We study the role of the Public Company Accounting Oversight Board (PCAOB) as a monitor in mitigating uncertainty surrounding fair value (FV) estimates in issuer financial statements. Specifically, we examine whether the FV deficiencies highlighted in PCAOB inspection reports are associated with...

We examine whether audit quality is reduced when part of the audit is conducted by auditors other than the audit firm signing the audit report (“other” or “participating” auditors) which typically occurs in a multinational group audit. Prior literature suggests group audits could face...