enforced by banks, brokers, etc. • Governance by code, not by people – Nobody to hold accountable – Code is not always well-written – Velocity of transactions is very high, e.g., “flash loans” • Reliance on

that select Big 4 auditors are firms that have higher reporting quality. As a result, without auditor factors, these firms innate fewer mistakes that require audit adjustments. For auditor factor

lasted through the quarter. 2. Net marketing margin decreased, compared to the previous quarter, as the retail price was unable to keep up with the velocity of rising cost, combined with the government’ s