The PCAOB Inspection Process: A Client-Level Analysis of a Large Firm's Experience
利用一家每年被检查的审计事务所的内部数据，分析PCAOB检查中审计选择、缺陷识别、公开披露及对审计团队配置和中期审计完成比例的影响。
SUMMARY We use proprietary archival data to examine one annually inspected audit firm's experience with the PCAOB inspection process. We find that the firm's audits are primarily selected for inspection due to client characteristics, while deficiencies identified by inspectors are related to characteristics of both the client and the audit team. We also find that not all identified audit deficiencies are reported to the public. However, we find some evidence that only publicly disclosed deficiencies are associated with ex post measures of audit quality, suggesting that the PCAOB releases only the most relevant and material information to the public. Finally, we find that inspections affect the concurrent year's audit team staffing decisions and reduce the proportion of the audit that is completed during the interim period. Overall, our study provides important insights into the PCAOB inspection process while also developing and validating a model of inspection risk for future researchers.