TAILIEUCHUNG - Assessing France’s Joint Audit Requirement: Are Two Heads Better than One?*

The IS auditors require a wide range of knowledge as well as in-depth knowledge in the field of information security. Continuous further education and training of the IS auditors is a basic prerequisite for their work. Verification of such qualifications in the form of certificates (. Audit Team Leader for ISO 27001 audits based on IT-Grundschutz) are suitable for this purpose. In general, it should be ensured that actual operations in the organisation are not significantly disrupted by the IS audit when initiating the IS audit. IS auditors never actively intervene in systems, and therefore do not provide any instructions for. | Assessing France s Joint Audit Requirement Are Two Heads Better than One by Jere R. Francis University of Missouri-Columbia and Chrystelle Richard Université Paris Dauphine and Ann Vanstraelen Universiteit Antwerpen and Universiteit Maastricht Draft Date November 2006 We appreciate the comments of Jean Bédard Bob Roussey Hervé Stolowy workshop participants at Institut d Aministration d Entreprises in Paris Université Paris Dauphine and participants at the 2006 International Symposium on Audit Research in Sydney Australia and the 2006 EIASM Workshop on Audit Quality in Milan Italy. Contact Author Jere R. Francis University of Missouri-Columbia Voice 01 573 882 5156 FAX 01 573 882 2437 Email francis@ Assessing France s Joint Audit Requirement Are Two Heads Better than One Abstract We examine auditor choice for listed companies in France where two joint auditors are required by law. The joint audit requirement creates a unique setting to study if a firm s ownership structure affects its auditor-pair choice as well the consequences on earning quality. The results support predictions from agency theory that higher quality Big 4 auditors are more likely to be used as external monitors when there is greater separation of ownership and control and increased information asymmetry between the firm and outsiders. A Big 4 auditor paired with a non-Big 4 auditor is more likely to be used for firms with more diversified ownership structures and less family blockholdings and these associations are even stronger for firms with two Big 4 auditors conducting the joint audit. We also test if a firm s auditor-pair choice affects earnings quality and find that firms using one Big 4 auditor paired with a non-Big 4 auditor have smaller income-increasing abnormal accruals compared to firms that use no Big 4 auditors and once again this effect is even stronger for firms that use two Big 4 auditors. While French firms do have more concentrated ownership structures than .

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