W. Robert Knechel's research while affiliated with University of Florida and other places
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Publications (13)
This article summarizes Knechel, Thomas, and Driskill (2020), conceptualizing financial auditing as an economic service. In contrast to the production of tangible goods, a central characteristic of economic services is substantial customer/client participation in the production process. Financial auditing is an intensive collaborative network servi...
The “organization capital” of a firm consists of its internal investments in its business units, processes, know-how, employee skills, and information systems. We investigate whether a firm's investments in auditor-provided non-audit services (NAS) can supplement its own internal investment in organization capital, resulting in improved operating p...
SYNOPSIS
Efficient capital markets rely on a continuous supply of reliable, timely, and audited information. The economic value of an audit derives from the reduction in risk of erroneous or manipulated information. Traditionally, the auditing has focused on annual financial reports. Given the speed of information creation and dissemination, the ro...
These datasets have been co-submitted to this journal with the research article “A multi-method analysis of the PCAOB's relationship with the audit profession” [1]. The purpose of these datasets is to assist readers of the research article in obtaining further details on two analyses performed therein: a deviant case analysis of the interview data...
Responsive regulation (RR) theory posits that effective regulators enforce compliance by escalating penalties only if persuasion fails, otherwise risking formation of a culture of resentment. Using RR theory as a lens, we examine the interactions between large audit firms and the PCAOB during the initial years of PCAOB regulation, when annually-ins...
This paper draws from the service science and professional service literatures to conceptualize financial auditing as an economic service. A central characteristic of economic services is the participation of the customer/client in the production process. The necessity of having the customer/client be a co-producer introduces greater heterogeneity...
This paper examines the effect of knowledge sharing in audit firms on audit quality and efficiency. We analyze data from a survey of audit professionals from 22 audit firms in Taiwan matched to publicly available data on individual audits conducted by those firms. The results indicate that knowledge sharing within an audit firm is positively associ...
This study uses the slippery-slope framework to understand how an oversight regulator’s enforcement style influences audit firm compliance. Using data from interviews with audit regulators and audit partners, we find that partners perceive the regulator’s enforcement style has shifted from being more collaborative to being more coercive. A conseque...
We examine auditor switching conditional on the compatibility of clients and their auditors using a unique text-based measure of similarity of financial disclosures. We find clustering of clients within an audit firm based on this measure. We find that clients with the lowest similarity scores are significantly more likely (9.4% to 10.6%) to switch...
Properly understanding the economic role of auditing standards is an important step toward improving both audit effectiveness and efficiency. In this essay, I observe that auditing standards are most important when an auditor may have an incentive to under-audit. While this conclusion may not come as a surprise, the conditions under which standards...
Citations
... More recent papers about the impact of non-audit services provision on audit quality, including literature review and meta-analysis (Habib, 2012;Koh et al., 2013;Eilifsen and Knivsflå, 2016;Ciconte et al., 2017), conclude that: ...
... México, Chile, Colombia y Perú pertenecen a la Alianza del Pacífico (BBVA, 2018; Portafolio, 2021) y sus Bolsas de valores han conformado el Mercado Integrado Latinoamericano (MILA). Asimismo, dichos países cuentan con los mercados de capitales más desarrollados de la región, lo que propicia un contexto de información para múltiples usuarios, requiriendo mayor credibilidad y calidad mediante el aseguramiento (Knechel, 2021;Martínez-Ferrero, Ruiz-Barbadillo y Guidi, 2021). ...
... That is, to a certain extent, persuasive sanctions often aim to improve the area of concern, while severe sanctions assume distancing the cause of the violation from the firm or audit profession is the best course of action (Bardach & Kagan, 1982;McAllister, 2010). As such, the application of responsive regulation theory provides a basic understanding of how the violation is viewed by the regulator when assessing the harm to investor confidence ) and perception of audit quality when such audit lapses occur (Ege et al. 2020;Krishnan et al. 2017). ...
... The audit regulators are represented by the International Forum of Independent Audit Regulators, Financial Reporting Council, Public Interest Oversight Board and Public Company Accounting Oversight Board, which make the assessment concerning the lack of consistency of the audit quality (Knechel et al., 2020). "Public Company Accounting Reform and Investor Protection Act" (2002) or "Corporate and Auditing Accountability, Responsibility, and Transparency Act" has changed totally the audit market by displacing audit self-regulation with audit independent public oversight (Cunningham et al., 2020). ...
... They can attempt to steer consultants toward a favoured diagnosis or preferred course of action, complicating their involvement in the consulting process. In the literature on service research, client involvement has mixed effects [1][2][3][4][5]. Existing theories of collaboration address service co-creation [6], value co-creation [7], client participation in service innovation [8], and design thinking in innovation [9]. ...
... Thus, disruption in the structure of the audit team or leadership could hinder partners from effectively planning and finishing the audit on time. Duh et al. (2020) find that firms with a higher degree of knowledge sharing perform more efficient audits, as indicated by shorter audit lags. ...
... This is because acting in accordance with the rules has never prevented pursuing opportunistic goals or disguising realities under the pretense of technical and ethical compliance (Doyle et al., 2009;Samsonova-Taddei & Siddiqui, 2016). As such, questions about the effectiveness of professional codes of ethics persist (Dowling et al., 2018). ...
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... 12 As we assume a continuous mass of clients, it is irrelevant for our analysis which auditor audits this client. 13 See formula (2) the auditor with the highest expertise (Brown and Knechel 2016). 14 Each auditor acquires the contract with all of the clients that are closer to her than to other auditors. ...
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... For example, the Public Company Accounting Oversight Board (PCAOB) states that it is "committed to evidence-based oversight and policymaking" (PCAOB, 2018). Recent evidence-based contributions to the standard-setting process include the PCAOB's synthesis projects (Cohen and Knechel, 2013); CPA Australia's auditing research synthesis program (for example Carson et al., 2014); the International Auditing and Assurance Standards Board (IAASB)'s research projects conducted before introducing new audit reports [3]; and a recent initiative to examine research about audit fees that relates to auditing issues by the International Ethics Standards Board for Accountants (IESBA) [4]. IAASB and IESBA also drew on research findings when examining auditor skepticism (Brazel and Schaefer, 2016;Köhler, 2016). ...
... In addition, managers can encourage audit teams to participate in decision-making so that employees have the opportunity to share knowledge with others. Through knowledge sharing, audit team members can enhance a greater sense of identification with their profession and become more willing to regulate their audit behavior in the process of implementing audit engagement (Knechel, 2013). The knowledge required to perform an audit may be unevenly distributed among audit firms or audit team members, and facilitating knowledge sharing can alleviate the audit quality reduction behavior. ...
