Intervención de los auditores en la gestión de resultados durante la crisis económica

Do auditors mitigate earnings manageme nt during economic crisis?

  • Nuria Reguera Alvarado Universidad de Sevilla
  • Pilar de Fuentes Universidad de Sevilla
  • Joaquina Laffarga Universidad de Sevilla
Palabras clave: Ajustes por devengo discrecionales, Gestión del resultado, Crisis económica, Calidad del auditor, Gobierno corporativo


Este artículo aborda la gestión del resultado desde una perspectiva internacional. Concretamente, el estudio analiza si la auditoría externa reduce la gestión del resultado y, si fuera así, si esto se vio afectado por la crisis económica. Para ello se ha utilizado una muestra formada compuesta 3,830 observaciones de empresas cotizadas en Estados Unidos, El Reino Unido, Japón, Italia, Francia y España durante el período 2005-2009. Los resultados muestran que la auditoría externa es un mecanismo de gran repercusión para minimizar la gestión del resultado. En este sentido, las cuatro mayores empresas auditoras y la especialización del auditor ayudaron a reducir la gestión de beneficios durante la crisis económica. Asimismo, un mayor número de años auditando a un determinado cliente consigue que la firma de auditoría no mitigue la gestión del resultado. El estudio incluye implicaciones para académicos, profesionales, y gestores políticos. Se ofrece evidencia complementaria para la literatura sobre auditoría externa y gestión del resultado y cómo se ve influenciada ésta por la crisis económica. El artículo resulta interesante  desde el punto de vista de los profesionales y gestores políticos porque resalta las características más importantes de las empresas auditoras relativas a la mitigación de la gestión del resultado. Asimismo, el estudio considera la reciente crisis económica como  un importante factor económico. Dado que la crisis afectó a la mayoría de los países y causó cambios a nivel estructural dentro de las empresas, la información acerca de las consecuencias de la crisis y como tratar con ella ha sido considerada una cuestión importante desde el punto de vista empírico.


La descarga de datos todavía no está disponible.

Biografía del autor/a

Nuria Reguera Alvarado, Universidad de Sevilla

Departamento de Contabilidad y Economía Financiera, Universidad de sevilla, Sevilla, España.

Pilar de Fuentes, Universidad de Sevilla

Departamento de Economía Contable y Financiera, Universidad de Sevilla, Sevilla, España.

Joaquina Laffarga, Universidad de Sevilla

Departamento de Economía Contable y Financiera, Universidad de Sevilla, Sevilla, España.


Ahmad-Zaluki, N. A., Campbell, K., and Goodacre, A. (2011). Earnings management in Malaysian IPOs: The East Asian crisis, ownership control, and post-IPO performance, The International Journal of Accounting, 46, 111–137.

Ahsen, H. (2011). Audit firm industry specialization and audit outcomes: Insights from academic literature, Research in Accounting Regulation, 23:1,114-129.

AICPA (1978). The commission on auditors' responsibilities: Report, conclusions and recommendations. New York: AICPA.

AICPA (1992). SEC practice section: Statement of position regarding mandatory rotation of audit firms of publicly held companies, New York: AICPA.

Arellano, M. (2003). Panel data econometrics, Oxford University Press.

Ball, R., Kothari, P., and Robin, A. (2000). The effect of international institutional factors on properties of accounting earnings, Journal of Accounting and Economics, 29, 1:1-51.

Basu, S., Hwang, L., and Jan, C. (2001). Differences in conservatism between Big Eight and non-Big Eight auditors, Working Paper, Baruch College.

Becker, C.L., Defond, M.L., Jiambalvo, J., and Subramanyam, K.R. (1998). The effect of the auditor characteristics on earnings management, Contemporary Accounting Research, 15, 1: 765-779.

Bedard, J. C., and Biggs, S. F. (1991). The effect of domain-specific experience on evaluation of management representations in analytical procedures, Auditing: A Journal of Practice and Theory, 10: 77-90.

Bonner, S., and Lewis, B. (1990). Determinants of auditor expertise, Journal of Accounting Research, 28:1-28.

Boone, J.P., Khurana, I.K., and Raman, K.K. (2010). Do the Big 4 and the Second-tier firms provide audits of similar quality? Journal of Accounting and Public Policy, 29: 330–352.

