261
Views
0
CrossRef citations to date
0
Altmetric
Articles

Respuesta de los auditores a la crisis financiera global: evidencia de empresas no cotizadas Españolas

Auditors´response to the global financial crisis: evidence from Spanish non-listed companies

&
Pages 400-431 | Received 31 Jul 2015, Accepted 09 Jan 2018, Published online: 01 Feb 2018

References

  • Altman, E. I. (1982). Accounting implications on failure predictions models. Journal of Accounting, Auditing and Finance, Summer, 4–19.
  • Altman, E. I., Haldeman, R. G., & Narayanan, P. (1977, June). Zeta analysis: A new model to identify bankruptcy risk of corporations. Journal of Banking and Finance, 29–54. doi:10.1016/0378-4266(77)90017-6
  • Altman, E. I., & Mcgough, T. P. (1974). Evaluation of a company as a going. Concern. Journal of Accounting, December, 50–57.
  • Arnedo-Arjona, L., Lizarraga-Dallo, F., & Sánchez-Alegría, S. (2008). Going concern uncertainties in pre- bankrupt audit reports: New evidence regarding discretionary accruals in the wording ambiguity. International Journal of Auditing, 12(1), 25–44.
  • Arnedo-Arjona, L., Lizarraga-Dallo, F., Sánchez-Alegría, S., & Ruíz-Barbadillo, E. (2012). Las expectativas del usuario ante la salvedad al principio de empresa en funcionamiento. Evidencia empírica del fenómeno de la profecía autocumplida para el caso español. Spanish Journal of Finance and Accounting, 41(154), 263–289.
  • Bamber, E. M., Bamber, L. S., & Schoderbeck, M. P. (1993). Audit structure and other determinants of audit report lag: An empirical analysis. Auditing: A Journal of Practice &Theory, 12(1), 1–23.
  • Bell, T. B., Doogar, R., & Solomon, I. (2008). Audit labor usage and fees under business risk auditing. Journal of Accounting Research, 46, 729–760.
  • Bell, T. B., Landsman, W. R., & Shackelford, D. A. (2001). Auditors’ perceived business risk and audit fees: Analysis and evidence. Journal of Accounting Research, 39, 35–43.
  • Bowler, B. D. (2015). Are going concern opinions associated with lower audit impact?. SSRN Electronic Journal. doi:10.2139/ssrn.2700896
  • Cano-Rodríguez, M. (2007). Tamaño del auditor y calidad de auditoría en las empresas españolas no cotizadas. Spanish Journal of Finance and Accounting / Revista Española De Financiación Y Contabilidad, 36(135), 481–507.
  • Cano-Rodríguez, M. (2010). Big auditors, private firms and accounting conservatism: Spanish evidence. European Accounting Review, 19(1), 131–159.
  • Cano-Rodríguez, M., Sánchez-Alegría, S., & Arenas-Torres, P. (2016). The influence of auditor’s opinion and auditor’s reputation on the cost of debt: Evidence from private Spanish firms. Spanish Journal of Finance and Accounting, 45(1), 32–62.
  • Carcello, J. V., & Nagy, A. (2004). Audit firm tenure and fraudulent financial reporting. Auditing: A Journal of Practice Y Theory, 23(2), 55–69.
  • Carcello, J. V., & Neal, T. (2003). Audit committee characteristics and auditor dismissals following “new” going-concern reports. The Accounting Review, 78, 95–117.
  • Carson, E., Fargher, N., Geiger, M., Lennox, C., Raghunandan, K., & Willekens, M. (2013). Auditor reporting on going-concern uncertainty: A research synthesis. Auditing: A Journal of Practice & Theory, 32(1), 353–384.
  • Casterella, J., Lewis, B., & Walker, P. (2000). Modeling the audit opinions issued to bankrupt companies: A two-stage empirical analysis. Decision Sciencies, 31(2), 507–530.
  • Chen, K. C. W., & Church, B. K. (1992). Default on debt obligations and the issuance of going concern. Auditing: A Journal of Practice & Theory, 11(2), 30–50.
  • Chen, K. C. W., & Church, B. K. (1996). Going concern opinions and the market´s reaction to bankruptcy filings. The Accounting Review, 71(1), 117–128.
