簽證會計師受懲戒對其審計客戶股價同步性的影響

The Effects of Auditor Sanction on Audit Clients’Stock Price Synchronicity

本研究以臺灣2005年至2021年會計師受懲戒資料，探討會計師受懲戒對其審計客戶的股價同步性的影響。實證結果發現會計師受懲戒之後，懲戒事件公司及其他審計客戶（非懲戒事件公司）股價同步性會下降，市場提高對受懲戒會計師審計客戶公司個體資訊的反映，顯示會計師懲戒制度重建市場對原本低品質財務報表資訊之信任，為有效證券市場管理工具。進一步分析受懲戒會計師的審計客戶的財報品質改善是否在股價同步性下降中具有關鍵影響，實證發現當受懲戒會計師審計客戶財務報導品質提升，會計師受懲戒之後股價同步性會下降程度更明顯。

This study examines the effects of auditor sanctions on the stock price synchronicity of audit clients of sanctioned auditors using data from 2005 to 2021. The empirical results indicate decreases in stock price synchronicity of disciplined clients and non-disciplined clients of sanctioned auditors following the sanctions. This implies that the market increases its reliance on firm-specific information for all audit clients of sanctioned auditors, suggesting that the CPA disciplinary system restores confidence in previously low-quality financial statements and serves as an effective enforcement tool for regulating the securities market. This study also finds improvement of financial reporting quality after auditor sanctions which is consistent with the conjecture that sanctioned auditors provide better audit quality through rational learning.