The authors, Matthew J. Beck and Elaine G. Mauldin, regret an error in the data used in the article “Who's Really in Charge? Audit Committee versus CFO Power and Audit Fees,” in The Accounting Review, Vol. 89, No. 6, pp. 2057–2085 (DOI: 10.2308/accr-50834). The error involved inaccurate values for six firm-year observations (out of 9,214 total firm-year observations) for the control variable Bd_Ind (board independence). The error arose because we replaced blank values for outside directors with the median value of outside directors instead of zero (these firms had no outside directors and, therefore, had zero independence). The error has a negligible impact on the regression results, whether we drop or correct the erroneous observations. The error has no impact on the inferences and conclusions of the study.

The tables below report the results for Table 4 when the six observations are dropped and then when they are...

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