Abstract

http://ssrn.com/abstract=1020183
 
 

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Auditing the Auditors: Evidence on the PCAOB's Inspections of Audit Firms


Clive S. Lennox


Nanyang Technological University

Jeffrey Pittman


Memorial University of Newfoundland (MUN) - Faculty of Business Administration

October 1, 2008


Abstract:     
This paper analyzes audit firm supervision since the Public Company Accounting Oversight Board (PCAOB) began conducting inspections. First, we find that audit clients do not perceive that the PCAOB's inspection reports are valuable for signaling audit quality. Second, we document that the information content of peer review reports fell after they became narrower in scope with the initiation of PCAOB inspections. Third, we isolate that the signaling role of peer review reports mainly stems from information that PCAOB inspectors do not publicly disclose. Collectively, our evidence implies that less is known about audit firm quality under the new regulatory regime.

Number of Pages in PDF File: 50

Keywords: Regulation, Sarbanes-Oxley Act, PCAOB

JEL Classification: G18, L51, M49

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Date posted: October 16, 2007 ; Last revised: September 30, 2008

Suggested Citation

Lennox, Clive S. and Pittman, Jeffrey, Auditing the Auditors: Evidence on the PCAOB's Inspections of Audit Firms (October 1, 2008). Available at SSRN: http://ssrn.com/abstract=1020183 or http://dx.doi.org/10.2139/ssrn.1020183

Contact Information

Clive Lennox (Contact Author)
Nanyang Technological University ( email )
Nanyang Business School (College of Business)
Nanyang Avenue
Singapore, 639627
Singapore
Jeffrey A. Pittman
Memorial University of Newfoundland (MUN) - Faculty of Business Administration ( email )
St. John's, Newfoundland A1B 3X5
Canada
709-737-3100 (Phone)
709-737-7680 (Fax)
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