  • Choi, J. H., Kim, J. B., Liu, X. H., & Simunic, D. A. (2008). Audit pricing, legal liability regimes, and Big 4 premiums: Theory and cross-country evidence. Contemporary Accounting Research, 25, 55–99.
  • Citron, D. B., & Taffler, R. J. (2001). Ethical behaviour in the U.K. audit profession: The case of the self-fulfilling prophecy under going-concern uncertainties. Journal of Business Ethics, 29(4), 353–363.
  • Comisión Europea. (2010). Libro Verde. Política de auditoría: lecciones de la crisis, Bruselas, Author, 13.10.2010 COM (2010) 561 final. DOC 248/16 de 28.5.2011.
  • Craswell, A. (1988). The association between qualified opinions and auditor switches. Accounting and Business Research, 19(73), 23–31.
  • Craswell, A., Stroken, D., & Laughton, J. (2002). Auditor independence and fee dependence. Journal of Accounting and Economics, 33, 253–275.
  • Davis, E., & Ashton, R. (2000). Threshold adjustment in judgment and choice: The case of auditors’ substantial doubt thresholds. Documento de trabajo, Baylor University and Dake University.
  • De Fuentes, C., Illueca, M., & Pucheta-Martínez, M. C. (2015). External investigations and disciplinary sanctions against auditors: The impact on audit quality. Series, 6(3), 313–347.
  • De Las Heras, E., Cañibano, L., & García-Osma, B. (2011). La supervisión pública de la profesión de la auditoría en España. Revista De La Asociación Española De Contabilidad Y Administración De Empresas, 94, 38–41.
  • Deakin, E. B. (1972). A discriminant analysis of predictors of business failure (pp. 167–179). Spring: Journal of Accounting Research.
  • Deangelo, L. E. (1981). Auditor size and audit quality. Journal of Accounting and Economics, 3, 183–199.
  • Defond, M. L., Raghunandan, K., & Subramanyam, K. R. (2002). Do non-audit service fees impair auditor independence? Evidence from going concern audit opinions. Journal of Accounting Research, 40(4), 1247–1274.
  • DeFond, M. L., & Zhang, J. (2014). A review of archival auditing research. Journal of Accounting and Economics, 58(2), 275–326.
  • Dye, R. A. (1995). Incorporation and the audit market. Journal of Accounting and Economics, 19, 75–114.
  • Fargher, N. L., & Jiang, L. (2008). Changes in the audit environment and auditors’ propensity to issue going-concern opinions. Auditing: A Journal of Practice & Theory, 27, 55–77.
  • Financial Reporting Council (FRC). (2013). Implementing the Recommendations of the Sharman Panel: Revised Guidance on Going Concern and Revised International Standards on Auditing (UK and Ireland). January. Consultation Paper. London, UK: The Financial Reporting Counsel.
  • Francis, J. R., & Krishnan, J. (1999). Accounting accruals and auditor reporting conservatism. Contemporary Accounting Research, 16(1), 135–165.
  • Francis, J. R., & Krishnan, J. (2002). Evidence on auditor risk-management strategies before and after the Private Securities Litigation Reform Act of 1995. Asia Pacific Journal of Accounting and Economics, 9, 135–157.
  • Francis, J. R., & Wilson, E. R. (1988). Auditor changes: A joint test of theories relating to agency costs and auditor differentiation. The Accounting Review, 58(4), 663–682.
  • Geiger, M. A., & Raghunandan, K. (2001). Bankruptcies, audit reports, and the Reform Act. Auditing: A Journal of Practice & Theory, 20(1), 187–195.
  • Geiger, M. A., & Raghunandan, K. (2002a). Going concern opinions in the new legal environment. Accounting Horizons, 16(1), 17–26.
  • Geiger, M. A., & Raghunandan, K. (2002b). Auditor tenure and audit reporting failures. Auditing: A Journal of Practice & Theory, 21(1), 68–78.
  • Geiger, M. A., Raghunandan, K., & Rama, D. V. (2005). Recent changes in the association between bankruptcies and prior audit opinion. Auditing: A Journal of Practice & Theory, 24, 21–35.
  • Geiger, M. A., Raghunandan, K., & Riccardi, W. (2014). The global financial crisis: U.S. bankruptcies and going-concern audit opinions. Accounting Horizons American Accounting Association, 28(1), 59–75.
