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State Accountancy Regulations, Audit Firm Size, and Auditor Quality: An Empirical Investigation

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  • Colbert, Gary
  • Murray, Dennis

Abstract

This paper extends the literature on occupational licensing by examining the effect of states' licensing requirements for Certified Public Accountants (CPAs). We related variations in licensing requirements across states to CPA firm based assessments of service quality. Based upon prior research, we also examined the relationship between service quality and a market generated quality indicator: CPA firm size. The results show no association between audit quality and variations in regulatory strictness. However, a positive relationship was found between audit quality and firm size, suggesting that market forces, rather than governmental intervention, is effective in addressing the information asymmetry that can exist between CPAs and their clients. Copyright 1999 by Kluwer Academic Publishers

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  • Colbert, Gary & Murray, Dennis, 1999. "State Accountancy Regulations, Audit Firm Size, and Auditor Quality: An Empirical Investigation," Journal of Regulatory Economics, Springer, vol. 16(3), pages 267-285, November.
    • Handle: RePEc:kap:regeco:v:16:y:1999:i:3:p:267-85
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    Cited by:

    1. Pernilla Broberg & Torbjörn Tagesson & Daniela Argento & Niclas Gyllengahm & Ola Mårtensson, 2017. "Explaining the influence of time budget pressure on audit quality in Sweden," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 21(2), pages 331-350, June.
    2. Simon James Greenwood & Andrea Kutinova Menclova, 2018. "Analysing the extent and effects of occupational regulation in New Zealand," New Zealand Economic Papers, Taylor & Francis Journals, vol. 52(1), pages 21-39, January.
    3. Ionela-Corina CHERSAN, 2019. "Audit Quality and Several of Its Determinants," The Audit Financiar journal, Chamber of Financial Auditors of Romania, vol. 17(153), pages 1-93.
    4. Al Shbail, Mohannad & Salleh, Zalailah & Mohd Nor, M. N., 2018. "Antecedents of burnout and its relationship to internal audit quality," Business and Economic Horizons (BEH), Prague Development Center, vol. 14(4), pages 789-817, August.

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