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首页> 外文期刊>Auditing >The Insurance Hypothesis: An Examination of KPMG's Audit Clients around the Investigation and Settlement of the Tax Shelter Case
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The Insurance Hypothesis: An Examination of KPMG's Audit Clients around the Investigation and Settlement of the Tax Shelter Case

机译：保险假说：毕马威会计师事务所的审计客户对避税案的调查和解决

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Although prior literature has suggested that independent audits provide an implicit form of insurance against investor losses (the "insurance hypothesis"), it has been challenging to isolate the "insurance" effect. In this paper, we use a unique setting to examine this effect. In 2002, KPMG was investigated by the U.S. Department of Justice in relation to tax shelters sold by the firm. From then until early 2005, several news reports suggested that KPMG would be indicted and suffer potentially the same fate as Arthur Andersen. However, in August of 2005 KPMG entered into a deferred prosecution agreement with the U.S. Department of Justice, which ended widespread speculation of an impending federal indictment against the accounting firm. Because the investigation centered around tax services offered by the firm, we argue that the circumstances surrounding the investigation and settlement provide a natural setting to test the insurance value provided by auditors. We show that KPMG audit client firms experienced significant negative abnormal market returns when it appeared more likely that KPMG would face criminal charges, but earned significantly positive abnormal returns following news reports of an impending settlement. Further, these abnormal returns appear to be driven by KPMG client firms in greater financial distress or subject to greater litigation risk. These findings are consistent with the insurance hypothesis. Although we cannot completely eliminate other explanations such as an assurance effect or switching costs, we argue that such explanations are unlikely to drive our main findings.
机译：尽管以前的文献表明独立审计提供了一种隐式形式的针对投资者损失的保险（“保险假设​​”），但要隔离“保险”效应一直是一项挑战。在本文中，我们使用独特的设置来检查这种效果。 2002年，毕马威（KPMG）受美国司法部调查，涉及该公司出售的避税所。从那时到2005年初，几则新闻报道表明，毕马威（KPMG）将被起诉，并可能遭受与亚瑟·安徒生（Arthur Andersen）相同的命运。但是，2005年8月，毕马威（KPMG）与美国司法部达成了一项延期起诉协议，该协议终止了有关该会计师事务所即将面临联邦起诉的广泛猜测。因为调查围绕公司提供的税收服务，所以我们认为调查和结算周围的情况为检验审计师提供的保险价值提供了自然环境。我们表明，当毕马威会计师事务所面临刑事指控的可能性更大时，毕马威会计师事务所的审计客户公司却经历了显着的负异常市场收益，但在即将达成和解的新闻报道之后，该公司获得了显着的正异常收益。此外，这些异常收益似乎是由毕马威客户公司在更大的财务困境或更大的诉讼风险中驱动的。这些发现与保险假说是一致的。尽管我们无法完全消除其他解释，例如保证效果或转换成本，但我们认为此类解释不太可能推动我们的主要发现。

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