TABLE 1.

Sample description.

(A) Sample selection
Firm-year observations of non-financial listing firms from 2003 to 2018	36,124
Less:
Firm-years with missing data of audit fees	(3,355)
Firm-years with missing data of industry specialization	(1)
Firm-years with missing data of control variables	(379)
Total	32,389
(B) Distribution by year
Year	Frequency	Percentage (%)
2003	1,207	3.73
2004	1,235	3.81
2005	1,183	3.65
2006	1,161	3.58
2007	1,185	3.66
2008	1,351	4.17
2009	1,521	4.70
2010	1,743	5.38
2011	2,009	6.20
2012	2,383	7.36
2013	2,414	7.45
2014	2,529	7.81
2015	2,705	8.35
2016	2,981	9.20
2017	3,352	10.35
2018	3,430	10.59
Total	32,389	100
(C) Distribution by industry
Year	Frequency	Percentage (%)
Agriculture, forestry, animal husbandry, and fishery	470	1.45
Mining	984	3.04
Manufacturing	16,552	51.10
Utilities	1,350	4.17
Construction	852	2.63
Wholesale and retail	1,154	3.56
Information tech.	4,772	14.73
Real estate	2,002	6.18
Leasing and business services	1,826	5.64
Health and social work	1,625	5.02
Culture, physical education, and recreation	486	1.50
Others	316	0.98
Total	32,389	100
(D) Distribution of restatement observations across audit firms
	Other audit firm	Unseasoned specialists	Seasoned specialists
Number of non-financial restatement observations	23,639	372	6,942
Number of financial restatement observations	1,214	26	139