| Summary: | 碩士 === 東海大學 === 會計學系 === 99 === In 1999, CPA could issue a new attestation opinion, modified unqualified opinion (MUO), in Taiwan. This regulation change induced CPAs to issue MUO more and more annually. It is an essential issue whether this regulation change will affect investors' evaluation for business value or change the cognition for CPA’s attestation. This study took the companies listed in TSEC and OTC as samples to examine this issue. The year 1999 was used to be a cut point and compared two samples, 1996-1998 and 2000-2002, for the difference about investors’ evaluation of business value and the cognition of CPA attestation. The results indicated that before MUO was issued, business value would decrease if companies received qualified opinion. Moreover, business value would decrease more if the companies received more times of qualified opinion. It also found that the companies have higher value if they were audited by big 4 than non-big 4 CPA firms. After MUO was issued, the business value was no significant difference if they received MUO or unqualified opinion. It was also no significant difference for business value if companies were audited by big 4 or non-big 4 CPA firms. It reveals that MUO was no difference to unqualified opinion. And the regulation change for attestation opinion had harmed the attestation value of big 4. According to the regulations in Taiwan, there are six cases that CPA can issue MUO. This study analyzed thoroughly the difference between MUO and unqualified opinion in all the cases. For the limitation for samples, it could only compare the case which relied on another auditor’s opinion and unqualified opinion. Still, the conclusion was the same.
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