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Market Expectation and Auditor Litigation

This study provides a better theoretical understanding for the reasons of the audit failure that may cause audit litigation with market expectation. This study examines whether a higher market expectation for firm performance before the audit failure finally causes the audit litigation. This study also investigates whether markets variable such as variability of return can be served as useful indicators for measuring the level of audit risk. In addition, this study exam the relation between audit tenure as a auditor independence and audit quality. The results may suggest the practical implication for the external auditor. Also, the variables employed in this study are helpful for the auditors to determine the level of their business risk before the audit failure.