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1、CausesandConsequencesofAuditShopping:AnAnalysisofAuditorOpinions,EarningsManagement,andAuditorChangesWallaceN.DavidsonIIISouthernIllinoisUniversityPornsitJirapornTexasA&MatLaredoPeterDaDaltMorganStateUniversityJune27,2005CorrespondenceAuthor:WallaceN.DavidsonIIIFinanceDepartment-
2、Mailcode4626SouthernIllinoisUniversityCarbondale,IL62901USA618-453-1429davidson@cba.siu.eduAbstractCausesandConsequencesofAuditShopping:AnAnalysisofAuditorOpinions,EarningsManagementandAuditorChangesCompanieschangeauditorsforavarietyofreasons.Atoneendofthecontinuum,companieschang
3、eauditorstoimproveoperatingperformance.Attheother,managerschangeauditorstoenhancetheirownposition.Ifauditorchangesaredrivenbymanagerialopportunism,companiesmayincreasetheirlevelofearningsmanagementafterthechange.Inthispaperwereexaminepriorresearchinearningsmanagementthatsurrounda
4、uditorchanges(DeFond&Subramanyam,1998)andextendpriorworkbyexaminingearningsmanagementandauditorchangeswhilecontrollingforpriorauditopinion.Wefindthat,onaverage,earningsmanagementdoesnotincreasefollowingauditorchanges.However,wedofindthatthelevelofearningsmanagementislargerforcomp
5、aniesthatswitchfromBigSixtonon-BigSixauditorsfollowingthereceiptofamodifiedauditopinionfromtheiroriginalauditor.JELClassifications:G38M42CausesandConsequencesofAuditShopping:AnAnalysisofAuditorOpinions,EarningsManagement,andAuditorChangesIntroductionThechoiceofauditorfirmisanimpo
6、rtantdecisioninthelifeofacorporation,andthedecisiontochangeauditorsshouldnotbemadelightly.Extantresearchhasidentifiedseveralreasonsforacompanytochangeitsauditor.Williams(1988)arguesthatcompanieschangeauditorswhenthecontractingenvironmentofthecorporationchanges,whenacompanydesires
7、amoreeffectiveauditorordifferentservices,whenacompanywantstoupgradeatarnishedimage,ortoreduceauditfees.Whenanauditorchangeoccursforoneofthesereasons,thechangewouldgenerallybeexpectedtobenefitshareholders.Otherreasonsforchangingauditorsfallundertheheadingofauditshopping.Auditshopp
8、ingcanbesubdividedintotwocategories.Inth
