감사인의 감사노력이 기업의 투자효율성에 미치는 영향

이서연,이현주,권선국 한국공인회계사회 2019 회계·세무와 감사 연구 Vol.61 No.3

This study examines the effect of auditor’s audit effort on firms’ investment efficiency. According to the prior studies, the audit quality is higher when auditor makes additional audit effort by spending audit hours more than the expected level of hours. To the extent that the auditor’s audit effort provides higher audit quality, which in turn is likely to improve the quality of accounting, then it is reasonable to posit that firms with more audit effort are associated with higher quality investment efficiency relative to those with less audit effort. Therefore we expect improvements on firms’ investment efficiency caused by auditor’s audit effort. Our research hypothesis predicts that the higher audit effort is associated with an increase in firms’ investment efficiency. We use abnormal audit hours as a proxy for audit effort to address audit quality. We test this prediction using the audit hours released by firms listed on the Korea Stock Exchange for the period of 2007 to 2016. We use an absolute value of abnormal investment used in McNichols and Stubben(2008) as the definition of investment efficiency. Our empirical results are the more audit hours the auditors spend the less of the absolute value of abnormal investment. It suggests that the more audit effort the auditor makes, the better the investment efficiency of audited firms. Further analysis is done using the over investment sample and the less investment sample. There is a negative relation between auditor’s effort and over investment, while no relation between auditor’s effort and less investment. It suggests that the auditor’s effort reduces the over investment rather than increases the less investment. The implication of the results is that the auditor’s audit effort, which plays the role of external governance mechanism, positively affects the decision making of investment. Therefore the auditor’s audit effort is very important in addition to the importance of the auditor’s ability. 본 연구는 감사인의 감사노력이 기업의 투자효율성에 미치는 영향을 검증하고자 한다. 선행연구에 따르면, 감사인이 감사노력을 증가시키면 감사품질은 향상될 수 있다. 이에 감사노력이 많이 투입된 기업은 그렇지 않은 기업보다 고품질의 회계감사로 인해 기업의 투자의사결정에 긍정적인 영향을 줌으로써 투자효율성의 향상을 가져올 것으로 기대한다. 본 연구의 분석을 위하여 2007년부터 2016년까지 한국거래소에 상장된 유가증권기업을 대상으로 투자효율성은 McNichols and Stubben(2008)모형의 잔차를 통해 비기대투자수준으로 측정하였고, 감사인의 감사노력은 감사시간결정모형의 비정상 감사시간을 사용하였다. 실증분석 결과에 의하면, 감사노력(비정상 감사시간)이 높은 기업일수록 비기대투자수준의 절댓값은 작아지는 결과를 제시하였다. 이러한 결과는 감사인이 많은 감사노력을 기울일수록 피감사기업의 투자효율성이 향상됨을 의미한다. 추가적으로 전체표본을 과잉투자와 과소투자로 나누어 살펴본 결과, 감사노력과 과잉투자는 유의한 음(-)의 관련성을 나타냈고, 감사노력과 과소투자는 유의한 관련성을 발견할 수 없었다. 이는 감사인의 감사노력에 따른 투자효율성은 감사노력이 과소투자를 증대시키는 것보다 과잉투자를 감소시키는 것에서 기인하는 것을 의미한다. 감사인의 감사노력과 투자효율성 간의 관련성을 살펴본 본 연구의 시사점은 다음과 같다. 본 연구는 외부지배구조의 역할을 하는 감사인의 감사노력이 기업의 투자의사결정에 긍정적인 영향을 준다는 것을 제시함으로써 감사인의 능력도 중요하지만 감사인의 감사노력도 중요하다는 증거를 제시하였다.

