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RESEARCH IN ACCOUNTING REGULATION RESEARCH IN ACCOUNTING REGULATION Series Editor: Gary J. Previts Recentvolumes: Volumes1–15: ResearchinAccountingRegulation Supplement1: 10thAnniversarySpecial RESEARCHINACCOUNTINGREGULATION VOLUME16 RESEARCH IN ACCOUNTING REGULATION EDITEDBY GARYJ.PREVITS CaseWesternReserveUniversity,Cleveland,USA ASSOCIATEEDITOR THOMASR.ROBINSON UniversityofMiami,CoralGables,USA ASSISTANTEDITOR NANDINICHANDAR RutgersBusinessSchool,NewarkandNewBrunswick BOOKREVIEWEDITOR LARRYM.PARKER CaseWesternReserveUniversity,Cleveland,USA 2003 JAI An imprint of Elsevier Science Amsterdam–Boston–London–NewYork–Oxford–Paris SanDiego–SanFrancisco–Singapore–Sydney–Tokyo ELSEVIERSCIENCELtd TheBoulevard,LangfordLane Kidlington,OxfordOX51GB,UK ©2003ElsevierScienceLtd.Allrightsreserved. ThisworkisprotectedundercopyrightbyElsevierScience,andthefollowingtermsandconditionsapplyto itsuse: Photocopying Singlephotocopiesofsinglechaptersmaybemadeforpersonaluseasallowedbynationalcopyrightlaws. PermissionofthePublisherandpaymentofafeeisrequiredforallotherphotocopying,includingmultiple orsystematiccopying,copyingforadvertisingorpromotionalpurposes,resale,andallformsofdocument delivery.Specialratesareavailableforeducationalinstitutionsthatwishtomakephotocopiesfornon-profit educationalclassroomuse. PermissionsmaybesoughtdirectlyfromElsevierScienceGlobalRightsDepartment,POBox800,Oxford OX51DX,UK;phone:(+44)1865843830,fax:(+44)1865853333,e-mail:[email protected]. YoumayalsocontactGlobalRightsdirectlythroughElsevier’shomepage(http://www.elsevier.com),by selecting‘ObtainingPermissions’. IntheUSA,usersmayclearpermissionsandmakepaymentsthroughtheCopyrightClearanceCenter,Inc., 222RosewoodDrive,Danvers,MA01923,USA;phone:(+1)(978)7508400,fax:(+1)(978)7504744,andin theUKthroughtheCopyrightLicensingAgencyRapidClearanceService(CLARCS),90TottenhamCourt Road,LondonW1P0LP,UK;phone:(+44)2076315555;fax:(+44)2076315500.Othercountriesmay havealocalreprographicrightsagencyforpayments. DerivativeWorks Tablesofcontentsmaybereproducedforinternalcirculation,butpermissionofElsevierScienceisrequired forexternalresaleordistributionofsuchmaterial. PermissionofthePublisherisrequiredforallotherderivativeworks,includingcompilationsandtranslations. ElectronicStorageorUsage PermissionofthePublisherisrequiredtostoreoruseelectronicallyanymaterialcontainedinthiswork, includinganychapterorpartofachapter. Exceptasoutlinedabove,nopartofthisworkmaybereproduced,storedinaretrievalsystemortransmitted inanyformorbyanymeans,electronic,mechanical,photocopying,recordingorotherwise,withoutprior writtenpermissionofthePublisher. Addresspermissionsrequeststo:ElsevierScienceGlobalRightsDepartment,atthemail,faxande-mail addressesnotedabove. Notice NoresponsibilityisassumedbythePublisherforanyinjuryand/ordamagetopersonsorpropertyasa matterofproductsliability,negligenceorotherwise,orfromanyuseoroperationofanymethods,products, instructionsorideascontainedinthematerialherein.Becauseofrapidadvancesinthemedicalsciences,in