How has the Change in the Way Auditor’s Determine the Audit Report Date Changed the Meaning of the Audit Report Date? Implications for Academic Research
50 Pages Posted: 8 Feb 2015 Last revised: 26 Mar 2020
Date Written: March 2020
Several regulatory actions and professional standard setting changes occurring since the turn of the century have resulted in a fundamental change to the information captured by the audit report date. Whereas the audit report date previously captured substantial completion of audit fieldwork, which would be days or weeks before a 10-K filing, it now essentially coincides with the date the financial statements are issued to the public (i.e., the 10-K filing date). Academic research continues to rely, however, on the assumption that the audit report date captures the timing of substantial completion of audit fieldwork. In this study, we present evidence of this audit report dating convention change and explore 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: Suggested Citation