本文以台灣2013年至2016年上市櫃公司資料，探討查核公允價值是否會影響審計公費，實證結果顯示當查核公允價值時，審計公費越低，代表公允價值能使資訊透明度提高，並降低查核人員查核成本進而減少審計公費。然而公允價值依不同層級區分時，實證結果發現當公允價值衡量層級越高時，審計公費越高，顯示層級一公允價值資訊可自活絡市場取得，查核成本較低，因此收取較低公費，而層級三公允價值資訊無法從活絡市場取得，需涉及管理階層估計及判斷，查核人員必須透過重新驗證及評估此層級資產之價值，因而收取較高公費。最後，公允價值衡量較為複雜可能需要具備專業知識的查核人員協助查核，因此本文另外探討產業專家對公允價值查核與審計公費的關聯性是否有影響，實證結果顯示，不論是查核公允價值或者將公允價值分層級，由產業專家查核時審計公費較低。

This study uses Taiwan public company data from 2013 through 2016 to investigate the relationship between fair value measurement and audit fees. We document that auditors charge lower audit fees when audit fair value assets. The result reveals that fair value measurement is more relevant and transparent, thus, auditors decrease the audit cost and audit fees. Further, we use a fair value hierarchy to examine whether audit fees are higher when fair value measurement contains with high degrees of uncertainty. The result shows that auditors charge less audit fees when audit fair value measurement, which base on level 1 inputs, and auditors charge more audit fees when audit fair value measurement, which base on level 3 inputs. These results indicate that audit fees are higher when fair value assets become more difficult to measure. This paper also documents that specialist auditors charge lower audit fees when auditing fair value assets. Indicating that specialist auditors have sufficient knowledge and experiences in auditing fair value measurement, thus, they share cost saving from auditing efficiency and reduce audit fees.

Keywords: fair value measurement, fair value hierarchy, industry expertise, audit Fees.

1. 王漢民與陳俊廷 (2008)，公平價值、價值攸關性與外滙風險，台灣管理學刊， 8(2): 頁17-31。
2. 李建然、廖秀梅與黃雨頎 (2010)，審計與非審計服務之知識外溢效果，中華管理
甲、 評論國際學報，13(2):頁1-23。
3. 林嬋娟、林孝倫與羅勝議 (2015)，我國上市 (櫃) 公司審計公費資訊揭露對後續公費
i. 訂定之影響，中華會計學刊，11(2):頁203-239。
4. 邱妍馨 (2009)，接軌 IFRS, 審計未來的挑戰? 會計研究月刊，(281):頁69-71。
5. 財團法人會計研究發展基金會，審計準則公報第五十六號，會計估計與相關揭露之查核，http://www.ardf.org.tw/ardf.html。
6. 張仲岳與曹美娟 (2005)，台灣上市公司審計公費之決定因素，當代會計，6(2):頁125-152。
7. 陳耀宗、劉若蘭與林坤霖 (2003)， 產業專家、客戶滿意度與審計公費關連性之研究.，會計評論，37:頁31-52。
8. 陳耀宗與吳姍穎 (2004)，審計產業專家、審計公費與會計師事務所規模: 臺灣審計市 場之實證，中華會計學刊，5(1):頁41-69。
9. 黃金澤（2011，7月）談公允價值衡量新基準（一）。會計研究月刊，第308期:頁100-113。
10. 黃金澤（2011，8月）談公允價值衡量新基準（二）。會計研究月刊，第309期:頁118-129。
11. 黃惠君與翁子涵 (2015)，實質盈餘管理與會計師產業專業及審計公費之關聯性:公司管理階層對審計品質之認知，當代會計，16(2):頁211-249。
12. 廖秀梅、王貞靜與戚務君 (2012)， 一套臺灣完整的審計公費資訊告訴我們什麼? 中華會計學刊，8卷:頁49-88。
13. 證券櫃檯買賣中心「公平價值會計如何落實」高峰論壇紀實http://www.otc.org.tw/web/about/publish/monthly/monthly_dl.php?l=zhtw&DOC_ID=664
14. Alexeyeva, I., and Mejia‐Likosova, M. (2016). The impact of fair value measurement on Audit fees: Evidence from financial institutions in 24 European countries. International Journal of Auditing 20(3): 255-266.
15. Armstrong, C. S., Guay, W. R., and Weber, J. P. (2010). The role of information and financial reporting in corporate governance and debt contracting. Journal of Accounting and Economics 50(2-3):179-234.
16. Ball, R. (2006). International Financial Reporting Standards (IFRS): pros and cons for investors. Accounting and business research 36(1): 5-27.
17. Barth, M. E., and Landsman, W. R. (2010). How did financial reporting contribute to the financial crisis? European accounting review 19(3): 399-423.
18. Bedard, J. C., Biggs, S. F. and Frederick, D. M. (1991). The effect of domain-specific experience on evaluation of management representation in analytical procedures. Auditing: A Journal of Practice & Theory 10: 77-95.
