财务、会计Seminar第一百五十七期讲座

题目:              The Impact of IFRS versus U.S. GAAP on Audit Fees and Going Concern  Opinions:Evidence from U.S.-Listed Foreign Firms

 

演讲者:        Huajing(Lucy) Chen   Associate Professor      

                     School of  Business, Villanova University

 

时间:           2017412日(周三)上午1000 – 1130

 

地点: 嘉庚二205

 

主持人:    熊枫      助理教授

 

  者:  对会计、财务研究有兴趣的师生

 

论文简介:In this paper, we empirically evaluate the effect of International  Financial ReportingStandards (IFRS) versus U.S. Generally Accepted Accounting  Standards (GAAP) on audit feesand auditor’s decision to issue a going concern  opinion. We posit that IFRS, by specifying broaderrequirements and requiring  more judgment in application than U.S. GAAP, increase auditors’effort and  engagement risk, which leads to higher audit fees and higher likelihood of  issuing agoing concern opinion. We test our predictions using a sample of  foreign firms listed in the U.S.with fiscal year ended from November 16, 2007 to  December 31, 2014 that prepare their financialstatements under either IFRS or  U.S. GAAP. We find that, on average, foreign IFRS firms paymore audit fees than  foreign U.S. GAAP firms and are more likely to receive going concernopinions  than foreign U.S. GAAP firms. Further analyses of U.S. listed foreign firms  reveal thataudit fees and the likelihood of receiving a going concern opinion  are higher for foreign

IFRS firms with more transactional complexity and higher misstatement  risk than foreign U.S.GAAP firms, and for foreign IFRS firms from developed  markets. Overall, our evidence highlightsthe impact of accounting standards on  auditing outcomes and should be useful to the U.S.Securities and Exchange  Commission as it deliberates whether and how to incorporate IFRSinformation for  U.S. domestic firms.