会计师事务所声誉损失与审计合约稳定性:基于瑞华会计师事务所的案例分析

Reputation Loss of Certified Public Accountants and Audit Contract Stability:Based on the Case Study of Ruihua Certified Public Accountants

本文将瑞华事务所因“康得新”事件遭受证监会调查作为一次外生冲击,深入考察事务所声誉毁损的经济后果。研究发现:瑞华事务所声誉受损导致大量客户变更。结合事务所变更方向的分析表明,资产规模大、上年度获得“清洁”审计意见的客户更倾向于选择国内“十大”所,证实了高品质客户具有利用事务所选聘进行信号传递的动机。采取“双重差分”模型的回归结果表明,事务所变更前后在审计费用、审计质量和审计意见方面不存在显著差异,上一年度盈余管理程度最高的一组客户在变更事务所后仍保持明显的异常应计水平。对于追随原签字审计师的改聘客户,继任事务所更倾向于出具相对宽松的审计意见;但相比非“十大”,“十大”所倾向于对原瑞华客户出具更为严格的审计意见。本文研究结论对监管部门和注册会计师行业都有一定借鉴和启示意义。

With the investigation conducted by China Securities Regulatory Commission on Ruihua Certified Public Accountants because of the“Kangdexin”event as an exogenous shock,this paper examines the causes and economic consequences of the instability of auditing contracts and loss of customers caused by the reputation loss of the Certified Public Accountants.The research shows that,Ruihua Certified Public Accountants suffers a large number of clients changes due to reputation loss.The analysis of the direction of change in the Certified Public Accountants shows that clients with large-scale assets and obtaining“clean”audit opinions in the previous year are more inclined to select domestic“Top Ten”certified public accountants,indicating that high-quality clients have a motive to transmit signals by selecting and employing certified public accountants.The results of regression with the“difference-in-differences”model show that,the Certified Public Accountants does not have remarkable differences in auditing fees,auditing quality or auditing opinions before and after this change,but the group of clients subject to the highest levels of earnings management in the previous year still maintains an obvious level of abnormal accruals after the change of the Certified Public Accountants.Meanwhile,for clients following their original signing auditors,the successive Certified Public Accountants is more inclined to provide relatively loose auditing opinions.Contrast to Non“Top Ten”,the domestic“Top Ten”certified public accountants provide more stringent auditing opinions to former Ruihua clients.The research conclusions of this paper have certain reference and enlightenment significance for both regulatory authorities and the certified public accountant industry.