Discussion of External Audit and Asymmetric Information.
讨论了信息不对称如何解释审计制度的存在，以及审计师与投资者、债权人之间的信息不对称导致的道德风险问题，包括法律责任、声誉投资和同行评审等机制。
Abstract The article presents a discussion of external audit and asymmetric information. It is generally recognized that information asymmetries play an important role in explaining the existence and nature of auditing institutions. Finally, there is an asymmetry of information between auditors and current and potential investors and creditors with respect to the effort expended by an auditor in verifying financial statements. This second moral hazard problem gives rise to auditor legal liability, ethical restrictions, reputation investments, and a demand for institutions, such as" peer review" to" audit the auditor."