Tone Manajerial, Tata Kelola Manajemen Risiko, dan Audit Fee
Abstract
This study examines the relationship between managerial tone and audit fee with risk management governance as moderator. This research used quantitative OLS Regression with STATA 17.0 software. By analyzing the 527 public companies listed on the Indonesia Stock Exchange from 2017-2019, the results showed that the certainty tone has a negative relationship with audit fees. It means that the CEO honestly publishes a BOD report and does not have an opportunistic purpose, reducing the auditor's doubts about the client's credibility. On the other hand, it proves that optimism tone and commonality tone do not have a relationship with audit fees. Furthermore, the interaction between risk management governance and optimism tone is not related to audit fees, while risk management governance strengthens the relationship between certainty tone and commonality tone with audit fees. This result proves that the existence of an effective RMC will lead to having high demand on comprehensive audit service, so it gives assurance to the stakeholders.
References
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Fisher, R., van Staden, C. J., & Richards, G. (2019). Watch that tone: An investigation of the use and stylistic consequences of tone in corporate accountability disclosures. Accounting, Auditing and Accountability Journal, 33(1), 77–105. https://doi.org/10.1108/AAAJ-10-2016-2745
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Hai, P. T., Toan, L. D., & Quy, N. L. D. (2019). Effect of audit rotation, audit fee and auditor competence to motivation auditor and audit quality: Empirical evidence in Vietnam. Academy of Accounting and Financial Studies Journal, 23(2).
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Caster, P., & Pincus, K. V. (1996). An empirical test of Bentham's theory of the persuasiveness of evidence. Auditing A Journal of Practice Theory, 15(SUPPLEMENT), 1–22.
Chen, J., Cumming, D., Hou, W., & Lee, E. (2013). Executive integrity, audit opinion, and fraud in Chinese listed firms. Emerging Markets Review, 15, 72–91. https://doi.org/10.1016/j.ememar.2012.12.003
Choi, J. H., Kim, C., Kim, J. B., & Zang, Y. (2010). Audit office size, audit quality, and audit pricing. Auditing, 29(1), 73–97. https://doi.org/10.2308/aud.2010.29.1.73
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Craig, R., & Amernic, J. (2019). Autobiographical vignettes in annual report CEO letters as a lens to understand how leadership is conceived and enacted. Accounting, Auditing and Accountability Journal, 33(1), 106–123. https://doi.org/10.1108/AAAJ-12-2018-3774
Craig, R. J., & Brennan, N. M. (2012). An exploration of the relationship between language choice in CEO letters to shareholders and corporate reputation. Accounting Forum, 36(3), 166–177. https://doi.org/10.1016/j.accfor.2012.02.004
D’Augusta, C., & DeAngelis, M. D. (2020). Does Accounting Conservatism Discipline Qualitative Disclosure? Evidence From Tone Management in the MD&A. Contemporary Accounting Research. https://doi.org/10.1111/1911-3846.12598
Demers, E., & Vega, C. (2008). "Soft information in earnings announcements: news or noise?," International Finance Discussion Papers 951, Board of Governors of the Federal Reserve System (U.S.).
Dikolli, S. S., Keusch, T., Mayew, W. J., & Steffen, T. D. (2020). CEO behavioral integrity, auditor responses, and firm outcomes. Accounting Review, 95(2), 61–88. https://doi.org/10.2308/accr-52554
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Farr, A. C. (2007). The effect of race and expertise on source credibility ratings while considering resumes. Howard Journal of Communications, 18(3), 239–258. https://doi.org/10.1080/10646170701490823
Fisher, R., van Staden, C. J., & Richards, G. (2019). Watch that tone: An investigation of the use and stylistic consequences of tone in corporate accountability disclosures. Accounting, Auditing and Accountability Journal, 33(1), 77–105. https://doi.org/10.1108/AAAJ-10-2016-2745
Frey, B. B. (2018). Quantitative Research Methods. In The SAGE Encyclopedia of Educational Research, Measurement, and Evaluation. SAGE Publications, Inc. https://doi.org/https://dx.doi.org/10.4135/9781506326139
Fukukawa, H., & Mock, T. J. (2011). Audit risk assessments using belief versus probability. Auditing, 30(1), 75–99. https://doi.org/10.2308/aud.2011.30.1.75
Gartland, D. J. (2015). The importance of gauging a client's tone at the top. December, 18–20.
GIFFIN, K. (1967). The Contribution of Studies of Source Credibility To a Theory of Interpersonal Trust in the Communication Process. Psychological Bulletin, 68(2), 104–120. https://doi.org/10.1037/h0024833
Goel, S. (2014). Fraud detection and corporate filings. Communication and Language Analysis in the Corporate World, 315–332. https://doi.org/10.4018/978-1-4666-4999-6.ch018
Goodwin, J. (1999). The Effects of Source Integrity and Consistency of Evidence on Auditor's Judgments. Auditing: A Journal of Practice & Theory
Greiner, A., Patelli, L., & Pedrini, M. (2020). Characteristics of Managerial Tone Priced by Auditors: Evidence Based on Annual Letters to Shareholders of Large U.S. Firms. AUDITING: A Journal of Practice & Theory, 39(2), 139–161. https://doi.org/10.2308/ajpt-52594
Hai, P. T., Toan, L. D., & Quy, N. L. D. (2019). Effect of audit rotation, audit fee and auditor competence to motivation auditor and audit quality: Empirical evidence in Vietnam. Academy of Accounting and Financial Studies Journal, 23(2).
