Audit quality and auditor reputation
evidence from Japan
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Author
Contributions
- Srinivasan, Suraj - Contributor
- Harvard Business School - Contributor
Publication
2010 - Harvard Business School, Boston, Massachusetts
Language
English
Word Count
13,750 words, Guess
Page Count
55 pages
Identifiers
- OCLC Control Number599885452
- Open LibraryOL45259239M
Description
We study events surrounding ChuoAoyama's failed audit of Kanebo, a large Japanese cosmetics company whose management engaged in a massive accounting fraud. ChuoAoyama was PwC's Japanese affiliate and one of Japan's "Big Four" audit firms. In May 2006, the Japanese Financial Services Agency (FSA) suspended ChuoAoyama's operations for two months as punishment for its role in the accounting fraud at Kanebo. This action was unprecedented, and followed a sequence of events that seriously damaged ChuoAoyama's reputation for audit quality. We use these events to provide evidence on the importance of auditors' reputation for audit quality in a setting where litigation plays essentially no role. We find that ChuoAoyama's audit clients switched away from the firm as questions about its audit quality became more pronounced but before it was clear that the firm would be wound up, consistent with the importance of auditors' reputation for delivering quality.
Subjects
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