Audit‐Firm Tenure and the Quality of Financial Reports*
研究审计事务所与客户的关系时长（审计任期）对财务报告质量的影响，发现短期（2-3年）任期与较低质量报告相关，而长期（9年以上）未发现质量下降，为强制轮换辩论提供实证。
Abstract This study examines whether the length of the relationship between a company and an audit firm (audit‐firm tenure) is associated with financial‐reporting quality. Using two proxies for financial‐reporting quality and a sample of Big 6 clients matched on industry and size, we find that relative to medium audit‐firm tenures of four to eight years, short audit‐firm tenures of two to three years are associated with lower‐quality financial reports. In contrast, we find no evidence of reduced financial‐reporting quality for longer audit‐firm tenures of nine or more years. Overall, our results provide empirical evidence pertinent to the recurring debate regarding mandatory audit‐firm rotation — a debate that has, to date, relied on anecdotal evidence and isolated cases.