How Do Auditors Respond to Clients’ Rollover Risk?
研究了审计师是否及如何将展期风险（长期债务在一年内到期需再融资的风险）纳入客户风险评估，发现展期风险增加时审计师会提高审计费用、更可能出具持续经营意见并终止客户关系。
We examine whether and how auditors incorporate rollover risk in assessing a client’s risk. Rollover risk is the risk associated with long-term debt maturing in 1 year, which has to be refinanced or settled shortly. Debt has two counteracting effects on firms’ riskiness: increased liquidity risk and increased monitoring. The finance literature suggests that rollover risk is an apparent risk factor because it results in high liquidity risk but only a weak (or limited) monitoring benefit. Consistent with that literature, we show that auditors increase audit fees, exhibit a higher likelihood of issuing a going-concern opinion, and terminate relations with their clients more frequently as rollover risk increases. Our study is the first in the audit research literature to document that auditors factor rollover risk in their pricing, going concern, and client portfolio decisions.