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Fair Value Exposure, Changes in Fair Value and Audit Fees: Evidence from the Australian Real Estate Industry
Australian Accounting Review ( IF 2.680 ) Pub Date : 2020-01-28 , DOI: 10.1111/auar.12299
Pinprapa Sangchan 1 , Ahsan Habib 1 , Haiyan Jiang 2 , Md. Borhan Uddin Bhuiyan 1
Affiliation  

This paper investigates the relationship between audit fees and both fair value exposure and changes in fair value of investment properties. The study is motivated by the limited and inconclusive evidence on the effect on audit fees of full fair value reporting for illiquid assets. Using hand‐collected data from the Australian real estate industry, we find a negative (positive) association between audit fees and fair value exposure (changes in fair value of investment properties). Our findings also indicate that the use of unobservable inputs in fair value estimates for investment properties does not significantly increase audit risk and audit fees. Further, we find that audit fees are higher for firms with fair values of investment – properties estimated by external and mixed valuers – compared to firms with fair values estimated by directors alone. This study enriches the audit fee literature by documenting auditors’ pricing decisions in an area that involves significant estimation and valuation risks.

中文翻译:

公允价值暴露,公允价值变动和审计费用:来自澳大利亚房地产业的证据

本文研究了审计费用与公允价值风险和投资物业公允价值变动之间的关系。该研究的动机是有限的,不确定的证据,即关于非流动资产的完整公允价值报告对审计费用的影响。使用澳大利亚房地产行业的手工收集数据,我们发现审计费用与公允价值敞口(投资物业的公允价值变动)之间存在负(正)关联。我们的发现还表明,在投资物业的公允价值估计中使用无法观察到的输入不会显着增加审计风险和审计费用。进一步,我们发现,与仅由董事估计的具有公允价值的公司相比,具有投资公允价值的公司(由外部估值师和混合估值师估计的财产)的审计费用较高。本研究通过在涉及重大估计和估值风险的领域记录审计师的定价决策,丰富了审计费的文献资料。
更新日期:2020-01-28
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