台灣在民國80年代以來即發生多起的審計失敗案例，但在2004年下半年爆發了最嚴重的博達弊案，而在歷經博達案的重大懲戒之後我國又在今年的年初再次爆發了力霸及中華商銀等弊案，究竟會計師懲戒事件對會計師來說是否真的具有警惕的效果，對會計師來說是否真的有約束力，這方面的研究是一個很值得去深思的。 本研究針對民國87~96年曾經違反證交法而被懲戒會計師為研究對象，探討在懲戒後會計師簽證行為是否變得更保守，並探討審計失敗事件對會計事務所客戶股價之影響。在會計師簽證保守性的實證結果指出，受到懲戒處分而移轉給繼任會計師之客戶，在移轉後之裁決性應計項目顯著為負，表示繼任會計師在受到訴訟風險的影響下簽證行為會趨於保守；受到懲戒處分仍由原會計師簽證之客戶，在懲戒後之裁決性應計項目為負但不顯著。在客戶股價方面的實證結果指出，當發生審計失敗時，受懲戒會計師事務所的客戶在事件期有顯著負的累積異常報酬，且其他事務所之審戶亦遭受波及，表示審計失敗事件對會計師事務所戶之客戶來說具有外溢效果；若就個別受懲戒的會計師而言，客戶的股價顯著低於同一事務所內的其他會計師之客戶，表示審計失敗事件對個別受懲戒會計師而言同樣也具有外溢效果。 The study examines among the accounting scandals, auditor conservatism and the effect of stock price reaction on client firms. First, with respect to auditor conservatism, our results show that after transferring to successor auditors, client firms largely decrease their discretionary accruals. This indicates that successor auditors become more conservative at auditing. However, the results display that when audited by the original disciplined auditor, clients would not significantly reduce the discretionary accruals. Regarding the client stock price reaction, our results show that the client firms of the disciplined CPA firms would have more negative cumulative abnormal returns than those of other CPA firms. This indicates that the audit failure has spillover effect. However, among the CPA firm, the client firms of the disciplined auditor have no more significant market reaction than others in the same CPA firm.
