Table 1 Sample Selection

Initial sample from audit analytics

–

59,169

Excluding missing data about financial and/or audit information

27,580

31,589

Excluding audit offices with one audit client during a fiscal year

37

31,552

Excluding audit clients with negative market value

1775

29,777

Excluding audit client portfolio with no earnings restatements

1043

28,734

Excluding audit clients with regulated industry

(1,541 utilities and 26,451 financial institutions)

27,992

Final sample

–

742