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Consequences of Expanded Audit Reports: Evidence from the Justifications of Assessments in France

SUMMARY Since 2003, French auditors must disclose justifications of assessments (JOAs) in expanded audit reports. Like critical audit matters recently introduced in the U.S., and key audit matters introduced by international standard setters, the purpose of JOAs is to enhance the informative value o... Full description

Journal Title: Auditing : a journal of practice and theory 2019-08, Vol.38 (3), p.23-45
Main Author: Bédard, Jean
Other Authors: Gonthier-Besacier, Nathalie , Schatt, Alain
Format: Electronic Article Electronic Article
Language: English
Subjects:
Exp
Quelle: Alma/SFX Local Collection
Publisher: Sarasota: American Accounting Association
ID: ISSN: 0278-0380
Link: https://hal.archives-ouvertes.fr/hal-02011144
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title: Consequences of Expanded Audit Reports: Evidence from the Justifications of Assessments in France
format: Article
creator:
  • Bédard, Jean
  • Gonthier-Besacier, Nathalie
  • Schatt, Alain
subjects:
  • Audit fees
  • Audit quality
  • Audit Report
  • Auditing
  • Auditors
  • Auditors reports
  • Audits
  • Business administration
  • ed Audit Report
  • Exp
  • health services administration
  • Humanities
  • Humanities and Social Sciences
  • International auditing standards
  • Key Audit Matters
  • Market Reaction
  • musculoskeletal diseases
  • musculoskeletal system
  • Social Sciences
ispartof: Auditing : a journal of practice and theory, 2019-08, Vol.38 (3), p.23-45
description: SUMMARY Since 2003, French auditors must disclose justifications of assessments (JOAs) in expanded audit reports. Like critical audit matters recently introduced in the U.S., and key audit matters introduced by international standard setters, the purpose of JOAs is to enhance the informative value of audit reports. Based on French audit reports from 2002 to 2011, we analyze the impact of first-time implementation of JOAs, and the impact of new JOAs in subsequent years, on investors (measured by abnormal returns and abnormal trading volume) and on the audit (measured by audit report lag, abnormal accruals, and audit fees). For both first-time implementation of JOAs and new JOAs in subsequent years, we find no significant market reaction to their disclosure and no significant effect on audit report lag, audit quality, and audit fees. Our results suggest that the French expanded audit report did not have the expected consequences on investors and the audit.
language: eng
source: Alma/SFX Local Collection
identifier: ISSN: 0278-0380
fulltext: fulltext
issn:
  • 0278-0380
  • 1558-7991
url: Link


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descriptionSUMMARY Since 2003, French auditors must disclose justifications of assessments (JOAs) in expanded audit reports. Like critical audit matters recently introduced in the U.S., and key audit matters introduced by international standard setters, the purpose of JOAs is to enhance the informative value of audit reports. Based on French audit reports from 2002 to 2011, we analyze the impact of first-time implementation of JOAs, and the impact of new JOAs in subsequent years, on investors (measured by abnormal returns and abnormal trading volume) and on the audit (measured by audit report lag, abnormal accruals, and audit fees). For both first-time implementation of JOAs and new JOAs in subsequent years, we find no significant market reaction to their disclosure and no significant effect on audit report lag, audit quality, and audit fees. Our results suggest that the French expanded audit report did not have the expected consequences on investors and the audit.
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subjectAudit fees ; Audit quality ; Audit Report ; Auditing ; Auditors ; Auditors reports ; Audits ; Business administration ; ed Audit Report ; Exp ; health services administration ; Humanities ; Humanities and Social Sciences ; International auditing standards ; Key Audit Matters ; Market Reaction ; musculoskeletal diseases ; musculoskeletal system ; Social Sciences
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abstractSUMMARY Since 2003, French auditors must disclose justifications of assessments (JOAs) in expanded audit reports. Like critical audit matters recently introduced in the U.S., and key audit matters introduced by international standard setters, the purpose of JOAs is to enhance the informative value of audit reports. Based on French audit reports from 2002 to 2011, we analyze the impact of first-time implementation of JOAs, and the impact of new JOAs in subsequent years, on investors (measured by abnormal returns and abnormal trading volume) and on the audit (measured by audit report lag, abnormal accruals, and audit fees). For both first-time implementation of JOAs and new JOAs in subsequent years, we find no significant market reaction to their disclosure and no significant effect on audit report lag, audit quality, and audit fees. Our results suggest that the French expanded audit report did not have the expected consequences on investors and the audit.
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