Prior research into the effect of different types of experience on audit fees and audit effort has been primarily conducted at the individual, office or firm level but rarely at the team level. An important motivation for team level research is that within team variation could influence the conduct, quality and pricing of an audit. Audit team industry specialization and client‐specific experience have been associated with higher audit quality. We extend this research by investigating the effect of audit team industry experience and client‐specific experience on audit production hours (effort) and fees. Using proprietary team‐level data provided by two Australian mid‐tier firms, we find that audit team client‐specific experience is associated with higher effort and fees. Although team‐level industry experience is not associated with effort or fees, it is associated with the use of lower ranked auditors. Our results suggest that audit teams with industry experience enjoy cost savings, while audit teams with client‐specific experience incur additional effort, perhaps due to the provision of value‐added services.

中文翻译：

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审核团队的行业经验和特定于客户的经验如何影响审核工作和审核费用？

先前对不同类型的经验对审计费用和审计工作的影响的研究主要在个人，办公室或公司级别进行，但很少在团队级别进行。团队水平研究的一个重要动机是团队内部的差异可能会影响审计的行为，质量和定价。审计团队的行业专业知识和特定于客户的经验与更高的审计质量相关联。我们通过调查审核团队行业经验和客户特定经验对审核生产时间（工作量）和费用的影响来扩展此研究。通过使用两家澳大利亚中型公司提供的专有团队级数据，我们发现审计团队客户特定的经验与更高的工作量和费用相关。虽然是团队级别的行业经验与工作量或费用无关，而与排名较低的审计师有关。我们的结果表明，具有行业经验的审计团队可以节省成本，而具有客户特定经验的审计团队可能需要付出额外的努力，这可能是由于提供了增值服务所致。