재무보고의 질과의 관련성 검증을 통한 비정상감사보수 속성에 관한 연구-추가 감사노력 투하여부에 따른 초과 감사보수의 의미-

오광욱 한국세무학회 2017 세무와 회계저널 Vol.18 No.1

The study investigates the property of abnormal excessive audit fees using large samples in Korea listed firm. Specifically, the study shows the empirical results about ① relation between excessive abnormal audit fees and excessive audit efforts and ② tests the property of excessive abnormal audit fees by examining the direction between excessive abnormal audit fees and financial reporting quality(such as financial statement comparability and accruals quality) by grouping the sample with abnormal audit efforts. Following are the results:First, tests show the positive relation between excessive abnormal audit fees and efforts, implying that excessive abnormal audit fees may include extra risk premium and efforts inducing audit inefficiency. Second, tests show that excessive abnormal audit fees have the negative relation with financial reporting quality in the sub-sample firms which auditors put excessive audit efforts. These results consistently supports the argument by Higgs and Skantz (2006) that excessive 본 연구는 비정상 감사보수가 가지는 질적 특성에 대한 최근의 논의와 관련하여 다음 두 가지를검증한다. 첫째, 감사인이 초과 감사보수를 받는 경우 그에 상응하는 추가적인 감사노력을 투하하는지를 살펴본다. 둘째, 추가적인 감사노력을 투입하는 경우 초과감사보수와 재무정보의 질적 특성(재무제표의 비교가능성과 발생액의 질)과의 관련성을 검증한다. 분석결과는 다음과 같다. 첫째, 감사인이 초과 감사보수를 받는 경우 그에 상응하는 추가적인 감사노력을 기울이는 것으로 나타났다. 둘째, 추가적인 감사노력을 투하하는 구간에서 초과 감사보수와 재무보고의 질(financial reporting quality) 간의 관계는 음(-)의 관계가 나타났다. 이는 초과 감사보수가 경제적 유대 관계이외에도 추가적인 감사 생산원가, 감사위험과 같은 감사보수(시간)모형에서는 포착되지 않는 특유 감사요인 성격을 같이 가지고 있는 것으로 해석될 수 있다. 본 연구는 초과감사보수의 해석에 대한 경제적 유대관계 관점과 기업 특유의 감사원가 및 위험요인이라는 두 가지 견해에 대한 해석 근거를 제시할 수 있다는 점에서 공헌점이 있다. 특히 Higgs and Skantz(2006)의 견해와 같이 초과 감사보수가 경제적 유대관계나 기업 특유의 위험과 중 어느한 가지 속성만을 가진 것이 아니라 혼재된 속성을 가지고 있을 가능성이 있음을 시사한다.

