The Impact of Managing Director Changes and Financial Distress on Audit Qualification and Auditor Switching
研究英国上市公司中总经理变更与财务困境如何共同影响审计意见和审计师变更，发现财务困境且变更总经理的公司更易收到保留意见，且审计师变更概率随意见严重程度增加。
Abstract: This study examines the interactive effects of change in managing director/chief executive officer (MD) and financial distress together with five control variables (type of audit firm; audit fees; gearing; time; and company size) on first, audit opinion and secondly on auditor switching. Based on a sample of 297 UK listed companies between 1987 and 2001, we find that companies that are financially distressed and change their MD are most likely to receive a qualified audit report, ceteris paribus . In addition, we find evidence of both familiarity and intimidation threats and that the probability of a switch increases with the severity of qualification.