[ABSTRAK
Penelitian ini bertujuan untuk menganalisis pengaruh kualitas auditor terhadapreaksi pasar. Kualitas auditor sebagai variabel independen, dilihat daripengalaman auditor melakukan penyajian kembali (restatement) atas laporankeuangan (restatement related auditor). Reaksi dari pasar sebagai variabeldependen dinilai menggunakan Cummulative Abnormal Return (CAR). Penelitianini memiliki lima variabel kontrol yaitu rasio leverage, income before tax, ukuranperusahaan, dan jenis KAP. Objek penelitian adalah perusahaan manufaktur yangterdaftar di Bursa Efek Indonesia tahun 2010-2013. Berdasarkan pengujianempiris dengan Random Effect Model (REM) diperoleh hasil bahwa reaksi pasarberpengaruh signifikan lebih negatif pada perusahaan yang diaudit olehrestatement related auditor dari yang diaudit oleh non restatement relatedauditor.

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ABSTRACT
The objective of this research is to analyze the effect of auditor?s quality onmarket reaction. Auditor's quality as independent variable will be measured bythe auditor experience with restatement of the financial statements (restatementrelated auditor). Market reaction as dependent variable will be measured byCummulative Abnormal Return (CAR). This research uses five control variables,leverage ratio, income before taxes, company?s size, and type of public accountantfirm. The object of this research is manufacturing company that listed in IndonesiaStock Exchange (IDX) in 2010-2013. Based on empirical study with RandomEffect Model (REM) shows that market reaction has a significantly negative effectto the company which have been audited by restatement related auditor, comparewith audited by non restatement related auditor, The objective of this research is to analyze the effect of auditor’s quality onmarket reaction. Auditor’s quality as independent variable will be measured bythe auditor experience with restatement of the financial statements (restatementrelated auditor). Market reaction as dependent variable will be measured byCummulative Abnormal Return (CAR). This research uses five control variables,leverage ratio, income before taxes, company’s size, and type of public accountantfirm. The object of this research is manufacturing company that listed in IndonesiaStock Exchange (IDX) in 2010-2013. Based on empirical study with RandomEffect Model (REM) shows that market reaction has a significantly negative effectto the company which have been audited by restatement related auditor, comparewith audited by non restatement related auditor]