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Auditor Specialization, Auditor Dominance, and Audit Fees: the Role of Investment Opportunities

Cahan, Steven; Godfrey , Jayne; Hamilton, Jane; Jeter, Debra

Description

A report issued by the U.S. General Accounting Office (GAO) in 2003 identified auditors' industry expertise as a critical factor for firms choosing an auditor, and highlighted the extreme levels of auditor concentration in some industries. We posit that the investment opportunity set (IOS) plays a fundamental role in determining whether an industry is an attractive target for auditor specialization. When industryspecific IOS is high, specialist auditors make costly investments in...[Show more]

CollectionsANU Research Publications
Date published: 2008
Type: Journal article
URI: http://hdl.handle.net/1885/23163
Source: The Accounting Review
DOI: 10.2308/accr.2008.83.6.1393

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