The funding policy for defined benefit pension plans covering government employees represents an important decision for government entities sponsoring those plans. In recent years, a number of state and local governments have experienced extreme funding shortfalls (e.g., New Jersey, Illinois,...

I test whether peer reviews performed under the AICPA's Peer Review Program were objective indicators of audit quality. Using PCAOB inspection opinions of audit firms as a neutral, independent benchmark of audit quality, I find that firms that themselves review other firms consistently receive...

The accounting profession in the United States recently shifted from self-regulation by peer review to statutory regulation by the Public Company Accounting Oversight Board (PCAOB). Using this shift, I compare outcomes from self-regulation and statutory regulation for the same group of firms. I...