ACCY 415 Day 2 Audit Demand Wallace Chow.ppt

ACCY 415 Day 2 Audit Demand Wallace Chow.ppt - ACCY 415...

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ACCY 415 – Auditing Stds & Practice Audit Demand
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Demand for Audits Wallace (1980) Monograph Describes 3 main hypotheses Chow (1982) journal article Academic research using empirical evidence
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Demand for Audits - Wallace Intro Background & Role of hypotheses Market Evidence Pre-SEC, Pre-US and Non-SEC Stewardship (Monitoring) Hypothesis Information Hypothesis Insurance Hypothesis
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Demand for Audits – Wallace Intro Role of Hypotheses Simplification – essential features of reality IF/THEN statements Conditions (1973 Committee) Conflict of interest Consequence Complexity Remoteness
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Demand for Audits - Wallace Market Evidence Pre-SEC – Chow 1982 TAR Pre-US – Ohman & Wallerstedt 2012 AH Non-SEC – Dedman, et al 2014 EAR
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Demand for Audits - Wallace Stewardship (Monitoring) Agency Theory – Principal/Agent relationship Rational Expectations – Agent demands audit Stewardship Relationships Owner/Manager Employer/Employee Creditor/Shareholder
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