Bank audit fees and asset securitization risks

Cullen, Grant, Gasbarro, Dominic, Monroe, Gary, Shailer, Gregory, & Zhang, Yuyu (2013) Bank audit fees and asset securitization risks. In International Symposium on Auditing Research 2013, 27-28 June 2013, Sydney, NSW. (Unpublished)

Abstract

Using the lens of audit pricing, we provide insights into auditors’ behaviors in relation to the risk of asset securitizations to bank holding companies in a period encompassing the Global Financial Crisis (GFC) and the introduction of the accounting standards FAS 166 and FAS 167. Using US bank holding company data from 2003 to 2011, we find significant and positive associations between asset securitization risks and audit fees. We find that auditors appear to focus on different aspects of asset securitization risks after the onset of the GFC, and increase their attention to the systemic risks facing bank holding companies in general. After the implementation of FAS 166 and FAS 167, which removed the discretion to treat asset securitizations as sales and required the consolidation of the accounts of special purpose entities, asset securitization risks no longer have a significant effect on audit fees.

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ID Code: 74336
Item Type: Conference Paper
Refereed: Yes
Additional URLs:
Keywords: Audit Fees, Asset Securitization Risks, Bank Holding Companies, Financial Crisis
Subjects: Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > ACCOUNTING AUDITING AND ACCOUNTABILITY (150100) > Auditing and Accountability (150102)
Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > BANKING FINANCE AND INVESTMENT (150200) > Financial Institutions (incl. Banking) (150203)
Divisions: Current > QUT Faculties and Divisions > QUT Business School
Current > Schools > School of Accountancy
Copyright Owner: Copyright 2013 The Author(s)
Deposited On: 24 Jul 2014 01:36
Last Modified: 24 Jul 2014 01:36

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