{"id":337960,"date":"2025-12-10T17:48:36","date_gmt":"2025-12-10T17:48:36","guid":{"rendered":"https:\/\/peraltafinancing.com\/accounting\/fewer-auditors-in-the-game-perfectly-fine-audits-sure-why-not\/"},"modified":"2025-12-10T17:48:36","modified_gmt":"2025-12-10T17:48:36","slug":"fewer-auditors-in-the-game-perfectly-fine-audits-sure-why-not","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=337960","title":{"rendered":"Fewer Auditors in the Game, Perfectly Fine Audits? Sure, Why Not"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p>Remember two years ago when we started hearing about <a href=\"https:\/\/www.goingconcern.com\/rumor-mid-tier-firms-are-getting-out-of-the-public-company-audit-game\/\" target=\"_blank\" rel=\"noreferrer noopener\">small<em>er<\/em>-but-not-small firms getting out of the SEC audit game<\/a>? We\u2019re not talking XYZ CPA LLP and its two boomer partners, we\u2019re talking names you actually know like Armanino and CLA. We\u2019re still not entirely sure why these firms started bailing out. It was just around the time private equity investment in the accounting profession was ramping up and an audit practice fully attached to a private equity-owned entity is, as of now anyway, verboten so perhaps at least some of the firms making their exit were thinking bigger than just getting the PCAOB off their backs.<\/p>\n<p>This phenomenon led to observers of the profession (particularly the cynical ones) wondering if the lack of competition and choice in the market could impact audit for the worse but according to this recent working paper by Will Ciconte, assistant professor of finance at the University of Kansas and co-author Andrew Kitto of the University of Massachusetts Amherst, it may not be a bad thing after all. Keeping in mind of course that this is research and unlike shitposts you read on Reddit, should not be taken as absolute, indisputable fact. Also keeping in mind that the researchers\u2019 data came from a sample from the PCAOB\u2019s Annual Data Request (ADR) database that led to a panel dataset of all Big 4 engagements involving SEC issuers from 2008-2016 so we\u2019re not talking about Armanino or CLA circa 2023.<\/p>\n<p>The abstract:<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>This study investigates the relation between audit competition, audit quality, and auditor labor hours. Using proprietary data on auditor realization rates, we construct new measures of competition based on theory predicting that abnormal profits will quickly disappear when competition is high but persist over multiple periods when competition is low. We find consistent evidence of persistent abnormal profits among U.S. Big 4 engagements and that individual offices earn persistent abnormal returns suggesting that the market is not perfectly competitive. Examining the consequences of lower competition, we find that profit persistence is negatively related to audit hours and positively related to audit quality. Although we are cautious about inferring causality, our findings suggest that lower competition is associated with more efficient and effective audits.<\/p>\n<\/blockquote>\n<p>\u201cWe don\u2019t find any evidence that a lack of competition is problematic,\u201d he said in <a href=\"https:\/\/news.ku.edu\/news\/article\/lack-of-competition-leads-to-more-efficient-and-effective-auditing-study-finds\" target=\"_blank\" rel=\"noreferrer noopener\">this KU article<\/a>. \u201cIt turns out that auditors who appear to be operating in less competitive markets are more efficient and more effective.\u201d<\/p>\n<p>Peep the article:<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>Their study focuses on profit persistence (i.e., profits are \u201csticky\u201d over time). They find certain audit offices have abnormal profits and there does not seem to be enough competitive pressure to drive down those profits over time. This provides evidence supporting concerns expressed by the audit regulator that the audit market lacks competition.<\/p>\n<p>\u201cWe interpret the evidence as suggesting auditors with persistent profits are just providing better audits,\u201d he said.<\/p>\n<p>For the main analysis, Ciconte and Kitto measure competition using regressions of abnormal profitability in the current year on abnormal profitability in the prior year. (Abnormal profitability refers to the difference between the profitability for a given audit engagement compared to all engagements in the same year.)<\/p>\n<p>Ciconte said, \u201cWe use this measure to explore whether higher profit persistence, which we use as a measure for low competition, is related to auditor effort and quality. We test this by regressing auditor hours, financial statement restatements, PCAOB inspection findings and discretionary accruals on our competition measure.\u201d<\/p>\n<\/blockquote>\n<p>Any analysis of audit firm competition wouldn\u2019t be complete without getting some quotes from the researchers on the four firms that together serve 49.7% percent of <strong>all<\/strong> SEC-registered companies and 89.5% of large accelerated filers. Don\u2019t worry, they did that. <\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cFor many of these companies, they can\u2019t get an auditor that\u2019s outside of the Big Four because there\u2019s a need to invest in technology and knowledge and skills to serve the client,\u201d Ciconte said.<\/p>\n<p>\u201cThere\u2019s this concern, \u2018We only have these four firms that can serve this pool of clients. They don\u2019t have an incentive to do a good job.\u2019 We say, \u2018Let\u2019s see what competition looks like inside these markets. And then if we are detecting that there appears to be less competition, what are the implications for stakeholders?\u2019\u201d<\/p>\n<p>Given that Ciconte found a lack of competition wasn\u2019t problematic, then wouldn\u2019t the audit quality be the same if a company were to switch to any of the other Big Four?<\/p>\n<p>\u201cBecause these auditors are able to develop skill and expertise which they can then exploit, this creates a barrier so another firm can\u2019t just come in and say, \u2018Hey, you should come with us.\u2019 Because switching off that auditor will be costly to the clients. The clients are willing to stick with them because they figured out a way to develop their processes, to get the right people in place to do good work and to get to a quality answer that is not replicable by a competitor,\u201d he said.<\/p>\n<\/blockquote>\n<p>We trust the comment section can offer their theories on the variety in audit quality across firms that are otherwise quite similar should they feel compelled to do so. Feel free to throw out any other observations or thoughts you may have floating around in your head after reading this paper.<\/p>\n<p><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3565193\" target=\"_blank\" rel=\"noreferrer noopener\">Profit Persistence in the U.S. Audit Market<\/a> was published in <em>Journal of Accounting Research<\/em> in November 2025.<\/p>\n<\/p><\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>Remember two years ago when we started hearing about smaller-but-not-small firms getting out of the SEC audit game? We\u2019re not talking XYZ CPA LLP and its two boomer partners, we\u2019re talking names you actually know like Armanino and CLA. We\u2019re still not entirely sure why these firms started bailing out. It was just around the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":337961,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11759],"tags":[162675,82701,43494,28165,5308,788,1256,13059],"dealstore":[],"offerexpiration":[],"class_list":["post-337960","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting","tag-academic-research","tag-audit-quality","tag-auditors","tag-audits","tag-competition","tag-fine","tag-game","tag-perfectly"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Fewer Auditors in the Game, Perfectly Fine Audits? 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