Investigating the Effect of the Same Tenure of CEO and CFO on the Audit Fees

Document Type : Research Paper

Authors

1 Assistant Professor of Accounting, Faculty of Management and Accounting, Shahid Beheshti University, Tehran, Iran.

2 Department of accounting, faculty of Management And Accounting, Allameh Tabataba’I University, Tehran, Iran

Abstract

Objective: The relationship between a firm’s CEO and CFO is one of the important aspects of the firm’s management team; however, the economic consequences of this relationship have received limited attention. Considering the importance of this relationship, this research investigates the effect of CEO–CFO tenure overlap on audit fees. The theoretical basis of this research is that an increased likelihood of cooperation between the CEO and CFO in undesirable activities leads auditors to increase audit fees due to higher perceived risk.
 
Method: In terms of purpose, this study is applied research that examines the relationships between the target variables using a descriptive-causal approach. Since the research data used to test the hypotheses are based on historical documents, the study has a retrospective nature. The hypotheses were tested using a sample of 84 companies listed on the Tehran Stock Exchange during the period from 2016 to 2021, employing panel data analysis with year and industry effects controlled and using a multivariable regression model. Audit fees were measured using the natural logarithm of the firm’s audit fee. Tenure overlap was measured using two criteria: simultaneous commencement of tenure and appointment of the CFO by the current CEO. Earnings quality was measured using performance-matched discretionary accruals.
 
Results: The results of this research show that CEO–CFO tenure overlap, as well as the appointment of the CFO by the current CEO, is associated with an increase in audit fees, indicating higher audit risk. However, the effect of tenure overlap on audit fees through the mediating variable of earnings quality was not confirmed.
 
Conclusion: The results of the research indicate that CEO–CFO tenure overlap increases audit risk. Based on the theoretical foundations, this increase in audit fees was expected to occur through the mediating role of earnings quality; however, the findings of this research do not support this expectation, and the increase in audit fees through reduced earnings quality was not confirmed. This suggests that although CEO–CFO tenure overlap leads to higher audit risk and, consequently, higher audit fees, this risk may instead be associated with increased fraud risk or other corporate governance issues. The findings of this research suggest that boards of directors should pay close attention to the relationship between the CEO and CFO, particularly when the CFO is appointed by the CEO. In addition, the evidence from this study supports the risk-based theory of audit fee determination and highlights the bargaining power of auditors in setting audit fees.

Keywords

Main Subjects

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  • Receive Date: 05 October 2024
  • Revise Date: 15 January 2025
  • Accept Date: 08 April 2025

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