Audit risk in a client portfolio context*
研究审计师在控制审计数量并组合投资市场证券与风险审计时的组合问题，通过竞标过程间接构建组合，给出审计师愿接受的最低费用估计，并讨论组合视角对审计行业结构的影响。
Abstract. This paper examines the portfolio problem of an auditor who controls the level of audit quantity and then combines investments in general market securities with investments in risky audits. We note that an auditor cannot simply choose audits to add to the portfolio but, rather, that a portfolio is constructed indirectly through a process of bidding against competitors. Thus, our analysis yields a bidding function that provides an estimate of the minimum fee an auditor is willing to accept to serve a potential new client, given existing investments. We develop propositions concerning the effects of various portfolio characteristics on the fee bid. Finally, we discuss the possible impact of a portfolio view of audit risk upon the structure of the auditing industry.