particular,independentverificationofdiagnosesanddrugdosagesshouldbemade. Firstedition2003 LibraryofCongressCataloginginPublicationData AcataloguerecordfromtheBritishLibraryhasbeenappliedfor. ISBN:0-7623-1022-7 ISSN:1052-0457(Series) (cid:2)∞ThepaperusedinthispublicationmeetstherequirementsofANSI/NISOZ39.48-1992(Permanenceof Paper). PrintedinTheNetherlands. CONTENTS EDITORIALBOARD ix LISTOFCONTRIBUTORS xi INVITEDREFEREES xv PARTI:MAINPAPERS THEMARKETPERCEPTIONOFCORPORATECLAIMS QiangCheng,PeterFrischmannandTerryWarfield 3 ANANALYSISOFTHEACCOUNTINGPROFESSION’S OLIGARCHY:THEAUDITINGSTANDARDSBOARD JohnE.McEnroeandMarshallK.Pitman 29 THEORIGINSOFTHESEC’SPOSITIONONAUDITOR INDEPENDENCEANDMANAGEMENTRESPONSIBILITY FORFINANCIALREPORTS NathanFelker 45 AUDITORLIABILITY:AREVIEWOFRECENTCASES INVOLVINGGENERALLYACCEPTEDACCOUNTING PRINCIPLESANDGENERALLYACCEPTEDAUDITING STANDARDS ScotP.Gormley,ThomasM.PorcanoandWayneStaton 61 PROFESSIONALREGULATIONANDLABORMARKET OUTCOMESFORACCOUNTANTS:EVIDENCEFROMTHE CURRENTPOPULATIONSURVEY,1984–2000 JamesSchaeferandMichaelZimmer 87 v vi THEECONOMICTHEORYOFREGULATIONANDSUNSET REVIEWSOFPUBLICACCOUNTANCYLAWS:THEROLE OFPOLITICALIDEOLOGY GaryColbertandDennisMurray 105 THEIMPACTOFSTATEMENTOFFINANCIAL ACCOUNTINGSTANDARDNUMBER123ONEQUITY PRICESOFCOMPUTERSOFTWARECOMPANIES MarkMyring,RebeccaToppeShortridgeandRobertBloom 121 GAAP:AREGULATORYTOOLTOMANAGEHEALTHCARE MarkHoltzmanandOlgaAverin 145 PARTII:RESEARCHREPORTS IMPROVINGAUDITORINDEPENDENCE–THEPRINCIPLES VS.STANDARDSDEBATE:SOMEEVIDENCEABOUTTHE EFFECTSOFTYPEANDPROVIDEROFNON-AUDIT SERVICESONPROFESSIONALINVESTOR’SJUDGMENTS ElaineG.Mauldin 159 THEASSOCIATIONBETWEENAUDITORINDUSTRY SPECIALIZATIONANDEARNINGSMANAGEMENT UmaVelury 171 CONCURRINGPARTNERREVIEW:DOESINVOLVEMENT INAUDITPLANNINGAFFECTOBJECTIVITY? ArnoldSchneider,BryanK.ChurchandRobertJ.Ramsay 185 LOCALGOVERNMENTAUDITPROCUREMENT REQUIREMENTS,AUDITEFFORT,ANDAUDITFEES LaurenceE.Johnson,RobertJ.Freeman andStephenP.Davies 197 ANEXPERIMENTALEXAMINATIONOFTHEPEER REVIEWPROCESS JeffL.Payne 209 vii DEREGULATIONOFTHEPRIVATECORPORATIONAUDIT INCANADA:JUSTIFICATION,LOBBYINGAND OUTCOMES MorinaRennie,DavidSenkow,RichardRennie andJonathanWong 227 SFAS95CASHFLOWINFORMATIONANDSECURITIES VALUATION SulaimanA.Alaraini,JoanneP.Healyand RayG.Stephens 243 PARTIII:PERSPECTIVES ALONGFALLFROMGRACE DavidMosso 259 REMARKSOFDONALDJ.KIRK:INDEPENDENCE,AUDIT EFFECTIVENESSANDFRAUDULENTFINANCIAL REPORTING DonaldJ.Kirk 265 THE“INFORMATIONRIGHT”ANDTHECPAPROFESSION GaryJ.Previts 275 PARTIV:BOOKREVIEWS PROFORMABEFOREANDAFTERTHESEC’SWARNING: AQUANTIFICATIONOFREPORTINGVARIANCESFROM GAAP ByWandaWallace ReviewedbyJuliaGrant 281 THEVALUEREPORTINGTM REVOLUTION:MOVING BEYONDTHEEARNINGSGAME ByRobertG.Eccles,RobertH.Herz,E.MaryKeegan, andDavidM.H.Phillips ReviewedbyKevinCarduff 285 viii CREATINGSHAREHOLDERVALUE ByAlfredRappaport ReviewedbyGarenMarkarian 289 EXPECTATIONSINVESTING ByAlfredRappaportandMichaelJ.Mauboussin ReviewedbyEvelynA.McDowell 293 UNDERSTANDINGAUDITOR-CLIENTRELATIONSHIPS: AMULTI-FACETEDANALYSIS