Brown, S.J., and Warner, J.B. (1980). Measuring Security Price Performance, Journal of Financial Economics, 14: 3-31.

Brown, S.J., and Warner, J.B. (1985). Using Daily Stock Returns: the Case of Event Studies, Journal of Financial Economics, 8: 205-258.

Cahan, S. F., Jeter, D. C., and Naiker, V. (2011). Are All Industry Specialist Auditors the Same? Auditing: A Journal of Practice & Theory, 30(4): 191-222.

Cano-Rodríguez, M., (2010). Big auditors, private firms and accounting conservatism: Spanish evidence. European Accounting Review, 19, 131-159.

Cano, M., and Sanchez, A. (2012). The value of auditor characteristics in public and private companies: evidence from Spain, Journal of Management & Governance, 16(4): 683-706.

Capalbo, F., Frini, A., Mollica, V., and Palumbo, R. (2014). Accrual-based earnings management in state owned companies, Accounting, Auditing & Accountability Journal, 27(6): 1026-1040.

Carcello, J.V., and Nagy, A.L. (2004). Client size auditor specialization and fraudulent financial reporting, Managerial Auditing Journal, 19(5): 651-668.

Carson, E. (2009). Industry Specialization by Global Audit Firm Networks, The Accounting Review: March 2009, 84(2): 355-382.

Casterella, J., Knechel, W., and Walker, P.L. (2002). The Relationship of Audit Failures and Auditor Tenure, Working paper, University of Florida.

Casterella, J. R., and Johnston, D. (2013). Can the academic literature contribute to the debate over mandatory audit firm rotation? Research in Accounting Regulation, 25(1): 108-116.

Charitou, A., Lambertides, N., and Trigeorgis, L. (2007). Earnings behaviour of financially distressed firms: The role of institutional ownership, Abacus, 43: 271–296.

Causholli, M., Chambers, D.J., and Payne, J.L. (2014). Future Nonaudit Service Fees and Audit Quality, Contemporary Accounting Research, 31(3): 681-712.

Chen, C., Lin, C., and Lin, Y. (2008). Audit partner tenure, audit firm tenure, and discretionary accruals: Does long auditor tenure impair earnings quality? Contemporary Accounting Research, 25(2): 415–45.

Chi, W., Lisic, L.L., and Pevzner, M. (2011). Is enhanced auditor characteristics associated with greater real earnings management? Accounting Horizons, 25(2): 315-335.

Chia, Y. M., Lapsley, I., and Lee, H-W. (2007). Choice of auditors and earnings management during the Asian financial crisis, Managerial Auditing Journal, 22(2), 177–196

Choi, J. H., Kim, C., Kim, J. B., and Zang, Y. (2010). Audit office size, auditor characteristics, and audit pricing, Auditing: A Journal of Practice & Theory, 29(1): 73-97.

Cohen, D., and Zarowin, P. (2010). Accrual-based and real earnings management activities around seasoned equity offerings, Journal of Accounting and Economics, 50(1): 2-19.

Cox, C. (2006). Testimony concerning the impact of the Sarbanes-Oxley Act by the Chairman of the U.S, Securities & Exchange Commission, House Committee on Financial Services.

Craswell, A.T., J.R., Francis, and Taylor, S.L. (1995). Auditor Brand Name Reputations and Industry Specializations, Journal of Accounting and Economics, 20: 297-322.

Davis, M. L., and Stobaugh, R. (1995). Best practices in directors pay, Directors and Boards, 20: 16-19.

Davis-Friday, P.Y., and Gordon, E.A. (2005). Relative valuation roles of equity book value, net income, and cash flows during a macroeconomic shock: the case of Mexico and the 1994 currency crisis. Journal of International Accounting Research, 4(1), 1–21

Davis-Friday, P. Y., Eng, L. L., and Liu, C.-S. (2006). The effects of the Asian crisis, corporate governance and accounting system on the valuation of book value and earnings, The International Journal of Accounting, 41: 22-40.

Davis, L. R., Soo, B. S., and Trompeter, G.M. (2009). Auditor tenure and the ability to meet or beat earnings forecasts, Contemporary Accounting Research, 26(2): 517–48.