감사품질이 경영자 예측정보의 편의성 및 정확성에 미치는 영향: 감사능력 대 감사노력

권수영 ( Soo Young Kwon ),기은선 ( Eun Sun Ki ) 한국회계학회 2011 회계학연구 Vol.36 No.1

본 연구는 감사품질이 경영자 예측정보의 편의성 및 정확성에 미치는 영향에 대하여 살펴본다. 감사품질이 높을수록 예측치에 실적치를 맞추려는 경영자의 재량권을 제한함으로써 경영자가 보다 정확한 예측정보를 공시하도록 유도할 것으로 예상된다. 본 연구에서 감사품질은 감사능력을 나타내는 감사인의 규모(BIG4 여부)와 산업전문성 이외에도 감사노력을 반영하는 비정상 감사시간으로 측정한다. 경영자 예측정보의 편의성(bias)은 경영자의 예측치와 실적치 간의 차이를 당기 매출로 나눈 값으로, 예측정보의 정확성(accuracy)은 예측편의에 절대값을 취해 측정한다. 본 연구는 유가증권시장상장기업 중 2002년부터 2008년까지의 기간에 경영자 예측정보를 공시한 638개의 기업-연 자료를 분석에 이용하였다. 본 연구의 실증분석 결과 대형회계법인에게 감사를 받거나 감사인이 추가적인 노력을 기울일수록(즉, 비정상 감사시간이 많을수록) 경영자 예측정보의 정확성은 높아지는 것으로 나타났다. 이러한 결과는 감사품질이 높을수록 경영자의 재량권이 제약되기 때문에 경영자는 되도록 실제치와 예측치의 차이를 줄여 부정확한 예측으로 인한 손실을 최소화하고자 한다는 것을 의미한다. 특히, 대형회계법인이 아니더라도 또는 산업전문성이 없는 감사인이라도 추가적인 노력을 기울이면 경영자 예측정보의 편의성은 줄어들고 정확성은 높아진다는 결과는 감사인의 추가적인 감사노력이 감사인의 평판이나 산업전문성을 보완하는 중재적 역할을 한다는 것을 보여준다. 추가분석 결과 특정 고객에 대한 경제적 의존도가 높아 감사인의 독립성이 저해될 수 있는 상황이라 할지라도 비정상 감사시간이 많으면 경영자 예측정보의 편의성은 줄어들고 정확성은 높아지는 것으로 나타났다. This study examines the effect of audit quality on the bias and accuracy of management forecasts. Management forecasts are voluntary in nature, and thus may not be reliable since managers may exercise discretion over the content and timing of management forecasts disclosures. However, high audit quality may restrict managers to exercise their discretion in the financial statements. This forces managers to forecast their sales and earnings as accurate as possible given that the discrepancy of forecasts from the actual numbers may cause managers to be legally liable. Audit quality is known as an elusive concept due to the difficulty to observe and measure. DeAngelo (1981) suggested that audit quality is jointly determined by auditor independence and auditor competence. Setting auditor independence aside, prior studies used audit firms size (BIG affiliation) and auditors` industry specialization as proxies for audit competence to address audit quality. However, one thing the audit quality literature did not consider is audit effort. The more audit hours an auditor makes, the higher audit quality is likely to be. An auditor can professionally respond to a particular audit contract by determining how much audit effort he/ she needs to make, while auditor reputation and industry expertise is beyond the scope of an individual auditor`s decision. This study examines whether Big 4 auditors or auditors with industry expertise induce managers to forecast with higher accuracy than non-Big 4 auditors or those with no industry expertise. In addition, the forecast accuracy is also higher when auditors make additional audit effort controlling for audit complexity and risk. We employ two proxies- forecast bias and forecast accuracy. This study uses the 638 firm-year management forecasts released by firms listed on the Korea Stock Exchange for the period of 2002 to 2008. Empirical results show that firms audited by Big 4 tend to have more accurate management forecasts, but no significant difference in forecast bias. When an auditor has industry expertise, no significant difference in management forecast bias and accuracy is observed. In addition the more additional effort an auditor makes (i.e., abnormal audit hours are positive), the more accurate management forecast is. In summary, it appears that there is a positive relation between audit quality and management forecast accuracy. This result is consistent with the explanation that high audit quality restricts managers to exercise their discretion in the financial statements and thus forces them to forecast as accurate as possible in order to reduce the cost associated with the inaccurate forecast (e.g., litigation risk and/or stock price plunge). One notable empirical result is the effect of audit effort on the relation of audit quality proxied by Big 4 affiliation and auditor industry specialization with management forecast accuracy. That is, the accuracy of management forecasts improves even for firms audited by non-Big 4 or industry non-specialist auditors if they make additional effort by spending audit hours more than the expected level of hours given audit complexity and audit risk. This result is interesting because it shows that audit quality is determined by not only audit competence but also audit effort. Note that audit firm-level audit competence can not be changed overnight. On the other hand, contract-level audit effort can be adjusted based on the risk assessment. This evidence illustrates the importance of professional responses to the audit risk to assure a certain level of audit quality, which has not been considered in the audit quality literature. Prior studies show that the joint provision of non-audit services to audit clients increases audit risk due to the greater economic dependence on the clients. The empirical test provides the evidence that auditors` additional effort can improve the accuracy of management forecasts even for the highly economic dependent clients. It appears that the concern about auditor independence in the presence of non-audit service provision to audit clients may be mitigated by providing additional audit effort. Overall, the results of this study suggest that market participants should use the audit hour information disclosed in the business report as well as the auditor reputation and expertise in judging the accuracy and credibility of management forecasts.

