作者：
Jaime J. Schmidt;Michael S. Wilkins
中科院分区：
文献类型：
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作者：
Jaime J. Schmidt;Michael S. Wilkins
摘要：本研究调查了审计师质量和审计委员会的专业知识是否与提高财务报告的及时性（以财务报表重述的“黑暗期”的持续时间来衡量）相关。重述黑暗期代表公司发现需要重述财务数据和随后披露重述对收益的影响之间的时间长度。对于2004年至2009年间披露的黑暗重述样本，我们发现聘请四大审计师的公司比不聘请四大审计师的公司的黑暗期更短。我们还发现，审计委员会中拥有更多财务专家的公司的黑暗期较短，但前提是这些财务专业知识专门与会计相关。最后，审计委员会主席拥有会计财务专业知识的公司可以提供最及时的披露，因为这些公司的黑暗期减少了约 38%。我们的结果...
SUMMARY: This study investigates whether auditor quality and audit committee expertise are associated with improved financial reporting timeliness as measured by the duration of a financial statement restatement's “dark period.” The restatement dark period represents the length of time between a company's discovery that it will need to restate financial data and the subsequent disclosure of the restatement's effect on earnings. For a sample of dark restatements disclosed between 2004 and 2009, we find that companies that engage Big 4 auditors have shorter dark periods than companies that do not engage Big 4 auditors. We also find that companies with more financial experts on the audit committee have shorter dark periods, but only when such financial expertise relates specifically to accounting. Finally, companies with audit committee chairs that have accounting financial expertise provide the most timely disclosures, as the dark periods for these firms are reduced by approximately 38 percent. Our results ...