The information content of audit reports in Australia

Garsden, Robert J. (2004). The information content of audit reports in Australia Honours Thesis, School of Business, The University of Queensland.

       
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Author Garsden, Robert J.
Thesis Title The information content of audit reports in Australia
School, Centre or Institute School of Business
Institution The University of Queensland
Publication date 2004
Thesis type Honours Thesis
Total pages 89
Language eng
Subjects 1503 Business and Management
Formatted abstract This study investigates the short-term price reaction to the issuance of a qualified audit report, or an unqualified audit report with an emphasis of matter. A sample of 470 qualified audit reports and unqualified audit reports with an emphasis of matter during the period 1999 to 2003 is examined using both an event study methodology, and a multivariate analysis to determine whether these types of report contain additional information not yet incorporated in security prices. The results of the event study suggest that 'going concern' qualifications and 'other' inherent uncertainties are associated with negative share price reactions, whilst 'scope' qualifications and 'going concern' inherent uncertainties have positive share price reactions. No other type of audit report considered by this study produces abnormal returns. The multivariate analysis suggests that a firm's audit report does not explain the abnormal returns experienced by that firm. When qualified audit reports only are examined using a multivariate analysis, both 'going concern' and scope qualifications explain the abnormal returns experienced by sample firms.

 
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Created: Fri, 19 Nov 2010, 12:45:03 EST by Muhammad Noman Ali on behalf of The University of Queensland Library