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題名 會計師與財務長間之個人差異對意見函關聯性之研究—以美國S&P 500公司為例
The Effect of Mismatches between the Chief Financial Officer and the Audit Partner on SEC’s Comment Letter–Evidence from S&P 500 Companies
作者 蕭寧君
Hsiao, Ning-Chun
貢獻者 張祐慈
Chang, Yu-Tzu
蕭寧君
Hsiao, Ning-Chun
關鍵詞 會計師
財務長
學經地位差異
性別差異
意見函
美國S&P500公司
Audit Partner
Chief Financial Officer
Education and Experience Mismatch
Gender Mismatch
Comment Letter
US S&P500
日期 2021
上傳時間 4-Aug-2021 14:30:24 (UTC+8)
摘要 以往國內外對於美國證管會意見函之研究，大多在探討企業經營績效與公司特質與是否收到意見函的關聯性。本文以2016年至2019年美國S&P500公司為研究樣本，探討會計師與財務長雙方之間存有的學經地位差異及性別差異，是否與企業收到來自美國證管會之意見函有所關聯。實證結果顯示，當會計師之學經地位優於財務長時，公司收到來自美國證管會意見函之可能性將會降低；當會計師與財務長間之性別組合存有差異時，公司收到意見函之機率較低。此外，當會計師之學經地位優於財務長時，將會提高意見函回覆之效率，降低相關回覆成本。然而，當會計師與財務長間之性別組合存有差異時，異性之組合對降低意見函回覆成本並未有顯著之影響；在追加測試中，本文區分出與會計準則和揭露議題有關之意見函的子樣本，其結果顯示會計師和財務長之學經地位差異和性別差異皆並未對降低意見函回覆成本造成顯著影響。本研究期望能對未來會計師事務所於審計業務的人力調派做出貢獻，當指派審計案件之會計師時，可以同時去考量雙方之學經地位差異和性別差異，針對不同的審計客戶做最適的人力調派，以減少企業收到意見函之可能性，並進一步降低會計師對於意見函所需花費之回覆成本。
Prior studies that examine the determinants of the receipt of comment letters mainly focus on the company’s financial performance and its characteristics. Little is known about the role of auditors on the likelihood of receiving comment letters. This study analyzes a sample of US S&P500 companies from 2016 to 2019 to investigate whether social mismatches between the audit partner and the chief financial officer (CFO) are associated with the company’s likelihood of receiving comment letters from SEC. The empirical results show that when the audit partner has better education and more experience than does the CFO and when there is a gender mismatch between the audit partner and the CFO, the company is less likely to receive a SEC comment letter. Additionally, the empirical results indicate that such social mismatches in education and experience are associated with the efficiency in addressing the SEC comment letter (i.e., lower remediation cost). However, there is no evidence showing that the gender mismatch has a significant impact on the remediation cost. In a further analysis, using a subsample of companies that receive comment letters related to accounting issues, I explore but do not find evidence that the mismatches between audit partners and CFOs in education and experience status and gender difference have a significant impact on the reduction in remediation cost. The implication of the study is that audit firms should take social mismatch between engagement partners and CFOs into consideration when making engagement assignments.
參考文獻 Abbott, L. J., S. Parker, and G. F. Peters. 2012. Internal audit assistance and external audit timeliness. Auditing: A Journal of Practice & Theory 31 (4): 3-20.
Aier, J. K., J. Comprix, M. T. Gunlock, and D. Lee. 2005. The financial expertise of CFOs and accounting restatements. Accounting Horizons 19 (3): 123-135.
Antle, R. 1982. The auditor as an economic agent. Journal of Accounting Research: 503-527.
Baugh, M., and R. Schmardebeck. 2020. Auditor style and common disclosure deficiencies: Evidence from SEC comment letters. Available at SSRN 3368511.
Beatty, A., and J. Weber. 2006. Accounting discretion in fair value estimates: An examination of SFAS 142 goodwill impairments. Journal of Accounting Research 44 (2): 257-288.