ByGaryKleinmanandDanPalmon ReviewedbyReedA.Roig 297 EDITOR AssistantEditor GaryJohnPrevits NandiniChandar WeatherheadSchoolofManagement RutgersUniversity DepartmentofAccountancy CaseWesternReserveUniversity AssociateEditor BookReviewEditor ThomasR.Robinson LarryM.Parker UniversityofMiami,Florida CaseWesternReserveUniversity EDITORIALBOARD AndrewBailey WilliamHolder UniversityofIllinois– UniversityofSouthern Urbana-Champaign California DennisR.Beresford DanielJensen UniversityofGeorgia TheOhioStateUniversity PeterBible DavidL.Lansittel,CPA GeneralMotorsCorporation Winnetka,Illinois JacobBirnberg DonaldL.Neebes UniversityofPittsburgh Ernst&Young,LLP MichaelP.Bohan HiroshiF.Okano Consultant,Cleveland,Ohio OsakaCityUniversity,Japan PaulBrown PaulA.Pacter NewYorkUniversity DeloitteToucheTohmatsu, GraemeW.Dean HongKong UniversityofSydney, JamesM.Patton Australia FederalAccountingStandards J.R.Edwards AdvisoryBoard CardiffUniversity WilliamJ.L.Swirsky TimothyFogarty CanadianInstituteofChartered CaseWesternReserveUniversity Accountants ix

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The scope of service provided by professional accountants is influenced by legislation and case law as well as the dictates of a variety of government and private sector agencies.There are equivalent and emerging local international bodies that exist in most developed countries. It is important for
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Research in Accounting Regulation, Vol. 16 (Research in Accounting Regulation) (Research in Accounting Regulation) PDF

317 Pages·2003·1.68 MB·English
by  Gary Previts
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RESEARCH IN ACCOUNTING REGULATION RESEARCH IN ACCOUNTING REGULATION Series Editor: Gary J. Previts Recentvolumes: Volumes1–15: ResearchinAccountingRegulation Supplement1: 10thAnniversarySpecial RESEARCHINACCOUNTINGREGULATION VOLUME16 RESEARCH IN ACCOUNTING REGULATION EDITEDBY GARYJ.PREVITS CaseWesternReserveUniversity,Cleveland,USA ASSOCIATEEDITOR THOMASR.ROBINSON UniversityofMiami,CoralGables,USA ASSISTANTEDITOR NANDINICHANDAR RutgersBusinessSchool,NewarkandNewBrunswick BOOKREVIEWEDITOR LARRYM.PARKER CaseWesternReserveUniversity,Cleveland,USA 2003 JAI An imprint of Elsevier Science Amsterdam–Boston–London–NewYork–Oxford–Paris SanDiego–SanFrancisco–Singapore–Sydney–Tokyo ELSEVIERSCIENCELtd TheBoulevard,LangfordLane Kidlington,OxfordOX51GB,UK ©2003ElsevierScienceLtd.Allrightsreserved. ThisworkisprotectedundercopyrightbyElsevierScience,andthefollowingtermsandconditionsapplyto itsuse: Photocopying Singlephotocopiesofsinglechaptersmaybemadeforpersonaluseasallowedbynationalcopyrightlaws. PermissionofthePublisherandpaymentofafeeisrequiredforallotherphotocopying,includingmultiple orsystematiccopying,copyingforadvertisingorpromotionalpurposes,resale,andallformsofdocument delivery.Specialratesareavailableforeducationalinstitutionsthatwishtomakephotocopiesfornon-profit educationalclassroomuse. PermissionsmaybesoughtdirectlyfromElsevierScienceGlobalRightsDepartment,POBox800,Oxford