مقاله انگلیسی واکنش حسابرس به ریسک متغیر: صندوق سرمایه گذاری بازار پول در طول بحران مالی

این مقاله علمی پژوهشی (ISI)  به زبان انگلیسی از نشریه اسپرینگر مربوط به سال ۲۰۲۱ دارای ۳۰ صفحه انگلیسی با فرمت PDF می باشد در ادامه این صفحه لینک دانلود رایگان مقاله انگلیسی و بخشی از ترجمه فارسی مقاله موجود می باشد.

کد محصول: H736

سال نشر: ۲۰۲۱

نام ناشر (پایگاه داده): اسپرینگر

نام مجله:   Review of Quantitative Finance and Accounting

نوع مقاله: علمی پژوهشی (Research articles)

تعداد صفحه انگلیسی: ۳۰ صفحه PDF

عنوان کامل فارسی:

مقاله انگلیسی ۲۰۲۱ :  واکنش حسابرس به ریسک متغیر: صندوق سرمایه گذاری بازار پول در طول بحران مالی

عنوان کامل انگلیسی:

Auditor response to changing risk: money market funds during the financial crisis

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Abstract

Audits provide monitoring for investors. The collapse of markets across the financial crisis made assets more difficult to value, which increased risk for auditors. The money markets were at the center of the financial crisis increasing audit engagement risk on money market funds, which at the time of the crisis were highly opaque. Measuring the response to increased engagement risk with audit fees, this study finds that auditors increase their fees for the riskiest class of funds. However, no evidence was found that audit fees increased as funds increased their holdings in the riskiest class of securities.

Keywords: Audit risk · Financial crisis · Money market funds

۱.Introduction

 The financial crisis shocked markets. Specifically, financial markets stopped functioning normally meaning that the value of assets became more difficult to determine. Thus, the financial crisis created concerns for investors, stress for fund managers and risk for auditors. Doogar et al. (2015) note that large scale empirical studies on auditors’ ability to identify shifts in risk are lacking because events that trigger business environment and business risk changes are rare. The financial crisis is one of those rare events. The increase in auditor engagement risk should be followed by increases in auditor fees associated with the sources of the increased risk. In this paper, we examine if audit fees increased during the financial crisis for mutual fund portfolios with more audit risk from difficult-to-value assets and for specific high-risk, difficult-to-value assets.

Money markets were at the center of the financial crisis. Money markets stopped functioning normally, making values difficult to determine. Money markets funds (MMFs) invest in money market securities. At the time of the crisis MMFs were highly opaque, as regulation only required detailed portfolio reports every 6 months.1 Thus, MMFs provide a natural experimental setting to determine if auditors responded to the increased risk during the financial crisis and responded to the more difficult to value assets…

۵.Conclusion

 The 2007–۲۰۰۹ financial crisis highlighted the risks associated with valuing securities when financial markets are not functioning normally. Using MMFs, this study analyzes whether independent auditors responded to the heightened risk during the crisis.

This study focuses on Prime MMFs because of their increased audit engagement risk as their assets moved from level 2 valuation to level 3 valuation. Results show that audit fees did increase for Prime funds during the financial crisis and increased more as the crisis progressed. This finding supports auditors recognized an increase in risk and responded appropriately.

Asset backed commercial paper (ABCP) was at the center of the financial crisis. ABCP is a complex and difficult to value security with exposure to the mortgage market. ABCP was held almost exclusively by Prime funds. Our analysis suggests that independent auditors did not increase fees in response to the levels of ABCP in Prime MMFs…

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