19. Bell, T. B., and Griffin, J. B. (2012). Commentary on auditing high-uncertainty fair value estimates. Auditing: A Journal of Practice & Theory 31(1): 147-155.
20. Benston, G. J. (2008). The shortcomings of fair-value accounting described in SFAS 157. Journal of Accounting and Public Policy 27(2): 101-114.
21. Bratten, B., Gaynor, L. M., McDaniel, L., Montague, N. R., and Sierra, G. E. (2013). The audit of fair values and other estimates: The effects of underlying environmental, task, and auditor-specific factors. Auditing: A Journal of Practice & Theory 32(1): 7-44.
22. Cannon, N. H., and Bedard, J. C. (2016). Auditing challenging fair value measurements: Evidence from the field. The Accounting Review 92(4): 81-114.
23. Carroll, T. J., Linsmeier, T. J., and Petroni, K. R. (2003). The reliability of fair value versus historical cost information: Evidence from closed-end mutual funds. Journal of Accounting, Auditing & Finance 18(1): 1-24.
24. Chi, H. Y., and Chin, C. L. (2011). Firm versus partner measures of auditor industry expertise and effects on auditor quality. Auditing: A Journal of Practice & Theory 30 (2): 201-229.
25. Choi, J.-H., Kim, J.-B., Liu, X. H. and Simunic, D. A. (2008). Audit pricing, legal Liability regimes, and Big 4 premiums: Theory and cross-country evidence. Contemporary
i. Accounting Research 25 (1): 55–99.
26. Christensen, B. E., Glover, S. M. and Wood, D. A. (2012). Extreme estimation uncertainty in fair value estimates: The implications for audit assurance. Auditing: A Journal of Practice & Theory 31 (1): 127–146
27. Cohen, J., Gaynor, L. M., Krishnamoorthy, G. and Wright, A. (2011). The impact on auditor judgments of CEO influence on audit committee independence and management incentives. Auditing: A Journal of Practice & Theory 30 (4): 129–147.
28. Craswell, A. T., Francis, J. R., and Taylor, S. L. (1995). Auditor brand name reputations and industry specializations. Journal of accounting and economics 20(3): 297-322.
29. Danbolt, J., Rees,W. (2008). An experiment in fair value accounting: UK investment vehicles. European Accounting Review 17(2): 271-303.
30. Danielsen, B. R., Van Ness, R. A., and Warr, R. S. (2007). Auditor fees, market microstructure, and firm transparency. Journal of Business Finance & Accounting 34(1‐2): 202-221.
31. Dechow, P. M., Myers, L. A. and Shakespeare, C. (2010). Fair value accounting and gains from asset securitizations: A convenient earnings management tool with compensation side-benefits. Journal of Accounting and Economics 49: 2–25.
32. DeFond, M. L., Francis, J. R. and Wong, T. J. (2000). Auditor industry specialization and market segmentation: Evidence from Hong Kong. Auditing: A Journal of Practice & Theory 19 (1): 49–66.
33. DeZoort, F., and Salterio, S. E. (2001). The effects of corporate governance experience and financial-reporting and audit knowledge on audit committee members’ judgments. Auditing: A Journal of Practice and Theory 20 (2): 31-47.
34. Dumontier, P. and Raffournier, B. (1998). Why firms comply voluntarily with IAS: An empirical analysis with Swiss data. Journal of International Financial Management and Accounting 9 (3): 216–245.
35. Ettredge, M. L., Xu, Y., and Yi, H. S. (2014). Fair value measurements and audit fees: Evidence from the banking industry. Auditing: A Journal of Practice & Theory 33(3): 33-58.
36. Fields, L. P., Fraser, D. R., and Wilkins, M. S. (2004). An investigation of the pricing of audit services for financial institutions. Journal of Accounting and Public Policy 23(1): 53- 77.
37. Francis, J. R., and Wang, D. (2005). “Impact of the SEC’s public fee disclosure requirement on subsequent period fees and implications for market efficiency.” Auditing: A Journal of Practice and Theory 24 (S-1): 145-160.
38. Francis, J. R., and Wang, D. (2008). The joint effect of investor protection and Big 4 audits on earnings quality around the world. Contemporary accounting research 25(1): 157-191.
39. Francis, J. R., and Wilson, E. R. (1988). Auditor changes: A joint test of theories relating to agency costs and auditor differentiation. Accounting Review: 663-682.
40. Gibbins, M., and Qu, S. Q. (2005). Eliciting experts' context knowledge with theory-based experiential questionnaires. Behavioral Research in Accounting 17(1): 71-88.
41. Gibbins, M., Salterio, S., and Webb, A. (2001). Evidence about auditor–client management negotiation concerning client’s financial reporting. Journal of Accounting Research 39(3):535-563.
42. Goncharov, I., Riedl, E. J., and Sellhorn, T. (2014). Fair value and audit fees. Review of Accounting Studies 19(1): 210-241.
