The Relevance of Quantifiable Audit Qualifications in the Valuation of IPOs

How useful are audit qualifications to financial statement users Prior studies provide mixed evidence on this fundamental issue. In this study we analyze a sample of 206 firms that went public at the Athens Stock Exchange over the period 1987-<br />2002. This is a unique sample because for 150 firms auditors report quantitative estimates of the amount by which assets ar..