Bennett, G. B., and R. C. Hatfield. 2013. The effect of the social mismatch between staff auditors and client management on the collection of audit evidence. The Accounting Review 88 (1): 31-50.
Boone, J. P., C. L. Linthicum, and A. Poe. 2013. Characteristics of accounting standards and SEC review comments. Accounting Horizons 27 (4): 711-736.
Cassell, C. A., L. M. Dreher, and L. A. Myers. 2013. Reviewing the SEC`s review process: 10-K comment letters and the cost of remediation. The Accounting Review 88 (6): 1875-1908.
Casterella, J. R., J. R. Francis, B. L. Lewis, and P. L. Walker. 2004. Auditor industry specialization, client bargaining power, and audit pricing. Auditing: A Journal of Practice & Theory 23 (1): 123-140.
Chung, H., and S. Kallapur. 2003. Client importance, nonaudit services, and abnormal accruals. The Accounting Review 78 (4): 931-955.
El-Dyasty, M. M. 2004. Accounting profession and web assurance service. Available at SSRN 484282.
Emby, C., and R. A. Davidson. 1998. The effects of engagement factors on auditor independence: Canadian evidence. Journal of International Accounting, Auditing and Taxation 7 (2): 163-179.
Ertimur, Y., and M. Nondorf. 2006. IPO firms and the SEC comment letter process. Working Paper (July, 2006).
Ettredge, M., K. Johnstone, M. Stone, and Q. Wang. 2011. The effects of firm size, corporate governance quality, and bad news on disclosure compliance. Review of Accounting Studies 16 (4): 866-889.
Francis, J., D. Philbrick, and K. Schipper. 1994. Shareholder litigation and corporate disclosures. Journal of Accounting Research 32 (2): 137-164.
Ge, W., D. Matsumoto, and J. L. Zhang. 2011. Do CFOs have style? An empirical investigation of the effect of individual CFOs on accounting practices. Contemporary Accounting Research 28 (4): 1141-1179.
Geiger, M. A., and D. S. North. 2006. Does hiring a new CFO change things? An investigation of changes in discretionary accruals. The Accounting Review 81 (4): 781-809.
Geiger, M. A., and K. Raghunandan. 2002. Auditor tenure and audit reporting failures. Auditing: A Journal of Practice & Theory 21 (1): 67-78.
Goldman, A., and B. Barlev. 1974. The auditor-firm conflict of interests: Its implications for independence. The Accounting Review 49 (4): 707-718.
Gore, A., S. Matsunaga, and P. Yeung. 2007. The relation between financial monitoring and incentives for chief financial officers. Unpublished Working Paper, George Washington University.
Gramling, A. A., and D. N. Stone. 1998. A review and evaluation of industry concentration, specialization, experience, and knowledge research in auditing. Specialization, Experience, and Knowledge Research in Auditing (July 28, 1998).
Griffin, P. A. 2003. Got information? Investor response to form 10-K and form 10-Q edgar filings. Review of Accounting Studies 8 (4): 433-460.
Hambrick, D. C., and P. A. Mason. 1984. Upper echelons: The organization as a reflection of its top managers. Academy of Management Review 9 (2): 193-206.
Hribar, P., T. Kravet, and R. Wilson. 2014. A new measure of accounting quality. Forthcoming in. Review of Accounting Studies 19(1), 506-538. .
Johnson, V. E., I. K. Khurana, and J. K. Reynolds. 2002. Audit‐firm tenure and the quality of financial reports. Contemporary Accounting Research 19 (4): 637-660.
Lee, C., and J. L. Farh. 2004. Joint effects of group efficacy and gender diversity on group cohesion and performance. Applied Psychology 53 (1): 136-154.
Myers, J. N., L. A. Myers, and T. C. Omer. 2003. Exploring the term of the auditor‐client relationship and the quality of earnings: A case for mandatory auditor rotation? The Accounting Review 78 (3): 779-799.
Nelson, M., and H. T. Tan. 2005. Judgment and decision making research in auditing: A task, person, and interpersonal interaction perspective. Auditing: A Journal of Practice & Theory 24 (s-1): 41-71.
