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Expanded Auditor's Report Disclosures and Loan Contracting*
Contemporary Accounting Research ( IF 4.041 ) Pub Date : 2021-05-21 , DOI: 10.1111/1911-3846.12697
Vlad‐Andrei Porumb 1 , Yasemin Zengin‐Karaibrahimoglu 1 , Gerald J. Lobo 2 , Reggy Hooghiemstra 1 , Dick Waard 1
Affiliation  

Starting in October 2013, auditors of premium-listed firms in the United Kingdom are mandated to prepare an expanded auditor's report that provides details on audit procedures, risks of material misstatement (RMMs), and materiality thresholds. This regulatory change is important to study, because it aims to increase the informational value of the traditional, highly standardized, pass-or-fail auditor's report. We examine whether the disclosures in the expanded auditor's report provide information that is relevant for adopting firms' loan contracting terms in the post-adoption period. Our results indicate that the introduction of the expanded auditor's report is associated with reduced loan spread and longer maturity for loan facilities of adopting firms relative to non-adopting UK firms. When we focus on adopting firms in the post-adoption period, we find that the number of “unique RMMs” mentioned in the auditor's report, but not in the audit committee report, are positively associated with loan spread but are not associated either with loan maturity or the number of lenders in the loan syndicate. Additional tests show that the benefits, in terms of a reduced spread, of having a lower number of “unique RMMs” accrue mostly to adopters with a poor information environment. Taken together, our results provide preliminary evidence that the expanded auditor's report disclosures contain relevant information for loan contracting in the United Kingdom. This study highlights the unique role of the expanded auditor's report in providing information relevant to lenders and supports standard setters' efforts to enrich its informational content.

中文翻译:

扩大审计师报告披露和贷款合同*

从 2013 年 10 月开始,英国优质上市公司的审计师被要求准备一份扩展的审计师报告,提供有关审计程序、重大错报风险 (RMM) 和重要性阈值的详细信息。这种监管变化对研究很重要,因为它旨在增加传统的、高度标准化的、通过或失败的审计报告的信息价值。我们检查扩展审计报告中的披露是否提供了与采用后采用公司的贷款合同条款相关的信息。我们的结果表明,与非采用英国公司相比,采用扩大审计报告的引入与采用公司的贷款利差减少和贷款期限延长有关。当我们关注采用后阶段的公司时,我们发现审计报告中提到但审计委员会报告中没有提到的“独特 RMM”的数量与贷款利差正相关,但与贷款无关贷款银团中的贷款人的期限或数量。额外的测试表明,在减少传播方面,减少“独特 RMM”数量的好处主要是为信息环境差的采用者带来的。总之,我们的结果提供了初步证据,证明扩大审计报告披露包含英国贷款合同的相关信息。本研究强调了扩展审计报告在提供与贷方相关的信息和支持标准制定者方面的独特作用
更新日期:2021-05-21
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