Abstract
This paper is mainly to examine the economic consequences of the financial restatement based on the auditor's perspective. We find that auditors tend to issued more severe financial audit restatement opinions to companies which made financial restatement and the more risks inherent in the nature of the financial restatement, the more severe audit opinions are likely to make. These results indicate that the auditor can identify the risks inherent in the financial restatement, and will react differently depending on the nature of risk.
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