경영자 교체가 감사인의 감사노력에 미치는 영향

이지혜(Lee, Ji-Hye),조광희(Cho, Kwang-Hee),박시훈(Park, Si-Hun) 글로벌경영학회 2019 글로벌경영학회지 Vol.16 No.3

본 연구는 최고경영자의 교체가 감사인의 감사노력에 어떠한 영향을 미치는지를 분석하여, 최고경영자의 교체로 인해 발생하는 정보비대칭과 불확실성에 대하여 감사인이 추가적인 감사노력을 하는지 분석하였다. 먼저 최고경영자(CEO) 교체와 감사노력 사이의 관계를 분석하였다. 또한 감사위원회 도입여부에 따라 최고경영자(CEO) 교체와 감사노력 사이의 관계에 어떠한 차이가 있는 지 검증하였다. 2009년부터 2017년까지의 상장기업을 대상으로 하여 5,701개 기업-년 자료를 분석한 결과는 다음과 같다. 첫째, 최고경영자(CEO) 교체가 감사시간과 감사보수로 측정한 감사인의 감사노력에 유의적인 양(+)의 영향을 미치는 것으로 나타났다. 이러한 결과는 감사인이 감사업무를 수행할 때, 피 감사기업의 최고경영자(CEO) 교체에 따른 피 감사기업의 이익조정의 변동성 확대 등 전반적인 감사위험의 증가를 감안하여 감사위험을 낮추기 위해 추가적인 감사노력을 투입하고 있음을 나타낸다. 둘째, 감사위원회가 존재하는 경우, 최고경영자(CEO)교체와 감사인의 감사노력 증가와의 관계가 더욱 커지는 것으로 나타났다. 이러한 결과는 재무제표의 적정한 작성을 감독하는 기능을 수행하는 감사위원회가 해당 기업의 최고경영자(CEO) 교체로 인해 감사위험이 높아질 경우 외부감사인로 하여금 감사노력을 강화하도록 하여 감사품질을 더욱 높이는 보완관계의 역할을 수행한다는 실증적 근거를 제시한다는 점에서 의의를 갖는다. This study examined how the CEO turnover affects the auditor s audit efforts and analyzes whether the auditor makes additional audit efforts for audit risk caused by the CEO turnover. We analyzed the relationship between CEO turnover and audit efforts. We also tested how audit committee affects the relationship between turnover and audit efforts. Data consists of 5,701 firm-years listed in KOSPI from 2009 to 2017. Our empirical findings are as such. First, we found that CEO turnover has a significant positive effect on auditor s audit effort measured by audit hour and audit fees. This result indicates that auditors are making additional audit efforts to reduce the audit risk resulting from CEO change. Second, we discovered that when an audit committee exists, the relationship between the CEO turnover and the auditor s increased audit efforts becomes greater. This finding is meaningful in that internal monitering works as a complementary instrument to external audit in that audit committee requests more audit efforts when firm risk increases due to CEO change.

재무제표의 비교가능성과 피감기업 감사복잡성 상호작용이 감사노력에 미치는 영향

기은선(제1저자) ( Eun Sun Ki ),곽수근(교신저자) ( Su Keun Kwak ),안혜진(공동저자) ( Hyejin Ahn ) 한국회계학회 2015 회계학연구 Vol.40 No.3

