The Audit Quality Spillover Effect of the Random On-Site IPO Inspections: From the Perspective of Audit Linkage

Abstract

Abstract: As one of the important regulatory measures supporting the registration system, the random on-site inspections of IPOs can improve the professional quality of auditors. Taking the IPO enterprises listed from 2014 to 2021 as the research objects, this study focuses on the audit quality spillover effects of the random on-site inspections of IPOs from the perspective of audit linkage. The findings show that the random on-site inspections of IPOs can improve the audit quality of accounting firms in their auditing of the connecting enterprises. The mechanism analysis reveals that the random on-site inspection of IPO has improved the risk perception level and professional ability of auditors, thereby enhancing the audit quality of audit linkage enterprises. The economic consequence analysis found that the random on-site inspections of IPOs have increased the success rate of IPO companies selected for on-site inspections. Therefore, in order to improve the quality of listed companies from the source, the regulatory authorities need to increase the intensity of random on-site inspections of IPOs, so as to strengthen the supervision of information disclosure of IPO enterprises and standardize the audit behaviors of accounting firms.

Key words: random on-site IPO inspections, spillover effects, audit linkage, audit quality

CLC Number:

F832.51

ZHOU Dong-hua, ZENG Qing-mei. The Audit Quality Spillover Effect of the Random On-Site IPO Inspections: From the Perspective of Audit Linkage[J]. Contemporary Finance & Economics, 2024, 0(6): 153-164.

References

[1] 陈运森, 邓祎璐, 李哲. 证券交易所一线监管的有效性研究:基于财务报告问询函的证据[J]. 管理世界, 2019, (3): 169-185.
[2] 戴亦一, 潘越, 陈静. 双重保荐声誉、社会诚信与IPO过会[J]. 金融研究, 2014, (6): 146-161.
[3] 何慧华, 方军雄. 监管型小股东的治理效应:基于财务重述的证据[J]. 管理世界, 2021, (12): 176-195.
[4] 吉伟莉, 余梁. 审计师的社会资本能提高审计质量吗[J]. 当代财经, 2023, (11): 145-156.
[5] 蓝梦, 夏宁. 基于年报问询函的低质量审计传染效应[J]. 审计研究, 2022, (4): 78-87.
[6] 李世刚, 蒋尧明. 上市公司年报文本信息语调影响审计意见吗?[J]. 会计研究, 2020, (5): 178-192.
[7] 刘红霞, 李继峥, 马云飙. 随机现场检查与审计师谨慎性——基于证监会对上市公司现场检查的准自然实验[J]. 审计研究, 2022, (2): 94-106.
[8] 刘金洋, 沈彦杰. 证监会随机抽查的监管效应:溢出还是替代?——基于交易所和审计师的视角[J]. 审计研究, 2021, (4): 77-87.
[9] 刘瑶瑶, 路军伟, 宁冲. 证监会随机抽查能提高上市公司会计信息质量吗[J]. 山西财经大学学报, 2021, (12): 111-126.
[10] 柳光强, 王迪. 政府会计监督如何影响盈余管理——基于财政部会计信息质量随机检查的准自然实验[J]. 管理世界, 2021, (5): 157-169.
[11] 梅蓓蕾, 郭雪寒, 叶建芳. 问询函的溢出效应——基于盈余管理视角[J]. 会计研究, 2021, (6): 30-41.
[12] 祁怀锦, 黄有为. IPO公司盈余管理行为选择及不同市场间的差异[J]. 会计研究, 2016, (8): 34-41.
[13] 宋建波, 冯晓晴. 关键审计事项信息含量与公司债券发行定价——基于文本相似度视角[J]. 会计研究, 2022, (3): 174-191.
[14] 宋云玲, 李志文, 纪新伟. 从业绩预告违规看中国证券监管的处罚效果[J]. 金融研究, 2011, (6): 136-149.
[15] 汪昌云, 李运鸿, 王行健, 等. 监管强度预期与上市公司盈余管理——基于证监会随机抽查威慑作用的研究[J]. 审计研究, 2023, (3): 123-135.
[16] 汶海, 高皓, 陈思岑,等. 行政审计监管与股价崩盘风险——来自证监会随机抽查制度的证据[J]. 系统工程理论与实践, 2020, (11): 2769-2783.
[17] 杨金凤, 陈智, 吴霞,等. 注册会计师惩戒的溢出效应研究——以与受罚签字注册会计师合作的密切关系为视角[J]. 会计研究, 2018, (8): 65-71.
[18] 于晓红, 石志远, 邬瑜骏. 注册制下IPO审核问询、信息披露改善与审计收费[J]. 审计研究, 2022, (6): 80-93.
[19] 余玉苗, 宋子龙, 孙迪. 项目团队行业专长、审计报告时滞与年报审计质量[J]. 管理评论, 2021, (4): 248-258.
[20] 翟淑萍, 王敏, 韩贤. 交易所财务问询监管与会计信息可比性——直接影响与溢出效应[J]. 当代财经, 2020, (10): 124-137.
[21] 周冬华, 周思阳. 共有股东有利于稳定资本市场吗?——基于股价崩盘风险的视角[J]. 安徽大学学报(哲学社会科学版), 2022, (2): 99-111.
[22] 朱松, 柯晓莉. 审计行业监管有效性研究——基于证监会处罚公告后事务所策略选择的经验证据[J]. 财经研究, 2018, (3): 56-67.
[23] Brown S V, Tian X L, Tucker J W.The spillover effect of SEC comment letters on qualitative corporate disclosure: Evidence from the risk factor disclosure[J]. Contemporary Accounting Research, 2018, 35(2): 622-656.
[24] Cao V N, Pham A V.Behavioral spillover between firms with shared auditors: The monitoring role of capital market investors[J]. Journal of Corporate Finance, 2021, 68(1): 1-29.
[25] Dechow P M, Dichev I D.The quality of accruals and earnings: The role of accrual estimation errors[J]. The Accounting Review, 2002, 77(1): 35-59.
[26] Reichelt K J, Wang D C.National and office-specific measures of auditor industry expertise and effects on audit quality[J]. Journal of Accounting Research, 2010, 48(3): 647-686.
[27] Zhong Q L, Liu Y Y, Yuan C.Director interlocks and spillover effects of board monitoring: Evidence from regulatory sanctions[J]. Accounting & Finance, 2017, 57(5): 1605-1633.