Hart. (2014). DICTION 7.2 Help Manual. Social Networks, 4–6.
Hines, C. S., Masli, A., Mauldin, E. G., & Peters, G. F. (2015). Board risk committees and audit pricing. Auditing, 34(4), 59–84. https://doi.org/10.2308/ajpt-51035
Hossain, M., Hossain, M., Mitra, S., & Salama, F. (2019). Narrative disclosures, firm life cycle, and audit fees. International Journal of Auditing, 23(3), 403–423. https://doi.org/10.1111/ijau.12169
Hossain, M., Raghunandan, K., & Rama, D. V. (2020). Abnormal disclosure tone and going concern modified audit reports. Journal of Accounting and Public Policy, 39(4), 106764. https://doi.org/10.1016/j.jaccpubpol.2020.106764
Hovland, C. I., & Weiss, W. (1951). The influence of source credibility on communication effectiveness. Public Opinion Quarterly, 15(4), 635–650. https://doi.org/10.1086/266350
Huang, X., Teoh, S. H., & Zhang, Y. (2014). Tone management. Accounting Review, 89(3), 1083–1113. https://doi.org/10.2308/accr-50684
Hurtt, R. K., Brown-Liburd, H., Earley, C. E., & Krishnamoorthy, G. (2013). Research on auditor professional skepticism: Literature synthesis and opportunities for future research. Auditing, 32(SUPPL.1), 45–97. https://doi.org/10.2308/ajpt-50361
IAPI. (2020). Kode Etik. In Kode Etik Akuntan Indonesia.
ISACA. (2011). Governance, Tying Together the Three Lines of Defense. Volume 5, 2011.
Ivanova, M. N., & Prencipe, A. (2020). The Effects of Board Interlocks With an Allegedly Fraudulent Company on Audit Fees. Journal of Accounting, Auditing and Finance. https://doi.org/10.1177/0148558X20971947
Jancenelle, V. E., Storrud-barnes, S., Iaquinto, A. L., & Buccieri, D. (2016). Firm-specific risk, managerial certainty and optimism: Protecting value during post-earnings announcement conference calls. Journal of Strategy and Management, 9(3), 383–402. https://doi.org/10.1108/JSMA-11-2015-0093
Jia, J., Li, Z., & Munro, L. (2019). Risk management committee and risk management disclosure: evidence from Australia. Pacific Accounting Review, 31(3), 438–461. https://doi.org/10.1108/PAR-11-2018-0097
Judd, J. S., Olsen, K. J., & Stekelberg, J. (2017). How do auditors respond to CEO narcissism? Evidence from external audit fees. Accounting Horizons, 31(4), 33–52. https://doi.org/10.2308/acch-51810
Kizirian, T. G., Mayhew, B. W., & Sneathen, L. D. (2005). The impact of management integrity on audit planning and evidence. Auditing, 24(2), 49–67. https://doi.org/10.2308/aud.2005.24.2.49
Komite Nasional Kebijakan Governance. (2006). PEDOMAN UMUM GOOD CORPORATE GOVERNANCE INDONESIA. http://library1.nida.ac.th/termpaper6/sd/2554/19755.pdf
Larasati, D. A., Ratri, M. C., Nasih, M., & Harymawan, I. (2019). Independent audit committee, risk management committee, and audit fees. Cogent Business and Management, 6(1). https://doi.org/10.1080/23311975.2019.1707042
Legutko, B. J. (2020). An Exploration of Authentic, Servant, Transactional, and Transformational Leadership Styles in Fortune 500 CEO Letters. Journal of Leadership Studies, 14(2), 44–51. https://doi.org/10.1002/jls.21683
Lewis-Beck, M. S., Bryman, A., & Lao, T. F. (2004). Ordinary Least Squares (OLS). In Encyclopedia of Social Measurement. Sage Publications, Inc. https://doi.org/https://dx.doi.org/10.4135/9781412950589
Li, M., Wu, H., Xiao, M., & You, J. (2019). Beyond cheap talk: management's informative tone in corporate disclosures. Accounting and Finance, 59(5), 2905–2959. https://doi.org/10.1111/acfi.12554
Liu, P., & Nguyen, H. T. (2020). CEO characteristics and tone at the top inconsistency. Journal of Economics and Business, 108 (October 2019), 105887. https://doi.org/10.1016/j.jeconbus.2019.105887
Lundqvist, S. A. (2015). Why firms implement risk governance - Stepping beyond traditional risk management to enterprise risk management. Journal of Accounting and Public Policy, 34(5), 441–466. https://doi.org/10.1016/j.jaccpubpol.2015.05.002
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