A parsimonious model to forecast financial distress, based on audit evidence

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Date

2013

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Contaduría y Administración

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http://www.redalyc.org/revista.oa

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REDALYC : Red de Revistas Científicas de América Latina y el Caribe, España y Portugal

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Red de Revistas Científicas de América Latina y el Caribe, España y Portugal

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Contaduría y Administración

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Administración y Contabilidad audit quality failure forecast logit regression Financial distress

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Carlos Piñeiro Sánchez et al., « A parsimonious model to forecast financial distress, based on audit evidence », Contaduría y Administración, ID : 10670/1.3sb11y

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"This paper provides evidence that audit reports convey relevant evidence for inferring the existence of underlying, unrevealed, financial imbalances. Unlike previous works, which studied US listed-firms bankruptcy, our research deals with Spanish non-financial SMEs under financial stress. Our results indicate that the audit of distressed SMEs has several distinctive features: higher auditor rotation, more qualified reports, and non-compliance with deadlines to approve and file the annual financial statements. We use this evidence to build and test a parsimonious and reliable forecast model. Several implications for auditors’ independence, information quality, and failure forecast are discussed."

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