This white paper definitively proves that no Formulaic Asset Allocation (FAA) approach (Lifecycle, Target Date, Target Risk, Balanced Funds, Managed Accounts and Monte Carlo Simulation) can provide Plan Participants with nearly enough money for retirement income security, and that FAA exposes...

This study derives and tests an economic framework that explains the relation between corporate governance and the fees paid by companies for auditing. Importantly, our framework posits and we find that auditing and governance are co-determined by two countervailing relations, namely, a...

This study tests for differences in audit quality among Big Auditors and between Big Auditors and Small Auditors. The analysis is conducted using four separate quot;auditor erasquot; during the period from January 1980 through December 2003, with each era reflecting the number of Big Auditors in...

We investigate the extent to which auditors of U.S. companies reduce fees on initial audit engagements (termed 'fee discounting'). We hypothesize that rivalry among sellers, in terms of client turnover and price competition, is more intense among smaller audit firms. The data support this...

Outsourcing has been criticized as a practice that destroys jobs and praised as a way to cut costs and remain competitive. The accounting profession has utilized outsourcing to avail itself of expertise that is not available within the firm and to cut the cost of offering a variety of accounting...

We investigate the extent to which auditors of U.S. companies reduce fees on initial audit engagements (termed 'fee discounting'). We hypothesize that rivalry among sellers, in terms of client turnover and price competition, is more intense among smaller audit firms. The data support this...

This paper examines whether auditor fees are associated with earnings management and the market reaction to the disclosure of auditor fees. Using data collected from proxy statements, we present evidence that non-audit fees are positively associated with small positive earnings surprises, the...

Management Advisory Services (MAS) are an increasingly important part of the service mix for CPA firms. The growth of MAS relative to audit has been phenomenal over the past two decades. However, little research has been conducted on MAS provided by CPA firms. The primary purpose of this study...

This article discusses the external auditing regime of NHS trusts and analyses the fees charged by their auditors. It adapts approaches developed in the private sector to investigate audit fees paid by NHS trusts and finds that, while similar factors are associated with the audit fees of trusts,...