We examine the association between audit committee (AC) busyness and financial restatement and determine whether AC share ownership moderates this relationship. Using logit regression analysis, we test our hypotheses on a sample of 6408 firm-year observations from 2004 to 2015 for companies listed on the Australian Securities Exchange. The study reveals that firms with busy ACs engage more in financial restatements. We also find that AC share ownership reduces financial restatements and attenuates the association between AC busyness and financial restatement. Our results are robust to endogeneity concerns emanating from firms’ deliberate decisions to grant shares to AC members. The findings of this research have several important policy implications. For instance, shareholders can benefit from AC members’ monitoring ability by allowing for share ownership. Further, our findings suggest that principles-based corporate governance guidelines have a beneficial effect on financial reporting quality. While prior studies offer mixed evidence, our research contributes to the auditing literature by providing evidence that AC share ownership moderates the association between AC busyness and financial restatement.

中文翻译：

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审计委员会的忙碌是否会影响财务重述？审计委员会股权证据

我们研究了审计委员会 (AC) 繁忙程度与财务重述之间的关联，并确定 AC 股权是否会调节这种关系。我们使用 Logit 回归分析，对 2004 年至 2015 年澳大利亚证券交易所上市公司的 6408 个公司年度观察样本进行了检验。研究表明，审计委员会繁忙的公司更多地参与财务重述。我们还发现，AC 股权减少了财务重述，并削弱了 AC 繁忙度与财务重述之间的关联。我们的研究结果对于公司向 AC 成员授予股份的深思熟虑的决定所产生的内生性担忧是稳健的。这项研究的结果具有几个重要的政策含义。例如，股东可以通过允许股权来受益于审计委员会成员的监督能力。此外，我们的研究结果表明，基于原则的公司治理准则对财务报告质量具有有益影响。虽然之前的研究提供了混合的证据，但我们的研究通过提供证据证明 AC 股权调节 AC 繁忙度与财务重述之间的关联，为审计文献做出了贡献。