재무제표 사이의 비교가능성(financial statement comparability)이 높다면 재무제표의 이용자가 서로 다른 기업을 손쉽게 비교할 수 있다. 따라서 정보불균형 수준이 감소하고, 그 결과 재무제표 정보를 이용한 의사결정의 수준이 향상된다. 따라서 회계감사를 수행하는 감사인도 비교가능성이 높은 기업에 대해서는 감사노력을 덜 투입하게 된+H10다. 본 연구에서는 이 분야의 선행연구들을 더욱 확장하여, 복잡성(complexity)이 큰 피감기업을 감사할 경우 비교가능성이 감사노력 수준에 어떤 영향을 미치는지를 실증적으로 분석하였다. 피감기업이 감사하기가 복잡한 경우 감사인은 일정한 감사품질을 유지하기 위해 비교가능성이 높은 피감기업이라고 하더라도 상대적으로 감사노력을 감소시키지 않을 가능성이 높다. 또는 그 반대로 비교가능성이 높다면 복잡한 기업이라도 감사하기가 용이하므로 감사노력이 감소할 수도 있다. 2002년부터 2012년까지 자료를 사용한 실증분석 결과는 전자의 예측을 지지한다. 비교가능성은 감사노력과 유의적인 음(-)의 관계를, 복잡성은 양(+)의 관계를 가지고 있었으며, 비교가능성과 복잡성의 상호작용 변수는 감사노력과 유의적인 양(+)의 관련성을 가지고 있었다. 이 발견은 감사인의 행동에 대해 여러 중요한 시사점을 제공해 준다. This study investigates the effect of the interaction between financial statement comparability and complexity of client firms on the effort level that auditors put into the client during the audit process. The accounting system can be defined as a mapping of underlying economic events to financial statements. Two firms are regarded as having similar accounting systems if they produce comparable financial statements given the same set of economic events (DeFranco et al. 2011; Barth et al. 2012). When financial statements are comparable, users of the information can use it and understand the economic substances underlying the statements. It is because the comparability enable the users to compare the information contained in the statements more easily with those of other firms. These predictions imply that information asymmetry and uncertainty decrease as a result of more comparable information (DeFranco et al. 2011). Prior studies on the financial statement comparability generally document the findings which are consistent with these predictions. For example, DeFranco et al. (2011) report that accuracy of earnings forecasts issued by financial analysts is positively associated with the comparability of the firm, while the dispersion of the forecasts is negatively associated with the comparability. Besides, DeFranco et al.``s (2011) study is monumental in that it develops an empirical way to measure the comparability empirically. Subsequent studies start to apply the measure in various settings. For example, Campbell and Yeung (2012) document that the detrimental impact of an industry peer``s restatement announcement on the stock price increases with the comparability. Choi et al. (2013) report that investors are better able to predict future earnings of firms with comparable financial statements and use the predictions in setting current stock prices. As a result, the magnitude of future earnings coefficient is positively related to the comparability. There are other lines of research that demonstrates the effect of comparability (e.g., DeFond et al. 2011; Fang et al. 2012; Chen et al. 2013; Kim et al. 2013). Ki and Kwon (2014) move the focus of the research on comparability to the auditing area. They argue that auditors can also get the benefits from comparable financial statement information and thus audit the client firms with comparable financial statements more easily. As a result, they find that auditor``s effort level (measured by audit hours) that auditors exert during the audit process decreases for more comparable firms. This study extends the work of Ki and Kwon (2014) and look into the interaction between comparability and complexity of the client firms. It is more time-consuming to audit complex clients (Simunic 1980) and thus auditors need to exert greater level of audit effort to audit complex clients. This study expects that the negative effect of the comparability on audit effort would be attenuated (pronounced) for more complex clients, suggesting that there exists a positive (negative) association between audit effort and the interaction between comparability and complexity of the clients. If auditors try to maintain a similar quality of audit service and thus exert similar level of audit effort for complex clients regardless of the comparability of the clients, the positive association is expected. In contrast, if auditors gain benefits from comparability and are able to reduce audit efforts for even complex clients, the negative association is expected. We perform empirical analyses with 13,275 observations collected over the period from 2002 to 2012. All the non-financial firms, listed in Korean stock market, with available samples are used in the analyses. Because there are several empirical proxies (variables) that represent for the complexity of client firms, we perform factor analysis and derive two common factors related to the complexity. The empirical results support the predictions. First, consistent with Ki and Kwon (2014), financial statement comparabil is negatively associated with audit effort while client complexity is positively associated with the audit effort, suggesting that our sample characteristics are not different from those used in prior studies. Second, the interaction between comparability and complexity is positively associated with audit effort, suggesting that auditors exert a similar level of effort even for complex clients. Third, when we use original variables (not the two factors derived from factor analysis) representing for client complexity (i.e., number of business segments, number of subsidiaries, the ratio of inventory and receivables out of total assets, and the proportion of foreign sales out of total sales), we find that number of subsidiaries are strongly related to thedocumented findings, while the proportion of the foreign operation is also weakly related to the finding. In contrast, we fail to find that the ratio of inventory and receivable is negatively related to the audit effort. These findings provide important implications on the process of audit. We hope future studies look into related issue further.