OX51DX,UK;phone:(+44)1865843830,fax:(+44)1865853333,e-mail:[email protected]. YoumayalsocontactGlobalRightsdirectlythroughElsevier’shomepage(http://www.elsevier.com),by selecting‘ObtainingPermissions’. IntheUSA,usersmayclearpermissionsandmakepaymentsthroughtheCopyrightClearanceCenter,Inc., 222RosewoodDrive,Danvers,MA01923,USA;phone:(+1)(978)7508400,fax:(+1)(978)7504744,andin theUKthroughtheCopyrightLicensingAgencyRapidClearanceService(CLARCS),90TottenhamCourt Road,LondonW1P0LP,UK;phone:(+44)2076315555;fax:(+44)2076315500.Othercountriesmay havealocalreprographicrightsagencyforpayments. DerivativeWorks Tablesofcontentsmaybereproducedforinternalcirculation,butpermissionofElsevierScienceisrequired forexternalresaleordistributionofsuchmaterial. PermissionofthePublisherisrequiredforallotherderivativeworks,includingcompilationsandtranslations. ElectronicStorageorUsage PermissionofthePublisherisrequiredtostoreoruseelectronicallyanymaterialcontainedinthiswork, includinganychapterorpartofachapter. Exceptasoutlinedabove,nopartofthisworkmaybereproduced,storedinaretrievalsystemortransmitted inanyformorbyanymeans,electronic,mechanical,photocopying,recordingorotherwise,withoutprior writtenpermissionofthePublisher. Addresspermissionsrequeststo:ElsevierScienceGlobalRightsDepartment,atthemail,faxande-mail addressesnotedabove. Notice NoresponsibilityisassumedbythePublisherforanyinjuryand/ordamagetopersonsorpropertyasa matterofproductsliability,negligenceorotherwise,orfromanyuseoroperationofanymethods,products, instructionsorideascontainedinthematerialherein.Becauseofrapidadvancesinthemedicalsciences,in particular,independentverificationofdiagnosesanddrugdosagesshouldbemade. Firstedition2003 LibraryofCongressCataloginginPublicationData AcataloguerecordfromtheBritishLibraryhasbeenappliedfor. ISBN:0-7623-1022-7 ISSN:1052-0457(Series) (cid:2)∞ThepaperusedinthispublicationmeetstherequirementsofANSI/NISOZ39.48-1992(Permanenceof Paper). PrintedinTheNetherlands. CONTENTS EDITORIALBOARD ix LISTOFCONTRIBUTORS xi INVITEDREFEREES xv PARTI:MAINPAPERS THEMARKETPERCEPTIONOFCORPORATECLAIMS QiangCheng,PeterFrischmannandTerryWarfield 3 ANANALYSISOFTHEACCOUNTINGPROFESSION’S OLIGARCHY:THEAUDITINGSTANDARDSBOARD JohnE.McEnroeandMarshallK.Pitman 29 THEORIGINSOFTHESEC’SPOSITIONONAUDITOR INDEPENDENCEANDMANAGEMENTRESPONSIBILITY FORFINANCIALREPORTS NathanFelker 45 AUDITORLIABILITY:AREVIEWOFRECENTCASES INVOLVINGGENERALLYACCEPTEDACCOUNTING PRINCIPLESANDGENERALLYACCEPTEDAUDITING STANDARDS ScotP.Gormley,ThomasM.PorcanoandWayneStaton 61 PROFESSIONALREGULATIONANDLABORMARKET OUTCOMESFORACCOUNTANTS:EVIDENCEFROMTHE CURRENTPOPULATIONSURVEY,1984–2000 JamesSchaeferandMichaelZimmer 87 v vi THEECONOMICTHEORYOFREGULATIONANDSUNSET REVIEWSOFPUBLICACCOUNTANCYLAWS:THEROLE OFPOLITICALIDEOLOGY GaryColbertandDennisMurray 105 THEIMPACTOFSTATEMENTOFFINANCIAL ACCOUNTINGSTANDARDNUMBER123ONEQUITY PRICESOFCOMPUTERSOFTWARECOMPANIES MarkMyring,RebeccaToppeShortridgeandRobertBloom 121 GAAP:AREGULATORYTOOLTOMANAGEHEALTHCARE MarkHoltzmanandOlgaAverin 145 PARTII:RESEARCHREPORTS