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題名 香港上市公司關鍵查核事項揭露與企業風險之關聯性
The Association between Key Audit Matters Disclosure and Corporate Risks: Evidence from Hong Kong
作者 孫怡安
Sun, Yi-An
貢獻者 林宛瑩
孫怡安
Sun, Yi-An
關鍵詞 關鍵查核事項
企業風險
Key audit matters
Corporate risk
日期 2018
上傳時間 12-Feb-2019 15:40:47 (UTC+8)
摘要 查核報告是會計師跟投資人溝通查核過程及結果的管道，近幾年，為提升查核報告之溝通價值，各準則制定機構要求查核人員額外揭露有助於財務報表使用者瞭解對企業而言最為重要的資訊，希望能讓財務報表使用者更瞭解查核過程。此新式會計師查核報告中改變最大及影響層面最廣的部分主要係要求會計師對上市（櫃）公司財務報表之會計師查核報告中溝通關鍵查核事項。
關鍵查核事項的揭露原則上為經會計師專業判斷對該企業之風險最為相關之事項。因此，為探討關鍵查核事項揭露之項數及字數是否有反應企業之風險，本研究以香港上市公司為樣本，探討關鍵查核事項揭露之項數及字數來衡量其與企業風險之關聯性，實證結果顯示，關鍵查核事項之揭露會受到產業特性及會計資訊之影響而有所不同，且不論是項數或字數，關鍵查核事項之揭露會反映企業之財務風險及訴訟風險。
Audit report is the channel which auditors communicate their audit process and results with investors. The standards setting organizations recently have released new guildline, requiring auditors to disclose more information to help users understand the most important part for the corporation, have a better understanding of the audit process and improve the communication value of the audit report. The most influential aspect of the new audit report mainly requires auditors to disclose Key Audit Matter （KAM） in the auditor report of the listed company’s financial statements. Key audit matters are things that in the auditor’s judgment are of most significance in the audit of the current period financial statements.
This study measures the relevance between the disclosure of key audit matters and corporate risks. Using Hong Kong listed companies as samples, this study discusses whether the number and length of key audit matters reflect the risks of companies. The empirical results show that the disclosure of key auditing matters will be affected by the characteristics of the industry and accounting information, and the number of key audit matters and the length of it will both reflect the financial risks and litigation risks of the company.
參考文獻 一、中文部分
邱茗囷，2015，國際審計監理議題重要趨勢，證券暨期貨月刊，第33卷 (7月)：15-27。
徐永堅，2016，審計準則公報第五十八號「查核報告中關鍵查核事項之溝通」之內容、
影響與建議，證券暨期貨月刊，第34卷(9月)：30-41。
黃仲豪，2016，推動我國採用新式會計師查核報告由英國實施經驗論起，證券暨期貨月
刊，第34卷第9期：5-15
黃國源、方順逸，2017，臺灣首次適用「關鍵查核事項」之探討，貨幣觀測與信用評等，
第127期(9月)：51-64
賴德隆、方順逸，2017，新式查核報告之源起及KAM在英法之適用經驗，貨幣觀測與
信用評等，第127期(9月)：37-50

二、英文部分
Bédard, J., P. Coram, R. Espahbodi, and T. J. Mock. 2016. Does recent academic research support changes to audit reporting standards? Accounting Horizons 30 (2):255-275.
Bédard, J., N. Gonthier-Besacier, and A. Schatt. 2014. Costs and benefits of reporting Key Audit Matters in the audit report: The French experience. Paper list at International Symposium on Audit Research.
Barth, M. E., D. P. Cram, and K. K. Nelson. 2001. Accruals and the prediction of future cash flows. The Accounting Review 76 (1):27-58.
Beaver, W., P. Kettler, and M. Scholes. 1970. The association between market determined and accounting determined risk measures. The Accounting Review 45 (4):654-682.
Bhattacharya, U., H. Daouk, and M. Welker. 2003. The world price of earnings opacity. The Accounting Review 78 (3):641-678.
Blankespoor, E., G. S. Miller, and H. D. White. 2013. The role of dissemination in market liquidity: Evidence from firms` use of Twitter™. The Accounting Review 89 (1):79-112.
Botosan, C. A. 1997. Disclosure level and the cost of equity capital. The Accounting review 72 (3):323-349.
