Please summarize within 250 words, While keeping the important points.

Effects of Audit Quality and Audit Committee Characteristics on Earnings Management During the Global Financial Crisis Evidence from Australia introduction :

Macroeconomic shocks like the GFC 2008-2009 and the Asian Financial Crisis of 1997 build circumstances in which management can participate in earnings management activities. Management decisions to exploit income are also opportunistic reactions to particular economic and financial circumstances, for example economic downturns or sudden income losses. The claim that the reporting income quality varies with changes in economic condition has been supported by a body of empirical evidence. When the economy is expanding, quality financial reporting maximizes, declines with less favorable macro-economic conditions and rises again with very low economic conditions. In the economic era of recession, the value of accounting profits is smaller than in the growth period. In comparison, during the contractionary era earnings are more important than during the growth. Whilst several studies show that the overall macroeconomic condition/economic cycle affects company quality of earnings, observational research is scarce and the findings non-conclusive on the impact of financial crisis on companies' income control behaviors.

Research papers show an improvement in the behavior of Singaporean companies in terms of profit control during the 1997 AFC. With regard to GFC's financial management of 2008-2009, loss reporting was increased in France and the United Kingdom. In particular, earnings management increased in the course of the GFC in order to stop disclosing losses and income management decreased in order to prevent earnings. However, those who study the earnings management behavior, which has deeply declined over the 2008-2009 GFC in 16 European countries, including France and the UK. In addition, they say that the behavior of business income management depends on markets at national and institutional strengths and economic growth levels. They thus warn of the widespread presence of results in other countries, and advocate for more study in economies with varying degrees of economic development and the various institutional environments around the GFC, a problem addressed in this article.

Financial crises are focusing on the quality and practice of the audit, particularly where auditors have an important influence on their behavior. The audit efficiency and Audit Committee features, including audit committee independence, is generally acknowledged to be a restrictive earnings management during regular (i.e., non-crisis) cycles after significant financial breakdowns in the United States and the European Union (e.g., Enron, WorldCom, Parmalat). Nevertheless, the GFC has questioned many of our own views on the reliability of the audit quality and the audit committee's features in the oversight and protection of shareholder interests of businesses. Globally, this represents much of the major corporations' precarious financial situation, including the audit of Big4 and probably the features of the best practice audit board.

Understanding the importance of audit efficiency and audit board attributes in managing businesses' financial crisis management behavior and macroeconomic instability will help firms develop financial reporting surveillance policies that will more effectively respond to times of acute financial pressure. The audit efficiency position and the audit committee attributes were still largely unexplored during the GFC in mitigating the income management behavior of businesses. In this article, these study gaps are addressed. It examines the conduct, as well as the efficiency, of auditing standards, independence of audit committee and accounting skills of members and the financial expertise of auditors during the GFC.