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Using Multivariate Statistics

Men and Women of the Corporation

We evaluate and summarize the large body of audit fee research and use meta-analysis to test the combined effect of the most commonly used independent variables. The perspective provided by the meta-analysis allows us to reconsider the anomalies, mixed results, and gaps in audit fee research. We find that, although many independent variables have consistent results, several show no clear pattern to the results and others only show significant results in certain periods or particular countries. These variables include a loss by the client and leverage, which have become significant in comparatively recent studies; internal auditing and governance, both of which have mixed results; auditor specialization, regarding which there is still some uncertainty; and the audit opinion, which was a significant variable before 1990 but not in more recent studies.

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Audit Fees: A Meta-analysis of the Effect of Supply and Demand Attributes*

Doing research in Business and Management: An Introduction to process and method

Academy of Management Review : 抄録雑誌の概要

It is important to understand factors that influence audit delay since it directly affects the timeliness of financial reporting which is one of the most important qualitative attributes of financial statements (Ashton et. al., 1987; Carslaw & Kaplan, 1991; and Johnson, 1998).  A number of studies have investigated audit market research including the issue surrounding audit delay within the context of developed countries. However, audit market research in the developing countries is very limited despite calls in the literature to expand the scope of market studies to those nations (see for example, Simon et al. 1992; Walker and Johnson 1996; Che-Ahmad and Houghton 1996; Taylor 1997).  This study extends previous research by examining the determinants of audit delay in a developing country.  Malaysia is one such country that provides a rich setting for audit market research. It seeks to provide empirical evidence concerning audit delay of Malaysian public listed companies. The findings indicated that the mean audit delay of Malaysian companies to be much longer than the delay in Western countries.  The multivariate analysis showed that director shareholdings, total assets, number of subsidiaries, type of audit firms, audit opinion and return on equity to be important determinants of audit delay. The regression results for non-banking and finance sectors were very similar. However, only director shareholding variable was found to be strongly significant in banking and finance sub-sample suggesting the importance of ownership structure in influencing audit lag in this sector. The differences in regulatory framework for both sectors could be a significant reason for the differences in the findings and warrant further research.

/pdf/audit-delay-of-listed-companies-a-case-of-malaysia-b1r9kymw9h.pdf

Audit Delay of Listed Companies: A Case of Malaysia

Audit fee premiums of big eight firms: Evidence from the market for medium-size U.K. auditees

Purpose




The purpose of this study is to examine the impact of profitability and leverage on the relationship between eco-efficiency and firm value.




Design/methodology/approach




The study extends the Ohlson’s model on value relevance using the hierarchical regression analysis to establish the moderating effects of the firm-specific variables. The sample includes 667 non-financial firms from the Bursa Malaysia, as of 2013. The data for eco-efficiency were extracted from content analysis of the annual report, whereas the financial data were retrieved from the data stream.




Findings




The study provides support for the stakeholder theory that purports that managers must develop a relationship with stakeholders by embarking on environmental friendly practices to maintain a positive firm value. The study shows a positive association between eco-efficiency and the value of the firm and provides support for a positive moderating relationship for profitability in the relationship between eco-efficiency and firm value, whereas there was no significant effect for leverage in the relationship.




Research limitations/implications




It should be noted that, first, the data comprised exclusively Malaysian companies. Including firms from similar developing countries with varying institutional make-up and culture would enhance the understanding of the subject. Second, considering that the data for this study is cross-sectional, it may not be sufficient to draw strong causal influences. The study is the first to the best of the researcher’s knowledge to provide evidence that profitability positively moderates the relationship between eco-efficiency and firm value.




Practical implications




The result shows the management and potential investors that an investment in eco-efficiency will lead to a higher firm value, irrespective of the debt profile of the firm and that profitable firms are more likely to embark on an eco-efficient policy.




Originality/value




This study contributes to the literature by providing evidence from a developing country’s perspective, as well as extending prior studies that merely examined the direct relationship, to now explore the moderating relationship of profitability and leverage in the relationship between eco-efficiency and firm value using a large sample.

The moderating effect of profitability and leverage on the relationship between eco-efficiency and firm value in publicly traded Malaysian firms

In respect of the International Financial Reporting Standards (IFRS) convergence, auditing works have become too complicated in the way auditors are burdened with so many changes of standards. The complexity of IFRS adoption is mainly attributable to certain standards that have received considerable criticism from the preparers and the auditors due to their ambiguous measurement and recognition. As FRS 138 is a new IFRS in Malaysia, and the accounting treatment for intangible assets are the most controversial and complex issue in the financial reporting field (Lhaopadchan, 2010), there is a question of whether FRS 138 adoption in Malaysia would affect audit efficiency. Hence, this study aims to examine the relationship between the adoption of FRS 138 on the timely issuance of audit report. The final sample consists of 2,440 firm-year observations. The panel regression analysis reveals a significant positive relationship between FRS 138 adoption and audit delay. The result proves that FRS 138 is a complex standard that takes the auditor more time to audit.

/pdf/adoption-of-frs-138-and-audit-delay-in-malaysia-440nu77281.pdf

Adoption of FRS 138 and Audit Delay in Malaysia

The new IFRS demand detailed disclosure, which requires more effort and time to conduct an audit engagement. Moreover, the report by the Institute of Chartered Accountants in England and Wales highlights that among the major IFRS related costs is the increment in auditing costs. Thus, the question of whether IFRS adoption in Malaysia would affect audit fees is questionable. An advanced data structure, panel data analysis, for a 5-year period (2004–2008) was utilized. The panel data regression results revealed a significant increase in the audit fees in the post-IFRS adoption period. This study provides evidence concerning the complexity of the new and amended IFRS, which results in auditors having to increase audit pricing to compensate for the increased audit effort.

Ayoib Che-Ahmad

Papers

Audit Delay of Listed Companies: A Case of Malaysia

Audit fee premiums of big eight firms: Evidence from the market for medium-size U.K. auditees

The moderating effect of profitability and leverage on the relationship between eco-efficiency and firm value in publicly traded Malaysian firms

Adoption of FRS 138 and Audit Delay in Malaysia

Audit Fees after IFRS Adoption: Evidence from Malaysia