Brasel, K., M. M. Doxey, J. H. Grenier, and A. Reffett. 2016. Risk disclosure preceding negative outcomes: The effects of reporting critical audit matters on judgments of auditor liability. The Accounting Review 91 (5):1345-1362.
Brown, S., and S. A. Hillegeist. 2007. How disclosure quality affects the level of information asymmetry. Review of Accounting Studies 12 (2-3):443-477.
Bushman, R. M., and A. J. Smith. 2001. Financial accounting information and corporate governance. Journal of Accounting and Economics 32 (1):237-333.
Campbell, J. L., H. Chen, D. S. Dhaliwal, H.-m. Lu, and L. B. Steele. 2014. The information content of mandatory risk factor disclosures in corporate filings. Review of Accounting Studies 19 (1):396-455.
Cates, T. 2013. KPMG UK Comment Letter on FRC Revision to ISA (UK and Ireland) 700: Requiring the auditor`s report to address risks of material misstatement, materiality and a summary of audit scope.
Chang, Y. T.,W. Chi. and D. Stone. 2018. The Effect of Client-Specific Experience on the Disclosure Quality of Key Audit Matters: Evidence from Taiwan. Working Paper. National Chengchi University Taiwan.
Chen, K.-P., and C. C. Chu. 2005. Internal control versus external manipulation: A model of corporate income tax evasion. RAND Journal of Economics:151-164.
Chen, S., X. Chen, Q. Cheng, and T. Shevlin. 2010. Are family firms more tax aggressive than non-family firms? Journal of financial economics 95 (1):41-61.
Chen, S., M. L. DeFond, and C. W. Park. 2002. Voluntary disclosure of balance sheet information in quarterly earnings announcements. Journal of Accounting and Economics 33 (2):229-251.
Christensen, B. E., S. M. Glover, and C. J. Wolfe. 2014. Do critical audit matter paragraphs in the audit report change nonprofessional investors` decision to invest? Auditing: A Journal of Practice & Theory 33 (4):71-93.
Cohen, D. A. 2003. Quality of financial reporting choice: Determinants and economic consequences.
De Franco, G., M. F. Wong, and Y. Zhou. 2011. Accounting adjustments and the valuation of financial statement note information in 10-K filings. The Accounting Review 86 (5):1577-1604.
Dechow, P., W. Ge, and C. Schrand. 2010. Understanding earnings quality: A review of the proxies, their determinants and their consequences. Journal of Accounting and Economics 50 (2):344-401.
Dechow, P. M., and I. D. Dichev. 2002. The quality of accruals and earnings: The role of accrual estimation errors. The Accounting Review 77 (s-1):35-59.
DeFond, M., and J. Zhang. 2014. A review of archival auditing research. Journal of Accounting and Economics 58 (2-3):275-326.
Deloitte. 2017. Clear, transparent reporting. The new auditor`s report. Available at: https://www2.deloitte.com/content/dam/Deloitte/be/Documents/audit
Desai, M. A., and D. Dharmapala. 2008. Tax and corporate governance: an economic approach. Tax and corporate governance: Springer, 13-30.
Desai, M. A., A. Dyck, and L. Zingales. 2007. Theft and taxes. Journal of Financial Economics 84 (3):591-623.
Dunn, K. A., and B. W. Mayhew. 2004. Audit firm industry specialization and client disclosure quality. Review of Accounting Studies 9 (1):35-58.
Easley, D., and M. O`hara. 2004. Information and the cost of capital. The Journal of Finance 59 (4):1553-1583.
Fama, E. F., and K. R. French. 1993. Common risk factors in the returns on stocks and bonds. Journal of financial economics 33 (1):3-56.
Fields, T. D., T. Z. Lys, and L. Vincent. 2001. Empirical research on accounting choice. Journal of Accounting and Economics 31 (1-3):255-307.
Francis, J., R. LaFond, P. Olsson, and K. Schipper. 2005a. The market pricing of accruals quality. Journal of Accounting and Economics 39 (2):295-327.
Francis, J., R. LaFond, P. M. Olsson, and K. Schipper. 2004. Costs of equity and earnings attributes. The Accounting Review 79 (4):967-1010.
Francis, J., D. Nanda, and P. Olsson. 2008. Voluntary disclosure, earnings quality, and cost of capital. Journal of Accounting Research 46 (1):53-99.
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Francis, J. R., and D. Wang. 2008. The joint effect of investor protection and Big 4 audits on earnings quality around the world. Contemporary Accounting Research 25 (1):157-191.
