Kosten aus einer asymmetrischen Informationsverteilung zwischen Abschlussprüfer und Mandant

Die Einschätzungen des Abschlussprüfers über die Eigenschaften eines Mandanten fließen in die Annahme eines Prüfungsauftrages sowie die Festsetzung der Prüfungsgebühr ein. Der vorliegende Beitrag analysiert, wie die Informationsasymmetrie über das beim Mandanten vorliegende Risiko in der Gebührensetzung bei Erst- und Folgeprüfungen berücksichtigt werden kann. Für den Mandanten werden dabei zwei Risikotypen unterschieden, so dass die Informationsunsicherheit sich darauf bezieht, ob ein hohes oder ein geringes Prüfungs- oder Auftragsrisiko vorliegt. Ein Vergleich der Gebührensetzung bei symmetrischer und asymmetrischer Information zeigt, wann der Abschlussprüfer oder der Mandant die Kosten der vorvertraglichen Informationsasymmetrie trägt. Im Ergebnis ist festzuhalten, dass es bei asymmetrischer Information allein von den mandantenspezifischen Prüfungskosten abhängig ist, ob der riskante oder nicht riskante Mandant die Kosten trägt. Die Zusammensetzung des Mandantenportfolios beim Abschlussprüfer nimmt hingegen keinen Einfluss auf die Kosten, die der Informationsasymmetrie zurechenbar sind

Wertorientierte Vergütung des Aufsichtsrats - Auswirkungen auf den Unternehmswert

Permanente Diskussionen um die Neuregelung der Unternehmensüberwachung haben ein schlechtes Bild auf das Kontrollorgan des Aufsichtsrats geworfen. Der Aufsichtsrat wird jedoch im Rahmen der zweistufigen Unternehmensführung als zentrales Organ neben dem Vorstand verstanden. Dennoch zeigen sich deutliche Unterschiede in der Vergütung beider Organe und dies wirft die Frage nach der Zahlungsbereitschaft für den Aufsichtsrat als Element einer guten Corporate Governance auf. Die tendenziell niedrige Vergütung für Aufsichtsräte impliziert möglicherweise geringe Anreize zur Wahrnehmung der Überwachungspflichten. Der Zusammenhang zwischen der Vergütung von Aufsichtsräten und der Qualität seiner Überwachungstätigkeit wird in einer spieltheoretische Analyse aufgegriffen. Die Berücksichtigung zweier verschiedener Vergütungsmodelle (variabel vs. fix) für den Aufsichtsrat erlaubt konkrete Aussagen über deren Wirkung auf die Ausübung der Überwachungspflicht durch den Aufsichtsrat. Im Modell wird die Überwachungspflicht durch die Unterscheidung der Aufgaben des Aufsichtsrats in Auswahl des Vorstands und dessen Kontrolle konkretisiert. Dabei wird insbesondere auf die gleichgewichtige Interaktion zwischen der Pflichterfüllung des Vorstands bei der Unternehmensleitung und der des Aufsichtsrats bei der Überwachung des Vorstands abgestellt. Im Ergebnis sichert eine variable Vergütung zwar nicht eine sorgfältigere Pflichterfüllung des Aufsichtsrats, aber erhöht die Anreize des Vorstand zur sorgfältigen Unternehmensleitung. Die Art der Vergütung hat also insofern einen Einfluss auf die Qualität der Überwachung, als dass ein hoher Unternehmenswert im Sinne der Anteilseigner sichergestellt wird.

Audit market segmentation - The impact of mid-tier audit firms on competition -

It is a global phenomenon that more than 75% of a developed country's listed companies are clients of a Big-4 auditor. However, the economic consequences of this concentration are inconclusive. On the one hand, a kind of `similarity'-hypothesis suggests that the existence of a few global auditors might induce Bertrand-oligopoly-like national audit market structures due to a lack of auditor differentiation in size and quality. Consequently, virtually no profits should be gained by the audit companies. On the other hand, the “too-big-to-fail”-hypothesis suggests that governmental bodies might refrain from sanctions against Big-4 auditors, because they are afraid of further consolidating an oligopolistic market structure by dissolving another major supplier. In the long run, impairing competition could result in rather high audit profits. Irrespective of which hypothesis they adhere to, regulating authorities recently recognized enabling mid-tier auditors to serve large multinational clients as a promising cure for the aforementioned problems. Accordingly, the goal of our paper is to develop a comprehensive model of audit market segmentation for analyzing the competitive impact of mid-tier auditors. As a modeling device we make use of a Hotelling setting, which has several advantages: Firstly, it depicts strategically motivated product differentiation, i.e., auditors supplying different quality levels can be analyzed. Secondly, in contrast to perfect competition models, in our model most audit firms realize non-negative profits better describing business practice. Thirdly, explicitly matching suppliers and customers allows to distinguish supply-side and demand-side audit quality. Major results of our analysis are the following: A loss in high-quality auditors' flexibility to customize their audit programs is followed by an increase of audit quality offered by mid-tier firms. But, if mid-tier firms left the audit market, the Big-4 firms would raise the offered quality level, incurring growing profits as well. Further, the “market power” hypothesis stating that greater market shares imply rising fees can be supported theoretically.

