Do auditors charge clients with higher audit fees for blockchain investments?
研究了中国A股上市公司2015-2019年数据，发现客户区块链投资与审计费用正相关，且已采用区块链的公司关联更强，原因在于审计风险增加和审计师投入更多精力。
This study examines the impact of clients’ blockchain investments on audit fees. Using a sample of A-share Chinese listed firms spanning the 2015–2019 period, we find a positive association between blockchain investments and audit fees, which is stronger for client firms that have adopted blockchain than those that have only invested in this technology. Our channel analysis further reveals that higher audit fees stem from the increase in client firms’ audit risk and the greater effort in audit planning and execution by the auditors. The positive association between blockchain investments and audit fees is attenuated by audit firms’ extensive information technology (IT) experience and is intensified by considerable external attention to clients’ blockchain activities. Our results are robust to a battery of endogeneity and other robustness checks. This research casts new light on the interactions between disruptive technologies and external auditor practices, as reflected in audit fees.