Freeman, R., and S. Tse. 1992. An earnings prediction approach to examining intercompany information transfers. Journal of Accounting and Economics 15 (4):509-523.
Gimbar, C., B. Hansen, and M. E. Ozlanski. 2016. The effects of critical audit matter paragraphs and accounting standard precision on auditor liability. The Accounting Review 91 (6):1629-1646.
Glosten, L. R., and P. R. Milgrom. 1985. Bid, ask and transaction prices in a specialist market with heterogeneously informed traders. Journal of financial economics 14 (1):71-100.
Grossman, S. J., and O. D. Hart. 1980. Disclosure laws and takeover bids. The journal of finance 35 (2):323-334.
Gutierrez, E., M. Minutti-Meza, K. W. Tatum, and M. Vulcheva. 2016. Consequences of changing the auditor’s report: Evidence from the UK: Working Paper, Universidad de Chile, University of Miami, and Florida International University. 2016. Website, https://papers. ssrn. com/sol3/papers. cfm.
International Auditing and Assurance Standards Board (IAASB). 2015a. Forming an Opinion and Reporting on Financial Statements. International Standard on Auditing (ISA) 700. New York, NY: International Federation of Accountants.
International Auditing and Assurance Standards Board (IAASB). 2015b. Communications Key Audit Matters in the Independent Auditor’s Report. International Standard on Auditing (ISA) 701. New York, NY: International Federation of Accountants.
International Auditing and Assurance Standards Board (IAASB). 2015c. Auditor Reporting – Key Audit Matters. New York, NY: International Federation of Accountants.
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Köhler, A. G., N. V. Ratzinger-Sakel, and J. C. Theis. 2016. The Effects of Key Audit Matters on the Auditor`s Report`s Communicative Value: Experimental Evidence from Investment Professionals and Non-Professional Investors.
Kachelmeier, S., J. Schmidt, and K. Valentine. 2014. The effect of disclosing critical audit matters in the auditor`s report on perceived auditor responsibility for misstatements: Working paper, The University of Texas at Austin.
Kothari, S. P., X. Li, and J. E. Short. 2009. The effect of disclosures by management, analysts, and business press on cost of capital, return volatility, and analyst forecasts: A study using content analysis. The Accounting Review 84 (5):1639-1670.
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Lennox, C. S., J. J. Schmidt, and A. Thompson. 2017. Is the expanded model of audit reporting informative to investors? Evidence from the UK. Working paper, University of Southern California
Leuz, C., and R. E. Verrecchia. 2000. The economic consequences of increased disclosure. Journal of Accounting Research 38 (3):91-124.
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Minutti-Meza, M., E. Gutierrez, K. Tatum, and M. Vulcheva. 2015. Consequences of changing the auditor’s report: Early evidence from the UK. Paper read at Singapur Management University Seminar Series.
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Smith, K. W. 2016. Tell Me More: A Content Analysis of Expanded Auditor Reporting in the United Kingdom.Working Paper, Virginia Polytechnic Institute and State University.
Turner, J. L., T. J. Mock, P. J. Coram, and G. L. Gray. 2010. Improving transparency and relevance of auditor communications with financial statement users. Current issues in auditing 4 (1):A1-A8.
Vanstraelen, A., C. Schelleman, R. Meuwissen, and I. Hofmann. 2012. The audit reporting debate: Seemingly intractable problems and feasible solutions. European Accounting Review 21 (2):193-215.
Verrecchia, R. E. 1990. Information quality and discretionary disclosure. Journal of Accounting and Economics 12 (4):365-380.