Interdependencies between Elements of Governance and Auditing : Evidence from Germany

This study is the first to examine empirically the relation between audit fees, client and governance attributes in Germany. Auditing is an essential element in the system of corporate governance. Further elements include internal control institutions and management compensation. All these elements of corporate governance are designed to reduce agency problems and information asymmetries. Therefore, interdependencies between these instruments are likely to exist. This study differs from existing research on the association between audit fees and governance institutions as it explicitly considers the German governance regime with its two-tier board system. Using data from German stock market companies, we examine whether governance elements complement or substitute the monitoring role of auditing. After adjustments for size effects, the regression results suggest that the ratio of bonus to total payments as well as the existence of an audit committee significantly lower audit fees

Die Qualität der Unternehmensüberwachung durch Abschlussprüfer und Aufsichtsrat

Stete Kritik an der Qualität der Unternehmensüberwachung durch Abschlussprüfer und Aufsichtsrat bildet die Motivation der Arbeit. Als Ursachen für eine mindere Qualität der Unternehmensüberwachung werden der Wettbewerb im Prüfungsmarkt und mangelnde Anreize des Aufsichtsrats zur Wahrnehmung der Überwachungsaufgabe aufgeführt. Aus einer systemtheoretischen Sichtweise zur Corporate Governance werden sowohl der Abschlussprüfer als auch der Aufsichtsrat als Institutionen der Unternehmensüberwachung herausgearbeitet. In der Arbeit werden nach der Darlegung der Funktionen von Abschlussprüfer und Aufsichtsrat Merkmale für beide Überwachungsträger ermittelt, welche die Qualität der Unternehmensüberwachung beschreiben (Kapitel 2). Ausgewählte Merkmale gehen für die Analyse in eine Marktperspektive, in eine Regulierungsperspektive wie auch in eine Untersuchung zur Governance-Struktur ein, wobei abschließend eine Perspektive der Verhaltenssteuerung eingenommen wird. Hierbei liegen folgende Forschungsfragen der Arbeit zu Grunde: 1.) Inwieweit ist die realisierte Qualität der Prüfungsleistung die Folge einer wettbewerbsbedingten Differenzierung von Abschlussprüfern? (Kapitel 3) 2.) Kann die berufsrechtliche Regulierung über Rotation und Bestellungsfrist auf eine Steigerung der Unabhängigkeit hinwirken? (Kapitel 4) 3.) Ist die Dualität der Unternehmensüberwachung zwischen Abschlussprüfer und Aufsichtsrat komplementär oder substitutiv? (Kapitel 5) 4.) Kann eine erfolgsbasierte Vergütung die Aufgabenerfüllung des Aufsichtsrats verbessern? (Kapitel 6

Audit market segmentation : the impact of mid-tier audit firms on competition

It is a global phenomenon that more than 75% of a developed country's listed companies are clients of a Big-4 auditor. However, the economic consequences of this concentration are inconclusive. On the one hand, a kind of similarity'-hypothesis suggests that the existence of a few global auditors might induce Bertrand-oligopoly-like national audit market structures due to a lack of auditor differentiation in size and quality. Consequently, virtually no profits should be gained by the audit companies. On the other hand, the “too-big-to-fail”-hypothesis suggests that governmental bodies might refrain from sanctions against Big-4 auditors, because they are afraid of further consolidating an oligopolistic market structure by dissolving another major supplier. In the long run, impairing competition could result in rather high audit profits. Irrespective of which hypothesis they adhere to, regulating authorities recently recognized enabling mid-tier auditors to serve large multinational clients as a promising cure for the aforementioned problems. Accordingly, the goal of our paper is to develop a comprehensive model of audit market segmentation for analyzing the competitive impact of mid-tier auditors. As a modeling device we make use of a Hotelling setting, which has several advantages: Firstly, it depicts strategically motivated product differentiation, i.e., auditors supplying different quality levels can be analyzed. Secondly, in contrast to perfect competition models, in our model most audit firms realize non-negative profits better describing business practice. Thirdly, explicitly matching suppliers and customers allows to distinguish supply-side and demand-side audit quality. Major results of our analysis are the following: A loss in high-quality auditors' flexibility to customize their audit programs is followed by an increase of audit quality offered by mid-tier firms. But, if mid-tier firms left the audit market, the Big-4 firms would raise the offered quality level, incurring growing profits as well. Further, the “market power” hypothesis stating that greater market shares imply rising fees can be supported theoretically

Donor IFNL4 Genotype Is Associated with Early Post-Transplant Fibrosis in Recipients with Hepatitis C

