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An Analysis on the Contract Design of Financial Statements Insurance and Its Effectiveness

Author: ZhangZuo
Tutor: YuYuMiao
School: Wuhan University
Course: Accounting
Keywords: Financial Statements Insurance contract design auditor independence insurer independence
CLC: F239.4
Type: Master's thesis
Year: 2005
Downloads: 156
Quote: 1
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Abstract


Independence is the soul of independent audit. The collapse of Enron corporation has raised much concern about independence from professional circle, investors and the public. In the "Post-Enron" era, Joshua Ronen from New York University firstly invent an institution named "Financial Statements Insurance"(FSI), aiming at establish an institution which aligns the interest of auditors with that of shareholders, thus solve the problem of auditor independence fundamentally.This thesis consists of four chapters: The first chapter introduced the traditional thory and insurance hypotheses which explain the demand for independent audit, explaining the basic difference between these theories, including agency theory, information hypothesis, signal hypothesis and insurance hypothesis. It provides theoretical support for the FSI institution. The second chapter introduced the Financial Statements Insurance institution and analyzed its contract design, with the conclusion that the institution was a reform on prevailing auditing pattern, and it changed the motivation mechanism and signaling mechanism under traditional auditing pattern. The third chapter studied the independence problem under FSI institution, especially the insurer independence problem and the auditor independence problem when insurer lost independence. The fourth chapter is the conclusion of the thesis and proposed that since the effectiveness of FSI need at least three intermediary mechanisms and the market in our country invalidates these mechanisms, the chronic auditor independence problem will be transformed into insurer independence problem. Therefore, we should firstly solve the problems in our stock market and insurance market, amend the civil laws and regulations, and design a set of technical standards on interest distribution under FSI institution. It’s also vital to reform the existing auditing institution at the same time, which in turn can promote the insurer independence under Financial statement insurance institution.

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