Papadakis, V., and D. Bourantas. 1998. The chief executive officer as corporate champion of technological innovation: Aii empirical investigation. Technology Analysis & Strategic Management 10 (1): 89-110.
Robinson, J. R., Y. Xue, and Y. Yu. 2011. Determinants of disclosure noncompliance and the effect of the SEC review: Evidence from the 2006 mandated compensation disclosure regulations. The Accounting Review 86 (4): 1415-1444.
Schwartz, K. B., and B. S. Soo. 1995. An analysis of form 8-K disclosures of auditor changes by firms approaching bankruptcy. Auditing 14(1): 125.
Schwartz, K. B., and B. S. Soo. 1996. Evidence of regulatory noncompliance with SEC disclosure rules on auditor changes. Accounting Review: 555-572.
Skomra, J. 2018. The impact of SEC comment letters and short selling on the demand for audit quality, Working Paper. Kent State University.
描述 碩士
國立政治大學
會計學系
108353030
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0108353030
資料類型 thesis
dc.contributor.advisor 張祐慈zh_TW
dc.contributor.advisor Chang, Yu-Tzuen_US
dc.contributor.author (Authors) 蕭寧君zh_TW
dc.contributor.author (Authors) Hsiao, Ning-Chunen_US
dc.creator (作者) 蕭寧君zh_TW
dc.creator (作者) Hsiao, Ning-Chunen_US
dc.date (日期) 2021en_US
dc.date.accessioned 4-Aug-2021 14:30:24 (UTC+8)-
dc.date.available 4-Aug-2021 14:30:24 (UTC+8)-
dc.date.issued (上傳時間) 4-Aug-2021 14:30:24 (UTC+8)-
dc.identifier (Other Identifiers) G0108353030en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/136297-
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) 108353030zh_TW
dc.description.abstract (摘要) 以往國內外對於美國證管會意見函之研究，大多在探討企業經營績效與公司特質與是否收到意見函的關聯性。本文以2016年至2019年美國S&P500公司為研究樣本，探討會計師與財務長雙方之間存有的學經地位差異及性別差異，是否與企業收到來自美國證管會之意見函有所關聯。實證結果顯示，當會計師之學經地位優於財務長時，公司收到來自美國證管會意見函之可能性將會降低；當會計師與財務長間之性別組合存有差異時，公司收到意見函之機率較低。此外，當會計師之學經地位優於財務長時，將會提高意見函回覆之效率，降低相關回覆成本。然而，當會計師與財務長間之性別組合存有差異時，異性之組合對降低意見函回覆成本並未有顯著之影響；在追加測試中，本文區分出與會計準則和揭露議題有關之意見函的子樣本，其結果顯示會計師和財務長之學經地位差異和性別差異皆並未對降低意見函回覆成本造成顯著影響。本研究期望能對未來會計師事務所於審計業務的人力調派做出貢獻，當指派審計案件之會計師時，可以同時去考量雙方之學經地位差異和性別差異，針對不同的審計客戶做最適的人力調派，以減少企業收到意見函之可能性，並進一步降低會計師對於意見函所需花費之回覆成本。zh_TW
dc.description.abstract (摘要) Prior studies that examine the determinants of the receipt of comment letters mainly focus on the company’s financial performance and its characteristics. Little is known about the role of auditors on the likelihood of receiving comment letters. This study analyzes a sample of US S&P500 companies from 2016 to 2019 to investigate whether social mismatches between the audit partner and the chief financial officer (CFO) are associated with the company’s likelihood of receiving comment letters from SEC. The empirical results show that when the audit partner has better education and more experience than does the CFO and when there is a gender mismatch between the audit partner and the CFO, the company is less likely to receive a SEC comment letter. Additionally, the empirical results indicate that such social mismatches in education and experience are associated with the efficiency in addressing the SEC comment letter (i.e., lower remediation cost). However, there is no evidence showing that the gender mismatch has a significant impact on the remediation cost. In a further analysis, using a subsample of companies that receive comment letters related to accounting issues, I explore but do not find evidence that the mismatches between audit partners and CFOs in education and experience status and gender difference have a significant impact on the reduction in remediation cost. The implication of the study is that audit firms should take social mismatch between engagement partners and CFOs into consideration when making engagement assignments.en_US
