Whistleblowing Allegations, Audit Fees, and Internal Control Deficiencies*
研究了向监管机构外部举报的指控是否与审计费用和审计师对内部控制的意见相关，发现受举报公司审计费用更高，且实质性指控更易导致不利的内部控制意见。
ABSTRACT We investigate whether audit fees and auditors' opinions on internal controls are associated with whistleblowing allegations externally filed to regulatory agencies. We find that firms subject to whistleblowing allegations have significantly higher audit fees, regardless of the substance of these allegations, whereas an auditor is more likely to issue an adverse opinion on internal controls when the allegation is substantiated, rather than frivolous. Further, our findings suggest that auditors are involved in the auditing of whistleblowing when the allegation is still in an internal stage. We also show that firms subject to external whistleblowing allegations have a lower likelihood of restating financial statements prepared in the allegation year when greater audit effort is made in that year. Our study is among the first to demonstrate the role of auditors in the context of whistleblowing.