ABSTRACT
With the rapid development of modern communications and network technologies, including new media and personal media (Gillmor, 2006),the power of the media’s influence on the economic and social development is growing. As the fourth right, the media is considered to be an eective alternative important institutional arrangement of justice to realize the protection of investor(Dyck et al., 2008; Liu et al., 2014), received wide attention in academia. For example, in the Chinese capital market, Shengjingshanhe IPO event, a secondary listing incident of Lili electronic alleged , Suzhou permanent defeat GEM events, the occurrence of new land fraud incidents and other events listed, let people see the media play an increasingly important role in protecting investors. The general logic that media plays a role in investor protection is as follows: First, the media exposes the financial problems that may exist in companies. Then, due to the authority and influence of the media, causing regulatory authorities involved in the investigation. Next, according to the findings of regulatory authorities, the companies restructure irregularities or investors to sue companies. In the company's IPO process, the media reporting of the company will be attracted wide attention, and even lead to more regulatory scrutiny, thereby increase the auditor's audit risk. To reduce this risk within the acceptable range, auditors will increase the workload, thus aecting the auditor charges.