감사시간, 감사보수 및 시간당보수의 증가가 조세회피에 미치는 영향

박종일(Park, Jong Il),이윤정(Yun-Jeong, Lee) 한국세무사회 부설 한국조세연구소 2024 세무와 회계 연구 Vol.13 No.1

In this paper, we examine whether the increase in audit effort are associated with lesser tax avoidance. The audit hours, audit fees, and audit fees per hours have increased since the implementation of the Standard Audit Hours System (hereafter ‘SAHS’) in 2019 compared to the previous years (e.g., Lee et al. 2021;Jung et al. 2022;Park and Jeon 2022 etc.). Moreover, prior studies also show that the increase in audit hours, audit fees, and audit fees per hours could lead to greater audit quality (Kim and Jung 2020;Jung et al. 2022;Sim et al. 2022;Park and Jeon 2022;Kim and Park 2023 etc.). Therefore, we test that the increase in audit hours, the increase in audit fees, and the increase in audit fees per hours as a proxy for audit effort are significantly and negatively associated with tax avoidance. For our empirical tests, we use a sample of firms with positive pretax income and data from 2018 through 2022 to construct four tax avoidance measures:the book-tax income differences (BTD), the discretionary BTD (hereafter DDBTD) based on Desai and Dharmapala (2006), the current cash effective tax rate (hereafter CETR), and the GAAP ETR (hereafter GETR). To study the effect of auditor’s audit effort on tax avoidance, we use three audit effort proxies:the increase in audit hours (hereafter ΔAH), the increase in audit fees (ΔAF), and the increase in audit fees per hours (ΔAFH). The final sample in our study is 4,713 firm-year observations in the KOSPI and KOSDAQ listed firms from 2018 to 2022. Our empirical results are as follow. First, we find that ΔAH is negatively and significantly associated with these one alternate proxies of tax avoidance (i.e., CETR) as the dependent variable. In additional tests, we partition the sample into pre- and post-SAHS adoption period, we find that ΔAH is negatively and significantly associated with these three alternate proxies of tax avoidance (i.e., BTD, DDBTD, CETR) is stronger during post-SAHS period. Additionally, we also divided the sample into KOSPI and KOSDAQ, our result is driven by the KOSPI sample. Second, we find that ΔAF is negatively and significantly associated with these three alternate proxies of tax avoidance (i.e., BTD, DDBTD, CETR). Additionally, we partition the sample into pre- and post-SAHS period, we find that ΔAF is negatively and significantly associated with these four alternate proxies of tax avoidance (i.e., BTD, DDBTD, CETR, GETR) is more pronounced in the post-SAHS period. We also divided the sample into KOSPI and KOSDAQ, our results are driven by the KOSPI sample. Lastly, we do not find that ΔAFH is significantly negatively associated with tax avoidance. However, we divided the sample into KOSPI and KOSDAQ, we find that ΔAFH is negatively and significantly associated with these two alternate proxies of tax avoidance (i.e., BTD, DDBTD) has a more pronounced relation with firms listed on the KOSPI. Overall, our results show that the increase in audit hours, the increase in audit fees, and the increase in audit fees per hours as a proxy for audit effort are negatively associated with tax avoidance differs between the pre- and post-SAHS periods, and between KOSPI and KOSDAQ sample and that these association has a more pronounced in the post-SAHS period and the KOSPI sample. Hence, we contribute to this research by documenting that the negative association between audit effort and tax avoidance. Moreover, we are the first to study the role of financial statement audits in constraining corporate tax avoidance through audit effort. As well as we find a negative association between audit effort and tax avoidance, supporting the argument that financial statement audits constrain corporate tax avoidance through greater audit effort, and we also find that the negative association between audit effort and tax avoidance is more pronounced in the post-SAHS period is to empirically present that the implementation of SAHS was effective in improving audit quality as well as

