Legal Risk, Internal Control Quality and Audit Fees： Evidence from US-listed Chinese Companies
- 2016年第9卷 
【中文摘要】本文以“中概股”危机前后在美上市中国公司为样本，实证研究了会计师事务所及其审计师面临的法律风险变化对内部控制质量与审计收费关系的影响。研究结果表明：第一，总体而言，内部控制质量与审计收费不存在显著关系；第二，会计师事务所及其审计师面临的法律风险变化对内部控制质量与审计收费关系影响不显著；第三，在法律风险增加前，会计师事务所规模对内部控制质量与审计收费关系影响不显著，但在法律风险增加后，“四大”对内部控制质量低的客户收取较多的审计费用，而“非四大”在法律风险增加后更倾向于在实质性测试阶段增加审计投入，导致对内部控制质量低的客户反而收取较少的审计费用。本文的研究揭示了内部控制质量与审计收费之间关系受会计师事务所规模和会计师事务所及其审计师面临的法律风险变化两个调节因素的影响，第一层次的调节因素是会计师事务所规模，第二层次的调节因素是会计师事务所及其审计师面临的法律风险变化；本文的研究结论也表明现代风险导向审计在实务中的运用在“四大”和“非四大”之间存在明显差异，“四大”比“非四大”更能按照现代风险导向审计准则的要求执行审计。 【Abstract】 Using the sample of US-listed Chinese firms for the period before and after the crisis of “Chinese concept stocks”, we examine the effect of the change in legal risk faced by accounting firms and their auditors on the relation between internal control quality and audit fees. We document the following findings. First, internal control quality is not significantly related to audit fees. Second, the change in legal risk faced by accounting firms and their auditors has no significant effect on the relation between internal control quality and audit fees.Third, before the legal risk increases, the size of the accounting firm has no significant effect on the relation between internal control quality and audit fees. After the legal risk increases,“Big4” auditors charge higher audit fees to the clients with lower internal control quality;“Non-Big4” auditors tend to put more audit resources into the phase of substantive testing than “Big4” and thus charge lower audit fees to the clients with poor internal control quality. These findings suggest that the relation between internal control quality and audit fees is influenced by two moderator variables: the size of the accounting firm and the external legal risk exposure of accounting firms and their auditors. The size of the accounting firm is the first-level moderating factor, whereas the external legal risk exposure of accounting firms and their auditors is the second-level moderating factor. We conclude that there is a significance difference between “Big4” and “Non-Big4” in applying the modern risk-oriented audit model,and that “Big4” could do a better audit job than “Non-Big4” in compliance with the standards of modern risk-oriented audit.