dc.description.tableofcontents 目錄
壹、前言 3
第一節 研究動機與目的 3
第二節 研究問題 5
貳、文獻探討 6
第一節 意見函 6
第二節 會計師及管理階層之個人特質與意見函之相關性 7
參、研究方法 10
第一節 研究假說 10
第二節 樣本選取與資料來源 12
第三節 實證模型 16
第四節 變數定義與衡量 17
肆、實證結果與分析 27
第一節 敘述性統計 27
第二節 Pearson相關係數分析 31
第三節 迴歸分析 34
第四節 追加測試 38
伍、研究結論與限制 39
第一節 研究結論 39
第二節 研究限制 41
陸、參考文獻 42		zh_TW
dc.format.extent 1978606 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0108353030en_US
dc.subject (關鍵詞) 會計師zh_TW
dc.subject (關鍵詞) 財務長zh_TW
dc.subject (關鍵詞) 學經地位差異zh_TW
dc.subject (關鍵詞) 性別差異zh_TW
dc.subject (關鍵詞) 意見函zh_TW
dc.subject (關鍵詞) 美國S&P500公司zh_TW
dc.subject (關鍵詞) Audit Partneren_US
dc.subject (關鍵詞) Chief Financial Officeren_US
dc.subject (關鍵詞) Education and Experience Mismatchen_US
dc.subject (關鍵詞) Gender Mismatchen_US
dc.subject (關鍵詞) Comment Letteren_US
dc.subject (關鍵詞) US S&P500en_US
dc.title (題名) 會計師與財務長間之個人差異對意見函關聯性之研究—以美國S&P 500公司為例zh_TW
dc.title (題名) The Effect of Mismatches between the Chief Financial Officer and the Audit Partner on SEC’s Comment Letter–Evidence from S&P 500 Companiesen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Abbott, L. J., S. Parker, and G. F. Peters. 2012. Internal audit assistance and external audit timeliness. Auditing: A Journal of Practice & Theory 31 (4): 3-20.
Aier, J. K., J. Comprix, M. T. Gunlock, and D. Lee. 2005. The financial expertise of CFOs and accounting restatements. Accounting Horizons 19 (3): 123-135.
Antle, R. 1982. The auditor as an economic agent. Journal of Accounting Research: 503-527.
Baugh, M., and R. Schmardebeck. 2020. Auditor style and common disclosure deficiencies: Evidence from SEC comment letters. Available at SSRN 3368511.
Beatty, A., and J. Weber. 2006. Accounting discretion in fair value estimates: An examination of SFAS 142 goodwill impairments. Journal of Accounting Research 44 (2): 257-288.
Bennett, G. B., and R. C. Hatfield. 2013. The effect of the social mismatch between staff auditors and client management on the collection of audit evidence. The Accounting Review 88 (1): 31-50.
Boone, J. P., C. L. Linthicum, and A. Poe. 2013. Characteristics of accounting standards and SEC review comments. Accounting Horizons 27 (4): 711-736.
Cassell, C. A., L. M. Dreher, and L. A. Myers. 2013. Reviewing the SEC`s review process: 10-K comment letters and the cost of remediation. The Accounting Review 88 (6): 1875-1908.
Casterella, J. R., J. R. Francis, B. L. Lewis, and P. L. Walker. 2004. Auditor industry specialization, client bargaining power, and audit pricing. Auditing: A Journal of Practice & Theory 23 (1): 123-140.
Chung, H., and S. Kallapur. 2003. Client importance, nonaudit services, and abnormal accruals. The Accounting Review 78 (4): 931-955.
El-Dyasty, M. M. 2004. Accounting profession and web assurance service. Available at SSRN 484282.
