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    Money laundering and audit fees

    Access Status
    Fulltext not available
    Authors
    Habib, A.
    Hasan, Mostafa
    Al-Hadi, Al-Hadi Ahmed
    Date
    2017
    Type
    Journal Article
    
    Metadata
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    Citation
    Habib, A. and Hasan, M. and Al-Hadi, A.A. 2017. Money laundering and audit fees. Accounting and Business Research. 48 (4): pp. 427-459.
    Source Title
    Accounting and Business Research
    DOI
    10.1080/00014788.2017.1392842
    ISSN
    0001-4788
    School
    Department of Finance and Banking
    URI
    http://hdl.handle.net/20.500.11937/59238
    Collection
    • Curtin Research Publications
    Abstract

    We investigate the association between state-level money laundering sentences and audit fees in the US. Money laundering measures a broad category of offenses involving financial transactions using funds or monetary instruments gained through criminal activities and tax evasion. We find that firms headquartered in US states with high rates of money laundering sentences pay more audit fees. Our results suggest that auditors incorporate, as a fee premium, the higher risks involved when clients operate in those states. Our result remains robust to alternative specifications of money laundering proxies, and to the inclusion of a number of firm-level and state-level control variables. We also conduct two-stage least squares and propensity score matching analysis to mitigate the endogeneity problem that might arise from omitted variables, reverse causality, or model misspecification problems.

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