[Penelitian ini bertujuan untuk menganalisis pengaruh kualitas auditor terhadap reaksi pasar. Kualitas auditor sebagai variabel independen, dilihat dari pengalaman auditor melakukan penyajian kembali (restatement) atas laporan keuangan(restatement related auditor). Reaksi dari pasar sebagai variabel dependen dinilai menggunakan Cummulative Abnormal Return (CAR). Penelitian ini memiliki lima variabel kontrol yaitu rasio leverage, income before tax, ukuran perusahaan, danjenis KAP. Objek penelitian adalah perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia tahun 2010-2013. Berdasarkan pengujianempiris dengan Random Effect Model (REM) diperoleh hasil bahwa reaksi pasar berpengaruh signifikan lebih negatif pada perusahaan yang diaudit oleh restatement related auditor dari yang diaudit oleh non restatement related auditor.

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The objective of this research is to analyze the effect of auditor’squality on market reaction. Auditor’s quality as independent variable will be measured bythe auditor experience with restatement of the financial statements (restatement related auditor). Market reaction as dependent variable will be measured by Cummulative Abnormal Return (CAR).This research uses fivecontrol variables, leverage ratio, income before taxes, company’s size, and type of public accountant firm. The object of this research is manufacturing company that listed in Indonesia Stock Exchange (IDX) in 2010-2013. Based on empirical study with RandomEffect Model (REM) shows that market reaction hasa significantly negative effect to the company which have been audited by restatement related auditor, compare with audited bynonrestatement related auditor., The objective of this research is to analyze the effect of auditor’s quality on

market reaction. Auditor’s quality as independent variable will be measured by

the auditor experience with restatement of the financial statements (restatement

related auditor). Market reaction as dependent variable will be measured by

Cummulative Abnormal Return (CAR). This research uses five control variables,

leverage ratio, income before taxes, company’s size, and type of public accountant

firm. The object of this research is manufacturing company that listed in Indonesia

Stock Exchange (IDX) in 2010-2013. Based on empirical study with Random

Effect Model (REM) shows that market reaction has a significantly negative effect

to the company which have been audited by restatement related auditor, compare

with audited by non restatement related auditor]