  • Geiger, M. A., & Rama, D. V. (2006). Audit firm size and going-concern reporting accuracy. Accounting Horizons, 20, 1–16.
  • Gómez-Aguilar, N. (2003). El informe de auditoría y su efecto sobre la decisión del cambio de auditor. Premio de investigación contable “José Mª Fernández Pirla” (XI edición). Instituto de Contabilidad y Auditoría de Cuentas. http://www.icac.meh.es/Documentos/PUBLICACIONES/253.pdf
  • Guiral Contreras, A., Ruíz-Barbadillo, E., & Gonzalo Angulo, J. A. (2007). Efectos de la hipótesis de la profecía autocumplida en la evaluación de la evidencia en el contexto de la gestión continuada. (Recurso electrónico). Comunicaciones presentadas en XIV Congreso AECA: Respondiendo al cambio, 2007, Valencia.
  • Hackenbrack, K., & Nelson, M. W. (1996). Auditors’ incentives and their application of financial accounting standards. The Accounting Review, 71(1), 43–59.
  • House of Lords, 2011: Auditors: Market concentration and their role. Select committee on economic affairs. 2nd Report of session 2010-2011. London: The Stationery Office Limited.
  • Instituto de Contabilidad y Auditoría de Cuentas, ICAC. (1993). Resolución de 31 de mayo de 1993, del Instituto de Contabilidad y Auditoría de Cuentas, por la que se publica la Norma Técnica de Auditoría sobre la aplicación del principio de empresa en funcionamiento. Available at: http://www.icac.meh.es/Temp/20130204181606.PDF
  • Instituto Nacional de Estadística. (2008). Introducción a la CNAE. http://www.ine.es/daco/daco42/clasificaciones/cnae09/int_cnae_2009.pdf
  • International Auditing and Assurance Standards Board (IAASB). (2009). Going concern (revised). International standard on auditing (ISA) 570. New York, NY: IAASB.
  • International Auditing and Assurance Standards Board (IAASB). (2012). Improving the auditor’s report. invitation to comment. New York, NY: IFAC.
  • Joe, J. R. (2003). Why press coverage of a client influences the audit opinion. Journal of Accounting Research, 41, 109–133.
  • Kadous, K. (2000). The effects of audit quality and consequence severity on juror evaluations of auditor responsibility for plaintiff losses. The Accounting Review, 75(3), 327–341.
  • Kinney, W. R. (1986). Audit technology and preferences for auditing standars. Journal of Accounting and Economics, 8, 73–89.
  • Krishnan, J., & Krishnan, J. (1996). The role of economic trade-offs in the audit opinion decision: An empirical analysis. Journal of Accounting, Auditing and Finance, 11, 565–586.
  • Lennox, C. (1999). The accuracy and incremental information content of audit reports in predicting bankruptcy. Journal of Business, Finance and Accounting, 26(5 & 6), 757–778.
  • Lennox, C. (2000). Going-concern opinions in failing companies: Auditor dependence and opinion shopping. SSRN Working Paper Series.
  • Mareque, M., López-Corrales, F., & Pedrosa, A. (2017). Audit reporting for going concern in Spain during the global financial crisis. Economic Research Ekonomska Istraživanja, 30(1), 154–183.
  • Muñoz-Izquierdo, M., Camacho-Miñano, M. M., & Pascual-Ezama, D. (2017). Contenido del informe de auditoría en el año previo a la declaración del concurso de acreedores. Contraste empírico para el caso español. Revista Española De Financiación Y Contabilidad, 46(1), 92–126.
  • Mutchler, J. F., Hopwood, W., & Mckeown, J. (1997). The influence of contrary information and mitigating factors in audit opinion decisions on bankrupt companies. Journal of Accounting Research, 35, 295–310.
  • Navarro, A. J., & Bernard, C. (2004). Las sanciones impuestas a los auditores: Un indicador de la calidad de las auditorías. Partida Doble, 156, 6–19.
  • Ortega, E., & Peñalosa, J. (2012). Claves de la crisis económica española y retos para crecer en la UEM. Banco de España. Documentos Ocasionales. Nº 1.201. Available at: http://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosOcasionales/12/Fich/do1201.pdf
  • Pedrosa, A. (2015). Respuesta de los auditores al principio de empresa en funcionamiento durante la crisis financiera: Un estudio empírico aplicado a las empresas españolas no cotizadas. (Tesis doctoral) Universidad de Vigo.
