监管不确定性与审计决策——基于审计收费的证据OA北大核心CSSCICSTPCD

Utilizing the data of A-share listed firms from 2012 to 2021,this paper investigates the effect of regulatory uncertainty caused by differences in regulatory styles on auditor choice by new chairpersons of the China Securities Regulation Commission(CSRC)at the beginning of their tenure,based on a quasi-natural experiment of leadership transition of CSRC.The empirical evidence shows that facing a high regulatory uncertainty,auditors will claim higher audit fees to cover the audit costs and hedge the practice risks.The rise in audit risk is an important mechanism to cause this effect,that is,regulatory uncertainty will significantly increase audit risk,thereby leading to a greater audit input and higher audit fees.Further analysis shows that the higher the expertise of auditors in the industry,the more significant the impact of regulatory uncertainty on audit decisions when the company has no past financial violations,and there are expectations for market-oriented regulation.This paper has enlightening significance for reducing regulatory uncertainty,improving the earnings quality of listed companies,and stabilizing audit fees.