Audits provide monitoring for investors. The collapse of markets across the financial crisis made assets more difficult to value, which increased risk for auditors. The money markets were at the center of the financial crisis increasing audit engagement risk on money market funds, which at the time of the crisis were highly opaque. Measuring the response to increased engagement risk with audit fees, this study finds that auditors increase their fees for the riskiest class of funds. However, no evidence was found that audit fees increased as funds increased their holdings in the riskiest class of securities.

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审计师应对不断变化的风险：金融危机期间的货币市场基金

审计为投资者提供监督。金融危机期间市场的崩溃使资产更难以估值，从而增加了审计师的风险。货币市场处于金融危机的中心，增加了货币市场基金的审计参与风险，而货币市场基金在危机发生时高度不透明。本研究通过审计费用衡量对增加的参与风险的反应，发现审计师增加了对风险最高的基金类别的费用。然而，没有证据表明随着基金增加对风险最高的证券类别的持股，审计费用会增加。