Title: The effect of audit opinion on debt characteristics: the moderating effect of the type of auditor and the Tunisian Revolution

Authors: Hanen Moalla

Addresses: LIGUE Laboratory, University of Manouba – ISCAE, LR99ES24, Manouba, Tunisia

Abstract: The aim of this research is to investigate the impact of the audit opinion on debt characteristics (i.e., debt amount, maturity structure, and cost of debt) and analyse the moderating effect of both the type of auditor and the Tunisian Revolution. We were interested in the going-concern opinion and the qualified opinion. We analysed 573 year-firms observations and pre- and post-revolution periods (respectively 2008-2010 and 2011-2017). The sample is composed of companies audited either by Big-4 or non-Big 4 auditors. The main results underline the importance of the effect of the going-concern opinion on debt characteristics. The influence of the qualified audit opinion and especially the going-concern opinion issued by a Big 4 auditor on the characteristics of the debt is important. These modified opinions expressed by a reputable auditor are associated with unfavourable debt conditions. A negative impact of the going-concern opinion after the Tunisian Revolution is highlighted.

Keywords: going-concern opinion; qualified audit opinion; debt characteristics; debt amount; debt maturity structure; cost of debt; Big 4/non-Big 4; Tunisian Revolution.

DOI: 10.1504/AAJFA.2025.148666

Afro-Asian Journal of Finance and Accounting, 2025 Vol.15 No.5, pp.665 - 688

Accepted: 02 Oct 2023
Published online: 18 Sep 2025 *

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