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描述 碩士
國立政治大學
會計學系
105353023
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0105353023
資料類型 thesis
dc.contributor.advisor 林宛瑩zh_TW
dc.contributor.author (Authors) 孫怡安zh_TW
dc.contributor.author (Authors) Sun, Yi-Anen_US
dc.creator (作者) 孫怡安zh_TW
dc.creator (作者) Sun, Yi-Anen_US
dc.date (日期) 2018en_US
dc.date.accessioned 12-Feb-2019 15:40:47 (UTC+8)-
dc.date.available 12-Feb-2019 15:40:47 (UTC+8)-
dc.date.issued (上傳時間) 12-Feb-2019 15:40:47 (UTC+8)-
dc.identifier (Other Identifiers) G0105353023en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/122254-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計學系zh_TW
dc.description (描述) 105353023zh_TW
dc.description.abstract (摘要) 查核報告是會計師跟投資人溝通查核過程及結果的管道，近幾年，為提升查核報告之溝通價值，各準則制定機構要求查核人員額外揭露有助於財務報表使用者瞭解對企業而言最為重要的資訊，希望能讓財務報表使用者更瞭解查核過程。此新式會計師查核報告中改變最大及影響層面最廣的部分主要係要求會計師對上市（櫃）公司財務報表之會計師查核報告中溝通關鍵查核事項。
關鍵查核事項的揭露原則上為經會計師專業判斷對該企業之風險最為相關之事項。因此，為探討關鍵查核事項揭露之項數及字數是否有反應企業之風險，本研究以香港上市公司為樣本，探討關鍵查核事項揭露之項數及字數來衡量其與企業風險之關聯性，實證結果顯示，關鍵查核事項之揭露會受到產業特性及會計資訊之影響而有所不同，且不論是項數或字數，關鍵查核事項之揭露會反映企業之財務風險及訴訟風險。		zh_TW
dc.description.abstract (摘要) Audit report is the channel which auditors communicate their audit process and results with investors. The standards setting organizations recently have released new guildline, requiring auditors to disclose more information to help users understand the most important part for the corporation, have a better understanding of the audit process and improve the communication value of the audit report. The most influential aspect of the new audit report mainly requires auditors to disclose Key Audit Matter （KAM） in the auditor report of the listed company’s financial statements. Key audit matters are things that in the auditor’s judgment are of most significance in the audit of the current period financial statements.
This study measures the relevance between the disclosure of key audit matters and corporate risks. Using Hong Kong listed companies as samples, this study discusses whether the number and length of key audit matters reflect the risks of companies. The empirical results show that the disclosure of key auditing matters will be affected by the characteristics of the industry and accounting information, and the number of key audit matters and the length of it will both reflect the financial risks and litigation risks of the company.		en_US
dc.description.tableofcontents 第一章 緒論 1
第一節 研究動機與目的 1
第二節 研究議題 4
第三節 研究架構 5
第二章 文獻探討 6
第一節 關鍵查核事項之揭露及相關文獻 6
第二節 會計資訊與企業風險之間的關係 10
第三節 企業會計資訊及風險揭露對投資人制定決策的影響 12
第三章 研究方法 14
第一節 研究假說 14
第二節 實證模型與變數定義 18
第四章 實證結果分析 27
第一節 樣本基本敘述統計量分析 27
第二節 關鍵查核事項項數（KAM）之敘述量統計 30
第三節 關鍵查核事項字數（KAM_W）之敘述量統計 45
第五章 結論與建議 60
第一節 研究結論 60
第二節 研究限制及建議 63
參考資料 64		zh_TW
dc.format.extent 1289003 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0105353023en_US
dc.subject (關鍵詞) 關鍵查核事項zh_TW
dc.subject (關鍵詞) 企業風險zh_TW
dc.subject (關鍵詞) Key audit mattersen_US
dc.subject (關鍵詞) Corporate risken_US
dc.title (題名) 香港上市公司關鍵查核事項揭露與企業風險之關聯性zh_TW
dc.title (題名) The Association between Key Audit Matters Disclosure and Corporate Risks: Evidence from Hong Kongen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 一、中文部分
邱茗囷，2015，國際審計監理議題重要趨勢，證券暨期貨月刊，第33卷 (7月)：15-27。
徐永堅，2016，審計準則公報第五十八號「查核報告中關鍵查核事項之溝通」之內容、
影響與建議，證券暨期貨月刊，第34卷(9月)：30-41。
黃仲豪，2016，推動我國採用新式會計師查核報告由英國實施經驗論起，證券暨期貨月
刊，第34卷第9期：5-15
黃國源、方順逸，2017，臺灣首次適用「關鍵查核事項」之探討，貨幣觀測與信用評等，
第127期(9月)：51-64
賴德隆、方順逸，2017，新式查核報告之源起及KAM在英法之適用經驗，貨幣觀測與
信用評等，第127期(9月)：37-50

二、英文部分
Bédard, J., P. Coram, R. Espahbodi, and T. J. Mock. 2016. Does recent academic research support changes to audit reporting standards? Accounting Horizons 30 (2):255-275.
