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What are the issues that concern auditors in the shipping sector? Evidence from the critical audit matters
(2022-01-15) Σταματελόπουλος, Χρίστος; Καρακλής, Ευάγγελος; Stamatelopoulos, Christos; Karaklis, Evangelos; Athens University of Economics and Business, Department of Accounting and Finance; Kavussanos, Emmanuel G.; Rompolis, Leonidas; Demirakos, Efthymios
The primary research purpose of the current study is to examine the main issues that concern auditors, when conducting audit engagements of publicly traded shipping companies. We use a sample of all the listed maritime firms on the NYSE and NASDAQ stock exchanges and conduct a thorough and comprehensive content analysis of the Critical Audit Matters (CAMs) section of the auditor’s report for the fiscal year 2020. We find that auditors are primarily focusing on issues related to the impairment testing of non-current tangible assets. Following this rationale, we demonstrate that the impairment of vessels is considered a CAM in 88% of all our sample firms that operate in the major commercial shipping segments. We also provide interesting descriptive evidence on the frequency of keywords related to accounting, market and audit issues that appear in the discussions of the impairment-related CAMs. Given the fact that the requirement of AS 3101 on CAMs has become effective recently, we believe that the current study’s empirical results constitute a substantial contribution to this emerging academic literature. To the best of our knowledge, this is the first study that examines the information content of CAMs in the global shipping industry.