How has the Change in the Way Auditors Determine the Audit Report Date Changed the Meaning of the Audit Report Date? Implications for Academic Research

Auditing: A Journal of Practice & Theory

65 Pages Posted: 8 Feb 2015 Last revised: 6 Dec 2021

See all articles by Steven M. Glover

Steven M. Glover

Brigham Young University

James C. Hansen

Weber State University Goddard School of Business and Economics

Timothy A. Seidel

Brigham Young University

Date Written: May 2021

Abstract

Archival research in accounting often relies on the audit report date to capture the constructs of audit efficiency, audit timeliness, audit effort, or audit completion. Auditors’ view of what constitutes sufficient appropriate evidence to support the audit opinion, and consequently the date of the audit report, previously coincided with the substantial completion of audit fieldwork, which would be days or weeks before a 10-K filing. However, this view has shifted to coincide with the timing of the public issuance of clients’ financial statements (i.e., the 10-K filing date) following several regulatory actions, audit practice changes, and professional standard setting changes occurring since the turn of the century. In this study, we present evidence of this shift in auditor perspective and discuss implications for academic research and standard setting.

Keywords: audit report date; audit report delay, audit report lag; audit fieldwork completion

JEL Classification: M41

Suggested Citation

Glover, Steven M. and Hansen, James C. and Seidel, Timothy A., How has the Change in the Way Auditors Determine the Audit Report Date Changed the Meaning of the Audit Report Date? Implications for Academic Research (May 2021). Auditing: A Journal of Practice & Theory, Available at SSRN: https://ssrn.com/abstract=2561713 or http://dx.doi.org/10.2139/ssrn.2561713

Steven M. Glover

Brigham Young University ( email )

Provo, UT 84602
United States
801-422-6080 (Phone)
801-422-0621 (Fax)

James C. Hansen (Contact Author)

Weber State University Goddard School of Business and Economics ( email )

1337 Edvalson St. Dept 3803
Ogden, UT 84408
United States
801-626-6433 (Phone)

Timothy A. Seidel

Brigham Young University ( email )

Provo, UT 84602
United States

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