Research On Incostancy Of Audit Opinion Types And Its Information Content Between Internal Control Audit And Financial Statement Audit

In recent years,major financial fraud of listed companies happen frequently at home and abroad,which have exposed the company major defects of internal control,and affected the investors confidence in capital markets seriously.In order to revive investor confidence in the capital market,to enhance the sense of responsibility for the investors of listed companies,domestic and international regulatory have issued and improved relevant internal control auditing standards.Since 2010,internal control audit report has entered the stage of mandatory disclosure in China.From the current audit practice in our country,internal control audit and financial statement audit of most of the listed companies are finished by the same accounting firm,even by the same project team.Internal control audit mostly focuses on internal control over financial reporting,not internal control without financial reporting.It can be said that audit subjects,audit scope,audit objectives and audit results of internal control audit and financial statement audit have coincidence and similarities.Therefore,this paper attempts to sort out the relationship between the internal control audit and the financial statement audit,analyzes audit opinion types of internal control audit and financial statement audit of A-share listed companies in China from 2011 to 2015,sums up the reasons of differences of opinion types of two kinds of audit(inconsistency of audit opinion types).On the basis of this,using empirical model analysis when types opinion of internal control audit and financial statement audit are different,whether the signal will be passed to the market?Will affect the behavior of investors decision-making?Does it have information content?This paper analysis when publish the internal control audit report before and after 10 days,the changes of stock' s AAR and CAR in different yeaes,then using the cumulative abnormal return for miltiple regression analysis,in order that further analysis of incostancy of audit opinion types of internal control audit and financial statement audit impact on securities market.This study shows that incostancy of audit opinion types of internal control audit and financial statement audit is negatively correlated with investor expectations for the stock and information content;Inconsistent opinion type compared with consistent type of opinion,will be different for standard at the same time or non-standard at the same time.Specifically,there are significant differences between audit opinion types of internal control audit and financial statement audit,and the standard internal control audit opinion and the standard financial statement audit opinion on the investor,no significant differences between audit opinion types of internal control audit and financial statement audit,and the non-standard internal control audit opinion and the non-standard financial statement audit opinion.