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1、THEACCOUNTINGREVIEWVol.81,No.32006pp.653676AuditPartnerTenureandAuditQualityPeterCareyMonashUniversityRogerSimnettTheUniversityofNewSouthWalesABSTRACT:Rotationofauditpartnersisoneofthemainpolicyinitiativesthathasbeenimplementedinmanyjurisdictionsaroundt
2、heworldtodealwithconcernsaboutauditquality.Thebasisofanyrequirementlimitingthetenureofauditpartnersisthatthereisareductioninauditqualityassociatedwithlongperiodsoftenure.UsingdatafromAustralia,wheretheauditpartnercanbeidenti?edandforaperiodwherepartnerr
3、otationwasnotmandatory,weexaminetheassociationbetweenauditqualityandlongauditpartnertenure.Thethreemeasuresofauditqualityexaminedaretheaudi-tor’spropensitytoissueagoing-concernauditopinionfordistressedcompanies,thedirectionandamountofabnormalworkingcapi
4、talaccruals,andjustbeating(missing)earningsbenchmarks.Forlongtenureobservationswe?ndalowerpropensitytoissueagoing-concernopinionandsomeevidenceofjustbeating(missing)earningsbench-marks,consistentwithdeteriorationinauditqualityassociatedwithlongauditpart
5、nertenure.Thereisnoevidenceofanassociationoflongaudittenurewithabnormalworkingcapitalaccruals.Keywords:auditpartnertenure;auditquality;quali?cations;earningsmanagement.DataAvailability:Alldatahasbeenextractedfrompubliclyavailablesources.I.INTRODUCTIONpo
6、licyofmandatoryrotationofauditpartnersforaparticularauditclientissug-Agestedasameansofimprovingauditqualityandthereforeincreasingthequalityofgeneral-purpose?nancialstatements.Thebene?tsnormallyespousedarethattheindependenceoftheengagementpartnerismainta
7、inedorthatanewperspectiveontheauditmayresultintheidenti?cationofissuesthathavebeenoverlookedonpreviousaudits.Thesebene?tsthereforerelyonthebeliefthatextendedauditpartnertenureisassociatedWeappreciatecommentsreceivedonearlierversionsofthispaperfrompartic
8、ipantsattheAccountingAssociationofAustraliaandNewZealandConference,BostonAreaResearchColloquium(BARC),UniversityofAlberta,UniversityofConnecticut,InternationalSymposiumonAuditResearchUniversityofMassachusetts(Amherst),Universityo
