喻园管理论坛2023年第103期(总第926期)

演讲主题: Herding behavior in auditing: Evidence from audit adjustments

主 讲 人: 刘云菁，中国人民大学商学院会计学博士生

主 持 人: 郭   炜，会计与财税系主任、教授

活动时间: 2023年12月14日（周四）14:00-15:30

活动地点: 管院大楼116室

主讲人简介：

刘云菁，中国人民大学商学院会计学博士生。主要研究方向为基于大数据技术的会计与审计、审计、公司治理、公司财务。论文发表于《Journal of Accounting and Public Policy》、《会计研究》、《数量经济技术经济研究》、《管理学报》、《会计与经济研究》（2篇）等国内外重要学术期刊。多篇论文于《Journal of Accounting Research》、《British Accounting Review》、《International Review of Financial Analysis》、《International Journal of Accounting》等国际知名期刊返修或审稿。担任《International Review of Financial Analysis》期刊的匿名审稿人。曾主持中国人民大学科学研究基金项目、参加国家自然科学基金面上项目和省部级课题、入选中国人民大学拔尖创新人才培育资助计划、参与编写大数据会计研究与审计研究教材。曾获得中国人民大学一等学业奖学金、中国人民大学三好学生、威尼斯欢乐娱人城·首页本科特优生、威尼斯欢乐娱人城·首页三好学生等奖励和荣誉。

活动简介：

Using the unique pre-audit and audit adjustment data in China, our research attempts to shed light on herding behavior in the audit procedure. Specifically, we examine whether auditors make audit adjustments based on the industry benchmark (i.e., the average earnings in earlier released annual reports of the client’s peer firms). The results show that auditors will make more audit adjustments when the client’s pre-audit earnings are higher relative to the industry benchmark. Moreover, this herding behavior is weaker for auditors with higher industry specialization, clients with more transparent information, and auditors with less independence. Further analyses reveal that auditors consider other characteristics of peer firms and make audit adjustments accordingly. Auditors also pay more attention to earlier released earnings of peer firms in the same region or with comparable earnings. Auditors make more downward, fewer upward, and larger audit adjustments for clients with higher pre-audit earnings relative to the industry benchmark. Moreover, auditors issue more modified audit opinions for clients with higher pre-audit earnings relative to the industry benchmark, and this herding behavior significantly reduces the client’s probability of earnings restatement. This study provides the first empirical evidence of herding behavior in the audit process.