DeAngelo, L. (1981). Auditor size and auditor quality, Journal of Accounting and Economics, 3: 183-199.

DeAngelo, H., DeAngelo, L., and Skinner, D. J. (1994). Accounting choice in troubled companies, Journal of Accounting and Economics, 17, 113–143.

Dechow, P. M., Sloan R., and Sweeney, A. (1995). Detecting earnings management. The Accounting Review, 70(2): 193-225.

Dechow, P., and Skinner,D. J. (2000). Earnings management: Reconciling the views of accounting academics, practitioners, and regulators, Accounting Horizons, 14(2): 232–50.

Dechow, P. M., and Dichev, I. D. (2002). The Quality of Accruals and Earnings: The Role of Accrual Estimation Errors, The Accounting Review, 77: 35-59.

Dechow, P., Ge, W., and Schrand, C. (2010). Understanding earnings quality: a review of the proxies, their determinants and their consequences, Journal of Accounting and Economics, 50(2): 344–401.

Dedman, E., and Kausar, A., (2012). The impact of voluntary audit on credit ratings: evidence from UK private firms? Accounting and Business Research, 42, 397-418.

DeFond, M. L., and Jiambalvo, J. (1994). Debt covenant violation and manipulation of accruals: Accounting choice in troubled companies, Journal of Accounting and Economics, 17: 145-176.

DeFond, M. L., and Subramanyam, K. R. (1998). Auditor changes and discretionary accruals, Journal of Accounting and Economics, 25(1): 35-67.

Dichev, I. D., and Skinner, D. J. (2002). Large-sample evidence on the debt covenant hypothesis, Journal of Accounting Research, 40, 1091–1123.

Dichev, I. D., Graham J. R., Harvey C. R., and Rajgopal, S. (2013). Earnings quality: Evidence from the field, Journal of Accounting and Economics, 56: 1-33.

Doupnik, T. S. (2008). Influence of Culture on Earnings Management: A Note, Abacus: A Journal of Accounting, Finance and Business Studies, 44: 317–340.

Eshleman, J.D. and Guo, P. (2014).Abnormal Audit Fees and Audit Quality: The Importance of Considering Managerial Incentives in Tests of Earnings Management, Auditing - A Journal of Practice & Theory, 33(1,): 117-138.

Essen, M., Engelen, P. J., and Carney, M. (2013). Does “good” corporate governance help in a crisis? The impact of country‐and firm‐level governance mechanisms in the European financial crisis, Corporate Governance: An International Review, 21(3): 201-224.

Filip, A., and Rattourmer, B. (2014). Financial crisis and earnings management: The European evidence, The International Journal of Accounting, 49, 455–478.

Francis, J. R., Maydew, E., and Sparks, H. (1999). The Role of Big 6 Auditors in the Credible Reporting of Accruals, Auditing: A Journal of Practice & Theory, 18(2): 17-34.

Francis, J. R., LaFond, R., Olsson P. M., and Schipper, K. (2004). Costs of Equity and Earnings Attributes, The Accounting Review, 79: 967-1010.

Francis, J. R., LaFond, R., Olsson P., and Schipper, K. (2005). The market pricing of accruals quality, Journal of Accounting and Economics, 39: 295-327.

Francis, J., and Wang, D. (2008). The joint effect of investor protection and Big 4 audits on earnings quality around the world, Contemporary Accounting Research, 25(1): 157–191.

Francis, J. R., and Yu., M.D. (2009). Big 4 office size and auditor characteristics, The Accounting Review, 84(5): 1521-1552.

Francis, J. R., Michas, P. N., and Seavey, S. E. (2013). Does Audit Market Concentration Harm the Quality of Audited Earnings? Evidence from Audit Markets in 42 Countries, Contemporary Accounting Research, 30: 325–355.

Garcia-Lara, J. M., García-Osma, B., and Mora, A. (2005). The effect of earnings management on the asymmetric timeliness of earnings, Journal of Business Finance & Accounting, 32: 691-726.

Garcia-Meca, E. and Sanchez-Ballesta, J.P. (2009). Corporate governance and earnings management: A meta-analysis, Corporate Governance: An International Review, 17(5): 594-610.

