The Effect of Repeated Critical Audit Matter Disclosures on Investors’ Judgments
实验研究发现，重复披露关键审计事项会减弱其负面效应，投资者对重复事项的判断不如首次披露时敏感。
ABSTRACT Certain audit issues could recur across multiple periods resulting in repeated critical audit matter (CAM) disclosures over time. Although the negative effect of a first-time CAM disclosure on investors’ judgments is well established, little is known about the effect of CAMs when these disclosures are repeated. We experimentally examine the effect of CAM repetition on investors. We predict and find that a repeated CAM disclosure loses its prominence and has a smaller negative effect on investment judgments. Our additional analyses from a within-participants setting suggest that making the CAM repetition salient changes how investors perceive the reasons for the repetition, but does not change the effect of repetition on their investment judgments. JEL Classifications: M41; M42; M48.