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JOURNAL OF ACCOUNTING AND FINANCE
Auditor Characteristics and Early Accounting Error Detection:
Evidence from Financial Restatements
Author(s): Haeyoung Shin, Randall Zhaohui Xu, Michael Lacina
Citation: Haeyoung Shin, Randall Zhaohui Xu, Michael Lacina, (2011) "Auditor Characteristics and Early Accounting Error Detection: Evidence from Financial Restatements" Vol. 11, Iss. 3, pp. 36 - 52
Article Type: Research paper
Publisher: North American Business Press
Abstract:
We investigate auditor attributes that may help determine the time it takes auditors to detect and have clients correct financial statement misstatements. The attributes include auditor tenure, client importance, and auditor industry specialization. We find that the length of the restatement period is positively associated with auditor tenure. However, this positive relationship applies only to the pre-Sarbanes Oxley Act period. The results imply that regulation imposed by Sarbanes Oxley has helped mitigate the impairment from long auditor tenure on auditors’ ability to make timely detection and correction of improper accounting. Thus, mandatory auditor
rotation may not be needed.
