An Empirical Investigation of the Impact of Central Bank of Denver on Securities Disclosure-related Auditor Litigation Risk PDF Download
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Author: Ross D. Fuerman
Publisher:
ISBN:
Category : Auditors
Languages : en
Pages : 220
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Book Description
Author: Ross D. Fuerman
Publisher:
ISBN:
Category : Auditors
Languages : en
Pages : 220
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Book Description
Author: David L. Gilbertson
Publisher:
ISBN:
Category : Auditors
Languages : en
Pages : 114
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Book Description
This dissertation consists of three chapters, each of which examines important questions relevant to the securities reform debate. These questions are addressed in the context of securities class action lawsuits, especially those involving auditors. The first chapter investigates some of the charges made by those who claim that the securities laws are being abused and tests several hypotheses reflecting the accounting profession's allegations of "opportunistic" behavior by plaintiffs' attorneys. The second chapter investigates an empirical technique for assessing the relative merits of securities class-action lawsuits, using methodologies developed by previous earnings management researchers. The third chapter assesses the impact of the Supreme Court's Central Bank decision on securities litigation against audit firms.
Author:
Publisher: DIANE Publishing
ISBN: 1457805928
Category :
Languages : en
Pages : 16
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Book Description
Author: Jagan Krishnan
Publisher:
ISBN:
Category :
Languages : en
Pages : 44
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Book Description
The Securities and Exchange Commission (SEC) recently made timely reviews of quarterly financial statements mandatory for all registrants. The objective is to improve corporate quarterly reporting. However, formal review reports are not required to be included in 10-Q filings, and may not even be issued by auditors. A priori, one would expect these reports to be useful to investors if they imply added auditor diligence or if they contain modifications to the standard report. We find that only 5.7% of the companies in our sample attached the auditor's review report in their 10-Q filings. Also the majority of these reports are clean, suggesting that clients may not be disclosing the reports when they are modified. After controlling for factors such as auditor type, agency costs, capital market transactions, and company size, we find a significant negative association between auditor's litigation risk and disclosure of a review report. In addition, we find that the disclosure of a review report is associated with auditor type and company size.
Author: Board of Governors of the Federal Reserve System
Publisher:
ISBN: 9780894991967
Category : Banks and Banking
Languages : en
Pages : 0
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Book Description
Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.
Author: Cory A. Cassell
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
We investigate whether auditors are sensitive to litigation risk related specifically to having greater numbers of institutional investors that hold the common stock of a given client. Our findings suggest that audit fees are higher when the number of institutional investors holding stock in the company is greater. Additional tests corroborate our inference that the association between audit fees and the number of institutional investors is related to litigation risk. The importance of improving our understanding of auditors' sensitivity to factors that increase litigation exposure is highlighted by the number and magnitude of lawsuits filed against auditors relating to the audits of public clients.
Author: Charles Aaron Pier
Publisher:
ISBN:
Category : Disclosure of information
Languages : en
Pages : 204
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Book Description
Author: Sebahattin Demirkan
Publisher:
ISBN:
Category :
Languages : en
Pages : 33
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Book Description
This study extends the Palmrose and Scholz (2004) general litigation and general restatements study by focusing on auditor litigation and revenue restatements. We investigate all potential accounting issues, individually, instead of by their group method, with regard to auditor litigation. The impact of the individual accounting issues implicated in restatements is of concern to auditors and audit standard setters in gauging auditor litigation risk and audit risk. It also is important for financial analysis and securities valuation because investors' losses are greater, and recovery of losses on a percentage basis lower, when the auditor is a defendant, and especially when the auditor has a more severe, negative litigation experience (Commolli et al. 2012). We examine financial reporting lawsuits filed from 2001 through 2008 and find that revenue restatements - far more than any other kind of restatements - are associated with auditors being named defendants and also auditors experiencing a more severe, negative outcome in the litigation.
Author: Presha E. Neidermeyer
Publisher:
ISBN:
Category : Disclosure of information
Languages : en
Pages : 254
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Book Description
Author: Mahfuz Chy
Publisher:
ISBN:
Category :
Languages : en
Pages : 63
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Book Description
We exploit staggered state-level shocks to third-party auditor legal liability in the U.S. to test whether auditor litigation risk affects client companies' access to private debt markets. We find that an exogenous increase in auditor litigation risk leads to an increase in both clients' likelihood of receiving bank loans and the average amount of the bank loans that clients receive. In support of our proposed mechanism that auditor litigation risk leads to improvements in clients' audit and financial reporting quality, we find that these same shocks lead to a reduction in accruals, an increase in going-concern opinions, a decrease in restatements, and an improvement in accruals' ability to predict future cash flows. We also find that increased auditor litigation risk leads to an increase in the contractibility of clients' accounting numbers, as proxied by the use of debt covenants, and a decrease in the cost of borrowing.