  • Provasi, R., & Riva, P. (2015). Assessment of going concern for the Italian listed companies: An empirical study. Review of Business and Finance Studies, 6(1), 27-34.
  • Public Company Accounting Oversight Board (PCAOB) (2009). Standing Advisory Group Meeting: Panel Discussion—Going Concern. April 2. Available at: http://pcaobus.org/News/Events/Documents/04022009_SAGMeeting/Panel_Going_Concern.pdf
  • Public Company Accounting Oversight Board (PCAOB). 2011a. Concept Release on Possible Revisions to PCAOB Standards Related to Reports on Audited Financial Statements. June 21. Washington, DC: PCAOB. Available at: http://pcaobus.org/Rules/Rulemaking/Pages/Docket034.aspx
  • Public Company Accounting Oversight Board (PCAOB). 2011b. Standing Advisory Group Meeting. November 9. Washington, DC: PCAOB. Available at: http://pcaobus.org/News/Events/Documents/11092011_SAGMeeting/Going_Concern_PCAOB_Slides.pdf
  • Reynolds, J. K., & Francis, J. R. (2001). Does size matter? The influence of large clients on office-level auditor reporting decisions. Journal of Accounting and Economics, 30(3), 375–400.
  • Ruíz- Barbadillo, E. (2016). Regulación frente a reputación como medio de salvaguardar la independencia de la auditoría. Revista De Contabilidad Y Tributación, 401-402, 161–168.
  • Ruíz-Barbadillo, E., Gómez Aguilar, N., De Fuentes-Barberá, C., & García Benau, M. A. (2004). Audit quality and the going-concern decisión making process: Spanish evidence. The European Accounting Review, 13(4), 597–620.
  • Ruíz-Barbadillo, E., Gómez-Aguilar, N., & Carrera-Pena, N. (2006). Evidencia empírica sobre el efecto de la duración del contrato en la calidad de la auditoría: Análisis de las medidas de retención y rotación obligatoria de los auditores. Investigaciones Económicas, 30(2), 283–316.
  • Ruíz-Barbadillo, E., Gómez-Aguilar, N., & Carrera-Pena, N. (2009a). Derogación de la rotación obligatoria de auditores y calidad de la auditoria. Revista De Economía Aplicada, 17(49), 105–134.
  • Ruíz-Barbadillo, E., Gómez-Aguilar, N., & Carrera-Pena, N. (2009b). Does mandatory audit. Firm rotation enhance auditor independence? Evidence from Spain. Auditing: A Journal of Practice & Theory, 28(1), 113–135.
  • Sharman Inquiry (2011). Going concern and liquidity risks: Lessons for companies and auditors. Preliminary Report and Recommendations of the Panel of Inquiry. London: UK.
  • Sikka, P. (2009). Financial crisis and the silence of the auditors. Accounting, Organizations and Society, 34, 868–873.
  • Sundgren, S., & Svanström, T. (2014). Auditor-in-charge characteristics and going-concern reporting. Contemporary Accounting Research, 31(2), 531–550.
  • Thoman, L. (1996). Legal damages and auditor efforts. Contemporary Accounting Research, 13, 275–306.
  • Tsipouridou, M., & Spathis, C. (2014). Audit opinion and earnings management: Evidence from Greece. Accounting Forum, 38, 38–54.
  • Vanstraelen, A., & Schelleman, C. (2017): Auditing private companies: What do we know? WP. Disponible en: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2918499
  • Woods, M., Humphrey, C., Dowd, K., & Liu, Y. (2009). Crunch time for banks? Questions of practice and scope of dialog. Managerial Auditing Journal, 24(2), 114–134.
  • Xu, Y., Jiang, A. L., Fargher, N., & Carson, E. (2011). Audit reports in Australia during the global financial crisis. Australian Accounting Review, 21(1), 22–31.
  • Xu, Y., Jiang, A. L., Fargher, N., & Carson, E. (2013). Responses by Australian auditors to the global financial crisis. Accounting and Finance, 53, 301–338.
  • Zavgren, C. (1983). The prediction of corporate failure: The state of the art. Journal of Accounting Literature, 2, 1-37.
  • Zmijewski, M. (1984). Methodological issues related to the estimation of financial distress prediction models. Journal of Accounting Research, 22(suplemento), 59–82.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.