Geiger, M. A., and Raghunandan, K. (2002). Auditor tenure and audit reporting failures, Auditing: A Journal of Practice and Theory, 21(1): 67–78.

Ghosh, A., and Moon, D. (2005). Auditor tenure and perceptions of auditor characteristics, Accounting Review, 80(2): 585–613.

Glaser, R., and Bassok, M. (1989). Learning Theory and the Study of Instruction, Annual Review of Psychology: 636-666.

Gonthier-Besacier, N., Hottegindre, G., and Fine-Falcy, S. (2012). Les facteurs d'influence de la qualité de l'audit: Perception des préparateurs de l'information financière/Auditor characteristics attributes: The preparers' perception, Comptabilité Contrôle Audit, 18(2): 33-72.

Gordon, E. A., Greiner, A., Kohlbeck, M. J., Lin, S., and Skaife, H. (2013). Challenges and opportunities in cross-country accounting research, Accounting Horizons, 27(1): 141-154.

Government Accounting Office (GAO) (2003). Public accounting firms: Mandated study on consolidation and competition, Washington, D.C.

Government Accountability Office (GAO). (2008). Audits of public companies: Continued concentration in audit market for large public companies does not call for immediate action, Washington, D.C.

Gramling, A. A., and Stone, D.N. (2001). Audit Firm Industry Expertise: A Review and Synthesis of the Archival Literature, Journal of Accounting Literature, 20(1): 1–29.

Guenther A., and Young, P. (2002). Financial reporting environments at international capital mobility, Journal of Accounting Research, 8: 41-57.

Gul, F.A., Jaggi, B., and Krishnan, G. (2007). Auditor Independence: Evidence on the Joint Effects of Auditor Tenure and Non-audit fees, Auditing: A Journal of Practice and Theory, 26(2): 117-142.

Gul, F.A., Fung S.Y.K., and Jaggi, B. (2009). Earnings quality: Some evidence on the role of auditor tenure and auditors' industry expertise, Journal of Accounting and Economics, 47(3): 265-287.

Habib, M. A., Bhuiyan, M. B. U., and Islam, A. (2013). Financial distress, earnings management and market pricing of accruals during the global financial crisis, Managerial Finance, 39: 155-180.

Hair, J. F., Black, W. C., Babin, J. R., and Anderson, R. E. (2010). Multivariate data analysis, Prentice Hall.

Han, J.C., and Wang, S.-W., (1998). Political costs and earnings management of oil companies during the 1990 Persian Gulf crisis, The Accounting Review, 73(1), 103–117.

Hirst, D. E. (1994) Auditor sensitivity to earnings management, Contemporary Accounting Research, 11 (1), pp.405-422-

Ho, L.-C. J., Liu, C.-S., and Sohn, P.S. (2001). The value relevance of accounting information around the 1997 Asian financial crisis—the case of South Korea, Asia-Pacific Journal of Accounting & Economics, Vol. 8, pp. 83-107.

Hogan, C., and Jeter, D. (1999). Industry Specialization by Auditors, Auditing: A Journal of Practice & Theory, Vol. 18, No. 1, pp. 1-17.

Houghton, K. A., and Jubb, C. (2002). An Australian response to recent developments in the market for audit services, Australian Accounting Review, 12(2): 24-30

Huang, H. H., Wang W., and Zhou, J. (2013). Shareholder Rights, Insider Ownership and Earnings Management, AbacusBig4: A Journal of Accounting, Finance and Business Studies, 49: 46-73.

Huguet, D., and Gandía, J. L. (2016). Audit and earnings management in Spanish SMEs. BRQ Business Research Quarterly, 19(3), 171-187.

Iatridis, G., and Kadorinis, G. (2009). Earnings management and firm financial motives: A financial investigation of UK listed firms, International Review of Financial Analysis, 18, 164–173.

Iatridis, G., (2010). International financial reporting standards and the quality of financial statement information. International Review of Financial Analysis, 19(3),193–204.

Jensen, M. C., and Meckling, W. H. (1976). Theory of the firm: managerial behavior, agency costs and ownership structure, Journal of Financial Economics, 3: 305–360.

