The Effects of Firm‐Wide and Office‐Level Industry Expertise on Audit Pricing

By Andrew Ferguson, Jere R. Francis, Donald J. Stokes. 2003

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What do we know about audit quality (2004, background): “Regarding audit fees, Francis et al. (2005) document that the industry leader in the US has a fee premium relative to other Big 4 auditors; Ferguson et al.”
Auditor Industry Specialization and Evidence of Cost Efficiencies in Homogenous Industries (2015, background): “A number of prior studies investigate the relation between industry specialization and audit pricing to draw conclusions about the effects of specialization (Ferguson, Francis, and Stokes 2003; Mayhew and Wilkins 2003; Francis, Reichelt, and Wang 2005; Numan and Willekens 2012).”
Geographic Proximity between Auditor and Client: How Does it Impact Audit Quality? (2012, neutral): “…the location of the audit engagement office as the auditor location because it is an office-based engagement partner or audit team, and not the national headquarters, that actually administers individual audit contracts and issues audit opinions (Ferguson et al. 2003; Francis and Yu 2009, 2011).”
Audit committee composition and the use of an industry specialist audit firm (2005, neutral): “Table 2 includes the industry leader as identified by Ferguson et al. (2003). Industry leader was calculated based on audit fee market share at the national level.”