Despite issuing extensive guidance related to the evaluation of accounting estimates, the PCAOB continues to identify deficiencies related to the audit of estimates through their inspections process. We examine whether PCAOB inspections lead to more accurate audited accounting estimates, defined as those that more closely match economic reality, by examining a significant estimate within the banking industry. We find that in contrast with the PCAOB's goal of more accurate and unbiased estimates, allowance for loan losses (ALL) estimates become less accurate and more conservative with higher levels of ALL‐related inspection findings for public company audits. We find no evidence of auditor response to PCAOB inspection findings for private‐company audits, which are not subject to PCAOB inspection. Overall, our findings cast doubt on the efficacy of PCAOB inspections in improving estimate accuracy and suggest that firms are managing inspection risk to the potential detriment of audit quality.

中文翻译：

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PCAOB检查会提高会计估计的准确性吗？

尽管发布了有关会计估计评估的广泛指导，但PCAOB仍通过其检查过程来确定与估计审计有关的缺陷。我们通过检查银行业内部的重要估计，来检查PCAOB检查是否可以得出更准确的经审计会计估计，定义为更符合经济现实的会计估计。我们发现，与PCAOB的目标是更准确和无偏的估计目标相反，贷款损失准备金（ALL）估计变得不那么准确，而且在上市公司审计中，与ALL相关的检查结果水平更高，因此更为保守。我们发现没有证据表明审计师对私人公司审计的PCAOB检查结果有回应，而这并非接受PCAOB检查。总体而言，我们的发现使人们对PCAOB检查在提高估计准确度方面的效力产生怀疑，并暗示公司正在管理检查风险，这有可能损害审计质量。