德勤－复旦会计论坛系列讲座之七十三

时间：2014年12月22日（周一）下午14：00

地点：史带楼503室

主持人：陈超 教授

演讲嘉宾：Feng Chen  (University of Toronto)

Title：Late for a Very Important Date: Financial Reporting and Audit Implications of Late 10-K Filings

Abstract：Delays in SEC filings often reflect issues related to period-end financial reporting and audit processes. We investigate the impact of filing delays in connection with auditor characteristics on the quality of audited financial statements in a sample of firms that filed Form 10-K after the statutory due date. We find that late-filing firms are associated with lower accrual quality compared with timely filing firms matched by propensity scores or with the same firms from the previous year. However, when clients are audited by one of the Big 4 auditors, the adverse effect of delayed filings on accrual quality is mitigated. Furthermore, results from both cross-sectional and time-series tests show that the differences in accrual quality between Big 4 and non-Big 4 late-filing clients are primarily driven by Big 4 auditors in large offices. We also find that Big 4 auditors in large offices reduce the likelihood of subsequent restatements associated with previously delayed filings. Our findings are consistent with large Big 4 offices having both more in-house capacity and greater incentives for reputation protection in dealing with misreporting by clients that file after the statutory deadline.

会计学系

2014-12-18