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Keywords: restatements
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Journal Articles
The Accounting Review (2024) 99 (2): 143–168.
Published: 01 March 2024
...Steven F. Cahan; Chen Chen; Li Chen ABSTRACT How prior trust moderates investor responses to restatements is unknown. We examine how societal trust affects the changes in institutional investors’ shareholdings around a restatement. We consider two competing hypotheses based on the erosion of trust...
Journal Articles
The Accounting Review (2023) 98 (7): 153–183.
Published: 01 November 2023
... is associated with higher returns and compensation; the opposite is true for greater real-action aggressiveness. We find a positive association between policy-choice aggressiveness and restatement likelihood. Compared with nonrestatement firms, abnormal returns of restatement firms with aggressive policy...
Journal Articles
The Accounting Review (2023) 98 (3): 335–366.
Published: 01 May 2023
... quality regulation restatements sanctions The Sarbanes-Oxley Act of 2002 created the Public Company Accounting Oversight Board (PCAOB), which introduced public regulation of the auditing profession and ended an era of self-regulation ( Hilary and Lennox 2005 ). The cost-benefit tradeoffs...
Journal Articles
The Accounting Review (2022) 97 (6): 91–121.
Published: 01 October 2022
... (FOIA). Our results are similar whether we consider fraud or two alternative restatement samples. Data Availability: Data are available from the public sources cited in the text. JEL Classifications: G31; G32; G34; M40. We gratefully acknowledge the helpful comments and suggestions from W...
Includes: Supplementary data
Journal Articles
The Accounting Review (2022) 97 (6): 445–473.
Published: 01 October 2022
...Wei Wang ABSTRACT Banks play a central role in creating liquidity for the economy by financing illiquid assets with liquid liabilities. This paper examines the effect of accounting restatements on bank liquidity creation. Using a difference-in-differences research design, I show that restatements...
Includes: Supplementary data
Journal Articles
The Accounting Review (2022) 97 (2): 317–347.
Published: 01 March 2022
... 1 3 2021 2022 labor market audit quality restatements audit offices Since 1997, the American Institute of Certified Public Accountants' (AICPA) CPA Firm Top Issues Survey ranks the search for talent, including staff auditors, as the top concern of audit firms ( Drew 2015...
Journal Articles
The Accounting Review (2021) 96 (6): 183–213.
Published: 01 November 2021
... restatements irregularities fraud prediction models We thank Christopher S. Armstrong (editor), two anonymous referees, Matt Ege, Jen Glenn, Loren Jacobson, Sudarshan Jayaraman, Jordan Neyland, Sarah Noor, Charles Wasley, Chris Wolfe, Joanna Wu, and workshop participants at the University...
Includes: Supplementary data
Journal Articles
The Accounting Review (2020) 95 (6): 97–123.
Published: 01 November 2020
... recognized in year t). We find that Type II subsequent events are associated with lower financial reporting quality, as measured by the need to subsequently restate the year t financial statements. The increased restatement likelihood only occurs when managers are resource-constrained...
Journal Articles
The Accounting Review (2020) 95 (3): 1–32.
Published: 01 May 2020
... of FV measurements, can contribute to higher audit quality. Utilizing FV-related restatements and comment letters, we find that expertise in auditing Level 3 FV estimates at the office level is associated with greater FV audit quality. Level 2 FV expertise or national level FV expertise...
Journal Articles
The Accounting Review (2019) 94 (4): 1–43.
Published: 01 July 2019
... that audit practice-offices with a large base of SOX 404(b) clients and those with a long history of conducting control evaluations for that client are more likely (1) to identify and report MWs in a timely manner (i.e., before resulting restatements come to light), and conditional on identifying MWs, (2...
Includes: Supplementary data
Journal Articles
The Accounting Review (2018) 93 (6): 1–28.
Published: 01 November 2018
... competence compensation-based incentives restatements fraud triangle We examine a potential downside of accounting competence. We measure accounting competence as prior experience among a company's top executives as audit partners or managers at a public accounting firm. 1 Derived from...
Journal Articles
The Accounting Review (2017) 92 (6): 129–163.
Published: 01 November 2017
...Jonathan M. Karpoff; Allison Koester; D. Scott Lee; Gerald S. Martin ABSTRACT An extensive literature examines the causes and effects of financial misconduct based on samples drawn from four popular databases that identify restatements, securities class action lawsuits, and Accounting and Auditing...
Journal Articles
The Accounting Review (2017) 92 (3): 209–237.
Published: 01 May 2017
... Commission. Relative to non-rotation firms, we find no evidence of a change in the frequency of misstatements following the partner rotation; however, there is an increase in the frequency of restatement discoveries and announcements. We also find an increase in deferred tax valuation allowances. Overall...
Journal Articles
Journal Articles
The Accounting Review (2015) 90 (6): 2537–2570.
Published: 01 November 2015
...Quinn T. Swanquist; Robert L. Whited ABSTRACT This study investigates whether the market for audit clients penalizes auditors following association with low-quality audits. Specifically, we examine whether audit offices experience a loss in local market share following client restatements. We...
Journal Articles
The Accounting Review (2015) 90 (6): 2337–2373.
Published: 01 November 2015
...Simi Kedia; Kevin Koh; Shivaram Rajgopal ABSTRACT We examine contagion in earnings management using 2,376 restatements announced during the years 1997–2008. Controlling for industry and firm characteristics, firms are more likely to begin managing earnings after the public announcement...
Journal Articles
The Accounting Review (2015) 90 (3): 1169–1200.
Published: 01 May 2015
...Sarah C. Rice; David P. Weber; Biyu Wu ABSTRACT We examine various penalties that could serve as enforcement mechanisms for Sarbanes-Oxley (SOX) Section 404. We focus on firms with restatements, some of which had previously reported their control weaknesses as required and some of which...
Journal Articles
The Accounting Review (2014) 89 (3): 1051–1082.
Published: 01 May 2014
...Karen M. Hennes; Andrew J. Leone; Brian P. Miller ABSTRACT This study examines the conditions under which financial restatements lead corporate boards to dismiss external auditors and how the market responds to those dismissal announcements. We find that auditors are more likely to be dismissed...
Journal Articles
The Accounting Review (2014) 89 (1): 243–273.
Published: 01 January 2014
... quality (financial restatements and discretionary accruals) and two measures of external auditor oversight (audit and nonaudit fees). As predicted, we find that audit committee members who are both accounting and industry experts perform better than those with only accounting expertise. We also find...
Journal Articles
The Accounting Review (2013) 88 (3): 915–944.
Published: 01 May 2013
..., University of California, Irvine, and University of Toronto, and Ye Cai, David Hirshleifer, Haidan Li, Hai Lu, Partha Mohanram, Carrie Pan, Mort Pincus, Devin Shanthikumar, and Ivo Welch for very helpful comments. earnings management restatements board interlocks board...