Emby, C., and R. A. Davidson. 1998. The effects of engagement factors on auditor independence: Canadian evidence. Journal of International Accounting, Auditing and Taxation 7 (2): 163-179.
Ertimur, Y., and M. Nondorf. 2006. IPO firms and the SEC comment letter process. Working Paper (July, 2006).
Ettredge, M., K. Johnstone, M. Stone, and Q. Wang. 2011. The effects of firm size, corporate governance quality, and bad news on disclosure compliance. Review of Accounting Studies 16 (4): 866-889.
Francis, J., D. Philbrick, and K. Schipper. 1994. Shareholder litigation and corporate disclosures. Journal of Accounting Research 32 (2): 137-164.
Ge, W., D. Matsumoto, and J. L. Zhang. 2011. Do CFOs have style? An empirical investigation of the effect of individual CFOs on accounting practices. Contemporary Accounting Research 28 (4): 1141-1179.
Geiger, M. A., and D. S. North. 2006. Does hiring a new CFO change things? An investigation of changes in discretionary accruals. The Accounting Review 81 (4): 781-809.
Geiger, M. A., and K. Raghunandan. 2002. Auditor tenure and audit reporting failures. Auditing: A Journal of Practice & Theory 21 (1): 67-78.
Goldman, A., and B. Barlev. 1974. The auditor-firm conflict of interests: Its implications for independence. The Accounting Review 49 (4): 707-718.
Gore, A., S. Matsunaga, and P. Yeung. 2007. The relation between financial monitoring and incentives for chief financial officers. Unpublished Working Paper, George Washington University.
Gramling, A. A., and D. N. Stone. 1998. A review and evaluation of industry concentration, specialization, experience, and knowledge research in auditing. Specialization, Experience, and Knowledge Research in Auditing (July 28, 1998).
Griffin, P. A. 2003. Got information? Investor response to form 10-K and form 10-Q edgar filings. Review of Accounting Studies 8 (4): 433-460.
Hambrick, D. C., and P. A. Mason. 1984. Upper echelons: The organization as a reflection of its top managers. Academy of Management Review 9 (2): 193-206.
Hribar, P., T. Kravet, and R. Wilson. 2014. A new measure of accounting quality. Forthcoming in. Review of Accounting Studies 19(1), 506-538. .
Johnson, V. E., I. K. Khurana, and J. K. Reynolds. 2002. Audit‐firm tenure and the quality of financial reports. Contemporary Accounting Research 19 (4): 637-660.
Lee, C., and J. L. Farh. 2004. Joint effects of group efficacy and gender diversity on group cohesion and performance. Applied Psychology 53 (1): 136-154.
Myers, J. N., L. A. Myers, and T. C. Omer. 2003. Exploring the term of the auditor‐client relationship and the quality of earnings: A case for mandatory auditor rotation? The Accounting Review 78 (3): 779-799.
Nelson, M., and H. T. Tan. 2005. Judgment and decision making research in auditing: A task, person, and interpersonal interaction perspective. Auditing: A Journal of Practice & Theory 24 (s-1): 41-71.
Papadakis, V., and D. Bourantas. 1998. The chief executive officer as corporate champion of technological innovation: Aii empirical investigation. Technology Analysis & Strategic Management 10 (1): 89-110.
Robinson, J. R., Y. Xue, and Y. Yu. 2011. Determinants of disclosure noncompliance and the effect of the SEC review: Evidence from the 2006 mandated compensation disclosure regulations. The Accounting Review 86 (4): 1415-1444.
Schwartz, K. B., and B. S. Soo. 1995. An analysis of form 8-K disclosures of auditor changes by firms approaching bankruptcy. Auditing 14(1): 125.
Schwartz, K. B., and B. S. Soo. 1996. Evidence of regulatory noncompliance with SEC disclosure rules on auditor changes. Accounting Review: 555-572.
Skomra, J. 2018. The impact of SEC comment letters and short selling on the demand for audit quality, Working Paper. Kent State University.		zh_TW
dc.identifier.doi (DOI) 10.6814/NCCU202100661en_US