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The aim of this paper is to investigate the value relevance of the audit report, auditor type and auditor tenure in the Iranian context. This study evaluates the effects of various independent variables on the value relevance using a multiple regression analysis approach for 156 companies listed on the Tehran Stock Exchange (TSE) over a 10 year period. The results indicate that audit report has not the value relevance. Hence, unqualified audit report and other audit report are not different in capital market. Empirical results showed that the auditor type has a positive impact on the value relevance. This result is consistent prior studies. Thus, the value relevance of firms audited by government audit has more than firms audited by private audit. Also, when the tenure of auditors is long, it has a negative impact on the value relevance. This result is consistent prior studies. The empirical evidence indicates that audit ISSN 1946-052X 2013 www.macrothink.org/ajfa 90 report is not valued by the capital market in Iran and that audit privatization impact on the value relevance in capital market. Hence, the market regulators proposed that the more monitoring considered on audit quality to improve the value relevance in capital market. The results presented in the paper have important implications for both the auditing profession and regulators in Iran. Asian Journal of Finance & Accounting

This study investigates the impact of earnings management on operating cash flows management over the period 2004-2011 using the information of 119 firms listed on the Tehran Stock Exchange. Results indicate that there is a meaningful relationship between earnings management and operating cash flows management. In other words, earnings management creates and shapes operating cash flows management. In addition, after controlling for the loss reporting, firm size and firm's financial risk, the results show that there was a relationship between loss reporting and firm size with the cash flows management. When firms report loss, then operating cash flows increases. Finally, operating cash flows decreases when firm size increases. However, our survey does not provide any evidence to believe there is any relationship between financial risk and cash flows management