Jeter, D.C., and Shivakumar, L. (1999). Cross-sectional estimation of abnormal accruals using quarterly and annual data: effectiveness in detecting event-specific earnings management, Accounting & Business Research, 29, 4: 299-319.

Jiang, H., Habib, A., and Gong, R. (2015). Business Cycle and Management Earnings Forecasts, Abacus: A Journal of Accounting, Finance and Business Studies, 51: 279–310.

Johnson, V., Khurana, I., and Reynolds, J. (2002). Audit-firm tenure and the quality of financial reports, Contemporary Accounting Research, 19, 4: 637–660.

Jones, J. J. (1991). Earnings management during import relief investigations, Journal of Accounting Research, 29:193-228.

Kilgore, A., Radich, R., and Harrison, G. (2011). The relative importance of auditor characteristics attributes, Australian Accounting Review, 21, 3:253-265.

Kim, J.B., Chung, R., and Firth, M., (2003). Auditor conservatism, asymmetric monitoring, and earnings management, Contemporary Accounting Research, 20, 323-359.

Kim, J.B., Simunic, D.A., Stein, M.T., and Yi, C.H. (2011). Voluntary audits and the cost of debt capital for privately held firms: Korean evidence, Contemporary Accounting Research, 28, 2: 1-40.

Know, S. (1996). The impact of competition within the client’s industry specialization on the auditor selection decision, Auditing: A Journal of Practice & Theory, 15:53-70.

Kothari, S. P., Leone A. J., and Wasley, C.E. (2005). Performance matched discretionary accrual measures, Journal of Accounting and Economics, 39: 163-197.

Kousenidis, D. V., Ladas, A. C., and Negakis, C. I. (2013). The effects of the European debt crisis on earnings quality, International Review of Financial Analysis, 30: 351-362.

Krishnan, J. (1994). Auditor switching and conservatism, The Accounting Review, 69: 200-215

Krishnan, G. V. (2001). A comparison of auditors’ self-reported industry expertise and alternative measures of industry specialization, Asia-Pacific Journal of Accounting & Economics, 8: 127-142.

Krishnan, G. V. (2003a). Auditor characteristics and pricing of discretionary accruals, Auditing: A Journal of Practice &Theory, 22, 1: 109–26.

Krishnan, G. V. (2003b). Does big 6 auditor industry expertise constrain earnings management? Accounting Horizons, 17: 1-16.

Kutner, M. H., Neter, J., Nachtsheim, C. J., and Li, W. (2005). Applied Linear Statistical Models, McGraw Hill, New York.

La Porta, R., Lopez de Silanes, F., Shleifer, A., and Vishny, R. (1998). Law and finance, Journal of Political Economy, 106,6: 1113-1155.

Lapre, M. A., Mukkerjee, A.S., and Van Wassenhove, L.N. (2000). Behind the learning curve: linking learning activities to waste reduction, Management Science, 46: 597-611.

Lennox, C. (2000). Do companies successfully engage in opinion-shopping? Evidence from the UK, Journal of Accounting and Economics, 29, 3: 321–37.

Leung, S., Srinidhi, B., and Xie, L. (2017). Auditor Tenure, Information Asymmetry and Earnings Quality, papers ssrn.

Leuz, C., Nanda, D., and Wysocki, P. (2003). Earnings management and investor protection: an international comparison, Journal of Financial Economics, 69: 505-527.

Levitt, A. (1998). The numbers game. Remarks of SEC chairman Arthur Levitt at the New York University Center for Law and Business, New York University, September 28.

Lim, C-Y., and Tan, H-T. (2008). Non-audit service fees and auditor characteristics: The impact of auditor specialization, Journal of Accounting Research, 46, 1: 199-246.

Lin, Z., and Shih, M. (2003). Earnings management in economics downturns and adjacent periods: Evidence from the 1990-1991 recession, Working Paper (National University of Singapore).

Lu, C. W. (2012). Earnings quality, risk-taking and firm value: Evidence from Taiwan, International Proceedings of Economics Development, 50, 119–123.

Maletta, M., and Wright, A. (1996). Audit evidence planning: an examination of industry error characteristics, Auditing: A Journal of Practice and Theory, 15: 71-86.

