The Role of Auditing Firms in the Implementation of New Accounting Standards: Evidence from China
研究审计师事务所对中国新CAS 22（与IFRS 9趋同）实施的影响，发现国际四大侧重公允价值与预期信用损失模型，国内六大侧重金融资产分类，且四大对仅发行A股的公司作用更显著。
This paper explores the impact of auditing firms on the implementation of the new Chinese Accounting Standards for Enterprises 22 (new CAS 22), which converges with IFRS 9. We find that the Big4 firms focus on fair value measurement and application of the expected credit loss (ECL) impairment model, whereas the LocalTop6 firms primarily focus on the classification of financial assets. The results indicate that effective implementation of the new standards mainly depends on standardized procedures and professional techniques of auditing firms, as the Big4 firms exhibit better implementation of the new standards in terms of items that generate greater risk and uncertainty than do local large auditing firms in China. In addition, we further test how cross‐listing affects the role of auditing firms in implementing the new standards and find that the Big4 firms play a more significant role for A‐share only companies than A + H companies. The findings reveal the challenges associated with implementation of IFRS 9‐based new CAS 22 in China.