Background and Aims Early post-transplant hepatic fibrosis is associated with poor outcomes and may be influenced by donor/recipient genetic factors. The rs368234815 IFNL4 polymorphism is related to the previously described IL28B polymorphism, which predicts etiology-independent hepatic fibrosis. The aim of this study was to identify the impact of donor and/or recipient IFNL4 genotype on early fibrosis among patients transplanted for hepatitis C (HCV). Methods Clinical data were collected for 302 consecutive patients transplanted for HCV. 116 patients who had available liver biopsies and donor/recipient DNA were included. 28% of these patients with stage 2 fibrosis or greater were compared to patients without significant post-transplant fibrosis with respect to clinical features as well as donor/recipient IFNL4 genotype. Results The IFNL4 TT/TT genotype was found in 26.0% of recipients and 38.6% of donors. Patients who developed early post-transplant fibrosis had a 3.45 adjusted odds of having donor IFNL4 TT/TT genotype (p = 0.012). Donor IFNL4 TT/TT genotype also predicted decreased overall survival compared to non-TT/TT genotypes (p = 0.016). Conclusions Donor IFNL4 TT/TT genotype, a favorable predictor of spontaneous HCV clearance pre-transplant, is associated with increased early post-transplant fibrosis and decreased survival

Whole genome comparison of a large collection of mycobacteriophages reveals a continuum of phage genetic diversity

The bacteriophage population is large, dynamic, ancient, and genetically diverse. Limited genomic information shows that phage genomes are mosaic, and the genetic architecture of phage populations remains ill-defined. To understand the population structure of phages infecting a single host strain, we isolated, sequenced, and compared 627 phages of Mycobacterium smegmatis. Their genetic diversity is considerable, and there are 28 distinct genomic types (clusters) with related nucleotide sequences. However, amino acid sequence comparisons show pervasive genomic mosaicism, and quantification of inter-cluster and intra-cluster relatedness reveals a continuum of genetic diversity, albeit with uneven representation of different phages. Furthermore, rarefaction analysis shows that the mycobacteriophage population is not closed, and there is a constant influx of genes from other sources. Phage isolation and analysis was performed by a large consortium of academic institutions, illustrating the substantial benefits of a disseminated, structured program involving large numbers of freshman undergraduates in scientific discovery

The evolving SARS-CoV-2 epidemic in Africa: Insights from rapidly expanding genomic surveillance

INTRODUCTION Investment in Africa over the past year with regard to severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) sequencing has led to a massive increase in the number of sequences, which, to date, exceeds 100,000 sequences generated to track the pandemic on the continent. These sequences have profoundly affected how public health officials in Africa have navigated the COVID-19 pandemic. RATIONALE We demonstrate how the first 100,000 SARS-CoV-2 sequences from Africa have helped monitor the epidemic on the continent, how genomic surveillance expanded over the course of the pandemic, and how we adapted our sequencing methods to deal with an evolving virus. Finally, we also examine how viral lineages have spread across the continent in a phylogeographic framework to gain insights into the underlying temporal and spatial transmission dynamics for several variants of concern (VOCs). RESULTS Our results indicate that the number of countries in Africa that can sequence the virus within their own borders is growing and that this is coupled with a shorter turnaround time from the time of sampling to sequence submission. Ongoing evolution necessitated the continual updating of primer sets, and, as a result, eight primer sets were designed in tandem with viral evolution and used to ensure effective sequencing of the virus. The pandemic unfolded through multiple waves of infection that were each driven by distinct genetic lineages, with B.1-like ancestral strains associated with the first pandemic wave of infections in 2020. Successive waves on the continent were fueled by different VOCs, with Alpha and Beta cocirculating in distinct spatial patterns during the second wave and Delta and Omicron affecting the whole continent during the third and fourth waves, respectively. Phylogeographic reconstruction points toward distinct differences in viral importation and exportation patterns associated with the Alpha, Beta, Delta, and Omicron variants and subvariants, when considering both Africa versus the rest of the world and viral dissemination within the continent. Our epidemiological and phylogenetic inferences therefore underscore the heterogeneous nature of the pandemic on the continent and highlight key insights and challenges, for instance, recognizing the limitations of low testing proportions. We also highlight the early warning capacity that genomic surveillance in Africa has had for the rest of the world with the detection of new lineages and variants, the most recent being the characterization of various Omicron subvariants. CONCLUSION Sustained investment for diagnostics and genomic surveillance in Africa is needed as the virus continues to evolve. This is important not only to help combat SARS-CoV-2 on the continent but also because it can be used as a platform to help address the many emerging and reemerging infectious disease threats in Africa. In particular, capacity building for local sequencing within countries or within the continent should be prioritized because this is generally associated with shorter turnaround times, providing the most benefit to local public health authorities tasked with pandemic response and mitigation and allowing for the fastest reaction to localized outbreaks. These investments are crucial for pandemic preparedness and response and will serve the health of the continent well into the 21st century