Bédard, J., N. Gonthier-Besacier, and A. Schatt. 2014. Costs and benefits of reporting Key Audit Matters in the audit report: The French experience. Paper list at International Symposium on Audit Research.
Barth, M. E., D. P. Cram, and K. K. Nelson. 2001. Accruals and the prediction of future cash flows. The Accounting Review 76 (1):27-58.
Beaver, W., P. Kettler, and M. Scholes. 1970. The association between market determined and accounting determined risk measures. The Accounting Review 45 (4):654-682.
Bhattacharya, U., H. Daouk, and M. Welker. 2003. The world price of earnings opacity. The Accounting Review 78 (3):641-678.
Blankespoor, E., G. S. Miller, and H. D. White. 2013. The role of dissemination in market liquidity: Evidence from firms` use of Twitter™. The Accounting Review 89 (1):79-112.
Botosan, C. A. 1997. Disclosure level and the cost of equity capital. The Accounting review 72 (3):323-349.
Brasel, K., M. M. Doxey, J. H. Grenier, and A. Reffett. 2016. Risk disclosure preceding negative outcomes: The effects of reporting critical audit matters on judgments of auditor liability. The Accounting Review 91 (5):1345-1362.
Brown, S., and S. A. Hillegeist. 2007. How disclosure quality affects the level of information asymmetry. Review of Accounting Studies 12 (2-3):443-477.
Bushman, R. M., and A. J. Smith. 2001. Financial accounting information and corporate governance. Journal of Accounting and Economics 32 (1):237-333.
Campbell, J. L., H. Chen, D. S. Dhaliwal, H.-m. Lu, and L. B. Steele. 2014. The information content of mandatory risk factor disclosures in corporate filings. Review of Accounting Studies 19 (1):396-455.
Cates, T. 2013. KPMG UK Comment Letter on FRC Revision to ISA (UK and Ireland) 700: Requiring the auditor`s report to address risks of material misstatement, materiality and a summary of audit scope.
Chang, Y. T.,W. Chi. and D. Stone. 2018. The Effect of Client-Specific Experience on the Disclosure Quality of Key Audit Matters: Evidence from Taiwan. Working Paper. National Chengchi University Taiwan.
Chen, K.-P., and C. C. Chu. 2005. Internal control versus external manipulation: A model of corporate income tax evasion. RAND Journal of Economics:151-164.
Chen, S., X. Chen, Q. Cheng, and T. Shevlin. 2010. Are family firms more tax aggressive than non-family firms? Journal of financial economics 95 (1):41-61.
Chen, S., M. L. DeFond, and C. W. Park. 2002. Voluntary disclosure of balance sheet information in quarterly earnings announcements. Journal of Accounting and Economics 33 (2):229-251.
Christensen, B. E., S. M. Glover, and C. J. Wolfe. 2014. Do critical audit matter paragraphs in the audit report change nonprofessional investors` decision to invest? Auditing: A Journal of Practice & Theory 33 (4):71-93.
Cohen, D. A. 2003. Quality of financial reporting choice: Determinants and economic consequences.
De Franco, G., M. F. Wong, and Y. Zhou. 2011. Accounting adjustments and the valuation of financial statement note information in 10-K filings. The Accounting Review 86 (5):1577-1604.
Dechow, P., W. Ge, and C. Schrand. 2010. Understanding earnings quality: A review of the proxies, their determinants and their consequences. Journal of Accounting and Economics 50 (2):344-401.
Dechow, P. M., and I. D. Dichev. 2002. The quality of accruals and earnings: The role of accrual estimation errors. The Accounting Review 77 (s-1):35-59.
DeFond, M., and J. Zhang. 2014. A review of archival auditing research. Journal of Accounting and Economics 58 (2-3):275-326.
Deloitte. 2017. Clear, transparent reporting. The new auditor`s report. Available at: https://www2.deloitte.com/content/dam/Deloitte/be/Documents/audit
Desai, M. A., and D. Dharmapala. 2008. Tax and corporate governance: an economic approach. Tax and corporate governance: Springer, 13-30.
Desai, M. A., A. Dyck, and L. Zingales. 2007. Theft and taxes. Journal of Financial Economics 84 (3):591-623.
Dunn, K. A., and B. W. Mayhew. 2004. Audit firm industry specialization and client disclosure quality. Review of Accounting Studies 9 (1):35-58.
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dc.identifier.doi (DOI) 10.6814/THE.NCCU.ACCT.002.2019.F07en_US