43. Griffith, E. E., Hammersley, J. S. and Kadous, K.(2015). ‘Audits of complex estimates as verification of management numbers: how institutional pressures shape practice’, Contemporary Accounting Research 32(3): 833–863.
44. Gul, F. A., and Tsui, J. S. (2001). Free cash flow, debt monitoring, and audit pricing: Further evidence on the role of director equity ownership. Auditing: A Journal of Practice & Theory 20(2):71-84.
45. Gul, F. A., Fung, S. Y. K., and Jaggi, B. (2009). Earnings quality: Some evidence on the role of auditor tenure and auditors’ industry expertise. Journal of Accounting and Economics 47(3): 265-287.
46. Hay, D. C., Knechel, W. R., and Wong, N. (2006). Audit fees: A Meta‐analysis of the effect of supply and demand attributes. Contemporary accounting research 23(1):141-191.
47. Hitz, J. M.(2007). The decision usefulness of fair value accounting - A theoretical prospective. European Accounting Review 16 (2): 323-362.
48. Hogan, C. E., and Jeter, D. C. (1999). Industry specialization by auditors. Auditing: A Journal of Practice & Theory 18(1): 1-17.
49. International Auditing and Assurance Standards Board (IAASB). (2008b). Challenges in Auditing Fair Value Accounting Estimates in the Current Market Environment. Staff Accounting Practice Alert. New York, NY: IAASB.
50. Johnston, D. (2006). Managing stock-option expense: The manipulation of option-pricing model assumptions. Contemporary Accounting Research 23 (2): 395–425.
51. Kim, J. B., Liu, X., and Zheng, L. (2012). The impact of mandatory IFRS adoption on audit fees: Theory and evidence. The Accounting Review 87 (6): 2061-2094.
52. Kohlbeck, M. J., Cohen, J. R., and Holder-Webb, L. L. (2009). Auditing intangible assets and evaluating fair market value: The case of reacquired franchise rights. Issues in Accounting Education Teaching Notes 24(1):1-24.
53. Kolev, K. S. (2008). Do Investors Perceive Marking-to-Model as Marking-to-Myth? Early Evidence from FAS 157 Disclosure. Working paper, Yale University.
54. Laux, C. and Leuz, C. (2009). ‘The crisis of fair value accounting: making sense of the recent debate’, Accounting, Organizations and Society 34(6): 826–34.
55. Li, K. K.and Sloan, R. G. (2017).Has goodwill accounting gone bad? Review of Accounting Studies 22(2): 964-1003.
56. Martin, R. D., Rich, J. S., and Wilks, T. J. (2006). Auditing fair value measurements: A synthesis of relevant research. Accounting Horizons 20(3): 287-303.
57. McCracken, S., Salterio, S. E., and Gibbins, M. (2008). Auditor-client management relationships and roles in negotiating financial reporting. Accounting, Organizations and Society 33 (4/5): 362–383.
58. Muller, M. A., Riedl, E. J., and Sellhorn, T. (2015). Recognition versus disclosure of fair values. The Accounting Review 90(6): 2411-2447.
59. Palmrose, Z. V. (1986). Audit fees and auditor size: Further evidence. Journal of accounting research: 97-110.
60. Pearson, T., and Trompeter, G. (1994). Competition in the market for audit services: The effect of supplier concentration on audit fees. Contemporary Accounting Research 11(1): 115-135.
61. Penman, S. H. (2007), Financial reporting quality: is fair value a plus or a minus? Accounting and Business Research (37)1: 33–44.
62. Ramanna, K., and Watts, R. L. (2012). Evidence on the use of unverifiable estimates in required goodwill impairments. Review of Accounting Studies 17 (4): 749–780.
63. Rowe, S. (2015). The Effect of Management’s Evidential Support on Auditor Comfort with Uncertain Estimates. Working paper, Tulane University.
64. Shalev, R. O. N., Zhang, I. X., and Zhang, Y. (2013). CEO compensation and fair value accounting: Evidence from purchase price allocation. Journal of Accounting Research 51(4): 819-854.
65. Simunic, D. A. (1980). The pricing of audit services: Theory and evidence. Journal of accounting research: 161-190.
66. Simunic,D.A.(1984). Auditing, consulting, and auditor independence. Journal of Accounting research: 679-702.
67. Valencia, A. (2011). Opportunistic behavior using level 3 fair-value under SFAS 157.Doctoral dissertation, The Florida State University.
68. Whisenant, S., Sankaraguruswamy, S., and Raghunandan, K. (2003). Evidence on the joint determination of audit and non‐audit fees. Journal of accounting research 41(4):721-744.
69. Yao, D. F. T., Percy, M., and Hu, F. (2015). Fair value accounting for non-current assets and audit fees: Evidence from Australian companies. Journal of Contemporary Accounting & Economics 11(1): 31-45.