Lennox, Wang, and Wu (2018)發現審計調整數與盈餘品質相關。然而Lennox et al. (2018)所使用之審計調整數為非公開資料。本研究採用由日本上市公司取得之公開資料之審計調整數以檢測審計調整數與盈餘管理之關聯。本研究所採用之審計調整數包括以下四個項目：銷貨收入、營業利益、經常性利益及稅後淨利。盈餘管理之指標包含絕對值應計項目及實質盈餘管理指標。
實證結果顯示，除異常裁量性費用與本期淨利審計調整數為10%顯著負相關外，其餘盈餘管理指標並無顯著性，故整體而言盈餘管理與審計調整數之間不具關聯性。本研究在追加測試中進一步分析新冠疫情是否有對企業造成影響。結果顯示在疫情前，除異常生產成本與審計調整數之間有顯著正相關外，其餘盈餘管理指標與審計調整數之指標間大部分皆不相關。且疫情後各項盈餘管理指標與審計調整數之間也不具顯著相關，即企業有無實施盈餘管理與審計調整數並無關聯。

Lennox, Wang, and Wu (2018) find a relationship between audit adjustments and earnings quality. The audit adjustment data used in Lennox et al. (2018), however, is propriety. This study utilizes publicly available audit adjustment data from listed Japanese companies to examine the association between audit adjustments and earnings management. The audit adjustments in this study include the following: sales revenue, operating profit, ordinary profit, and net income. This study uses measures for both accruals earnings management and real earnings management.
The empirical results show that, except for a slight negative correlation between abnormal discretionary expenses and the current period's net income audit adjustments, other earnings management measures are not significant. Overall, this study finds no association between earnings management and audit adjustments. In additional tests, this study further analyzes whether the COVID-19 pandemic have an impact on audit adjustments and earnings management. This study finds that there is a significant positive correlation between abnormal production costs and audit adjustments before the pandemic, all other measures are not significant. The results reported in this study suggest that, overall, there is no association between audit adjustment and earnings management.

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