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Abstract
The Securities and Exchange Commision (SEC) claims that prior to 1975 auditor change Form 8-K filings may have been associated with firm-delayed disclosures of bad news.' In Accounting Series Release (ASR) No. 165 the SEC states that the past, when only the engagement of a new accountant triggered the reporting requirement, there was sometimes considerable delay in bringing significant disagreements to the attention of investors (SEC Docket [1974, p. 768]). Also, a firm which delayed hiring a new auditor, and so delayed disclosing the auditor change, could not be differentiated from a firm finding a new auditor right away since the date a firm fired the predecessor auditor was not disclosed.2 The ability to differentiate delaying firms from nondelaying
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