Mard, Y., and Marsat, S. (2012). Gestion des résultats comptables et structure de l'actionnariat: Le cas français/Earnings management and ownership structure: Evidence from France, Comptabilité Contrôle Audit, 18(3): 11-42.

Mayhew, B. W., J. W. Schatzberg, and G. R. Sevcik. (2001). The effect of accounting uncertainty and auditor reputation on auditor objectivity, Auditing: A Journal of Practice and Theory, 20 (Supplement): 49–70.

McNichols, M. F. (2000). Research design issues in earnings management studies, Journal of Accounting and Public Policy, 19: 313-345.

Myers, J., Myers, L., and Omer, T. (2003). Exploring the term of auditor–client relationship and the quality of earnings: a case for mandatory auditor rotation? The Accounting Review, 78, 3:779–799.

Oxera (2006). Competition and choice in the UK audit market, Oxera Consulting (Oxford, UK).

Oxera (2007). Ownership rules of audit firms and their consequences for audit market concentration, Oxera Consulting (Oxford, UK).

Palmrose, Z. (1988). An analysis of auditor litigation and audit service quality, The Accounting Review, 63: 55–73.

Peasnell, K.V., Pope, P.F., and Young, S. (2000). Detecting Earnings Management Using Cross-Sectional Abnormal Accrual Models, Journal of Accounting and Business Research, 30, 4: 313-326.

Peltzman, S. (1976). Toward a more general theory of regulation, The Journal of Law and Economics, 19, 211–240.

Public Oversight Board (POB). (2002). Final Annual Report 2001, Stamford, CT.

Qinglu, J. (2005). Business Cycle, Accounting Behavior and Earnings Management, Hong Kong University of Science and Technology, Hong Kong.

Rees, L., Gill, S., and Gore, R. (1996). An investigation of asset write-downs and concurrent abnormal accruals, Journal of Accounting Research, 34:157-169.

Reichelt, K.J., and Wang, D. (2010). National and office-specific measures of auditor industry expertise and effects on auditor characteristics, Journal of Accounting Research, 48, 3: 647-686.

Rifaat, A., and Karim, A. (1990). The Independence of Religious and External Auditors: The Case of Islamic Banks, Accounting, Auditing &Accountability Journal, 3: 34-44.

Romanus, R. N., Maher, J. J., and Fleming, D. M. (2008). Auditor industry specialization, auditor changes, and accounting restatements, Accounting Horizons, 22, 4: 389-413.

Saleh, N. M., and Ahmed, K. (2005). Earnings management of distressed firms during debt renegotiation, Accounting and Business Research, 35, 69–86.

Shrieves, R.E., and Dahl, D. (2003). Discretionary accounting and the behavior of Japanese banks under financial distress, Journal of Banking & Finance, 27(7), 1219–1243

Simunic, D., and Stein, M. (1987). Product differentiation in auditing: auditor choice in the market for unseasoned new issues, Research monograph, 13. Vancouver: The Canadian Certified General Accounts’ Research Foundation.

Sun, J., and Liu, G. (2012). Auditor industry specialization, board governance, and earnings management, Managerial Auditing Journal, 28(1), 45-64.

Sweeney, A. P. (1994). Debt-covenant violations and managers' accounting responses, Journal of Accounting and Economics, 17, 281–308.

Teoh, S. H., Welch, I., and Wong, T.J. (1998). Earnings management and the underperformance of seasoned equity offerings, Journal of Financial Economics, 50: 63-99.

United States Treasury (2006). Remarks by Treasury Secretary Henry M. Paulson on the competitiveness of U.S. capital markets, Economic Club of New York, New York, NY.

United States Treasury. (2008). Advisory committee on the auditing profession: Final report, October 6, 2008.

Watts, R. L., and Zimmerman, J. L. (1986). Positive accounting theory, Ed. Prentice Hall, New York.

Yardley, J., Kauffman, N., Cairney, T., and Albrecht, D. (1992). Supplier behavior in the U.S. audit market, Journal of Accounting Literature, 11: 151-184.

Cómo citar
Reguera Alvarado, N., de Fuentes, P., & Laffarga, J. (2019). Intervención de los auditores en la gestión de resultados durante la crisis económica. Revista De Contabilidad - Spanish Accounting Review, 22(1), 6-20.