IMPROVINGAUDITORINDEPENDENCE–THEPRINCIPLES VS.STANDARDSDEBATE:SOMEEVIDENCEABOUTTHE EFFECTSOFTYPEANDPROVIDEROFNON-AUDIT SERVICESONPROFESSIONALINVESTOR’SJUDGMENTS ElaineG.Mauldin 159 THEASSOCIATIONBETWEENAUDITORINDUSTRY SPECIALIZATIONANDEARNINGSMANAGEMENT UmaVelury 171 CONCURRINGPARTNERREVIEW:DOESINVOLVEMENT INAUDITPLANNINGAFFECTOBJECTIVITY? ArnoldSchneider,BryanK.ChurchandRobertJ.Ramsay 185 LOCALGOVERNMENTAUDITPROCUREMENT REQUIREMENTS,AUDITEFFORT,ANDAUDITFEES LaurenceE.Johnson,RobertJ.Freeman andStephenP.Davies 197 ANEXPERIMENTALEXAMINATIONOFTHEPEER REVIEWPROCESS JeffL.Payne 209 vii DEREGULATIONOFTHEPRIVATECORPORATIONAUDIT INCANADA:JUSTIFICATION,LOBBYINGAND OUTCOMES MorinaRennie,DavidSenkow,RichardRennie andJonathanWong 227 SFAS95CASHFLOWINFORMATIONANDSECURITIES VALUATION SulaimanA.Alaraini,JoanneP.Healyand RayG.Stephens 243 PARTIII:PERSPECTIVES ALONGFALLFROMGRACE DavidMosso 259 REMARKSOFDONALDJ.KIRK:INDEPENDENCE,AUDIT EFFECTIVENESSANDFRAUDULENTFINANCIAL REPORTING DonaldJ.Kirk 265 THE“INFORMATIONRIGHT”ANDTHECPAPROFESSION GaryJ.Previts 275 PARTIV:BOOKREVIEWS PROFORMABEFOREANDAFTERTHESEC’SWARNING: AQUANTIFICATIONOFREPORTINGVARIANCESFROM GAAP ByWandaWallace ReviewedbyJuliaGrant 281 THEVALUEREPORTINGTM REVOLUTION:MOVING BEYONDTHEEARNINGSGAME ByRobertG.Eccles,RobertH.Herz,E.MaryKeegan, andDavidM.H.Phillips ReviewedbyKevinCarduff 285 viii CREATINGSHAREHOLDERVALUE ByAlfredRappaport ReviewedbyGarenMarkarian 289 EXPECTATIONSINVESTING ByAlfredRappaportandMichaelJ.Mauboussin ReviewedbyEvelynA.McDowell 293 UNDERSTANDINGAUDITOR-CLIENTRELATIONSHIPS: AMULTI-FACETEDANALYSIS ByGaryKleinmanandDanPalmon ReviewedbyReedA.Roig 297 EDITOR AssistantEditor GaryJohnPrevits NandiniChandar WeatherheadSchoolofManagement RutgersUniversity DepartmentofAccountancy CaseWesternReserveUniversity AssociateEditor BookReviewEditor ThomasR.Robinson LarryM.Parker UniversityofMiami,Florida CaseWesternReserveUniversity EDITORIALBOARD AndrewBailey WilliamHolder UniversityofIllinois– UniversityofSouthern Urbana-Champaign California DennisR.Beresford DanielJensen UniversityofGeorgia TheOhioStateUniversity PeterBible DavidL.Lansittel,CPA GeneralMotorsCorporation Winnetka,Illinois JacobBirnberg DonaldL.Neebes UniversityofPittsburgh Ernst&Young,LLP MichaelP.Bohan HiroshiF.Okano Consultant,Cleveland,Ohio OsakaCityUniversity,Japan PaulBrown PaulA.Pacter NewYorkUniversity DeloitteToucheTohmatsu, GraemeW.Dean HongKong UniversityofSydney, JamesM.Patton Australia FederalAccountingStandards J.R.Edwards AdvisoryBoard CardiffUniversity WilliamJ.L.Swirsky TimothyFogarty CanadianInstituteofChartered CaseWesternReserveUniversity Accountants ix

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The scope of service provided by professional accountants is influenced by legislation and case law as well as the dictates of a variety of government and private sector agencies.There are equivalent and emerging local international bodies that exist in most developed countries. It is important for
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