What question did this study set out to answer?

This analysis aims to characterize the financial reporting process and clarify the roles of GAAP and auditing.

An Information Economics Analysis of Financial Reporting and External Auditing.

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Analyzes financial reporting and auditing roles in firms, suggesting implications for understanding incentives.

This analysis aims to characterize the financial reporting process and clarify the roles of GAAP and auditing.
Utilized an information economics framework
Derived analytical results
Explained the role of GAAP in financial reporting
Clarified the function of external auditing
Analyzed incentives for firms to acquire auditing services
Identified the importance of GAAP in structuring financial reports
Clarified auditing's function in ensuring accurate reporting
Revealed incentives for firm owners to seek auditing services

David S. Ng (1978) studied this question.

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