외부감사수익성과 외부감사노력이 회계투명성에 미치는 영향 - 2015 한국회계학회의 회계투명성 평가 접근법을 중심으로 -

배성호 한국회계정보학회 2016 재무와회계정보저널 Vol.16 No.4

[Purpose] Recently, Korea’s low ranking of international accounting transparency has become a problem. However, most of the related studies in Korea are about the development of accounting transparency measures and the development of guidelines, and there are still many studies to improve the transparency of accounting. Therefore, this study intends to extend the discussion on accounting transparency to the external audit area, thereby giving implications for how the external audit environment should be changed to improve the transparency of accounting. [Methodology] In this paper, the accounting transparency was measured according to the Korean Accounting Association’s approach. Regarding the audit profitability, actual audit fees, abnormal audit fees and audit fees per hour index were used and actual audit hours and abnormal audit hours were used to measure the audit efforts. [Findings] With 4,334 KOSPI firm-year observations from 2004 to 2013, we found that the audit fees and audit fees per hour are positively associated with accounting transparency. But the significant associations were not found among accounting transparency, abnormal audit fees, actual audit hours and abnormal audit hours. [Implications] These results suggest that the audit profitability such as audit fees and audit fees per hour play more significant role in enhancing firms’ accounting transparency in Korea than audit efforts such as audit hours and abnormal audit hours. The results of this study suggest that the direction of the external audit environment should be changed in order to enhance the transparency of accounting in Korea. [연구목적] 최근 우리나라의 낮은 국제적 회계투명성 순위가 문제점으로 대두되고 있다. 그러나 우리나라의 관련 선행연구는 회계투명성 측정치의 개발과 발전적가이드라인 제시에 대한 논의가 대부분이며, 낮은 회계투명성을 높이기 위한 다방면의 연구가 아직 부족한 실정이다. 이에 본 연구는 회계투명성에 대한 논의를 외부감사영역으로 확장시킴으로써 회계투명성 제고를 위한 외부감사 환경이 어떻게바뀌어야 하는지에 대해 시사점을 부여하고자 한다. [연구방법] 본 연구는 한국회계학회의 ‘2015년 상장기업 투명회계대상 평가’에서사용된 회계학적 지표를 근거로 회계투명성을 측정하였으며, 이를 외부감사수익성과 외부감사인의 노력과 어떠한 관련성이 있는지 검증하고자 한다. 외부감사수익성은 감사보수, 비정상감사보수, 시간당 감사보수로 측정하였으며, 외부감사인의 노력은 실제감사 투입시간, 비정상감사시간으로 측정하였다. [연구결과] 2004년부터 2013년까지 우리나라 유가증권 시장에 상장되어 있는 기업들을 대상으로 하여 총 4,334개 기업/년의 표본을 구성하여 실증분석을 수행한결과, 우리나라 기업의 회계투명성은 외부감사 보수와 시간당 감사보수와 유의한양(+)의 상관관계를 나타내었다. 그러나 회계투명성 변수는 외부감사인의 초과감사보수, 감사투입 시간 및 초과감사시간과는 유의한 관계가 나타나지 않았다. [연구의 시사점] 본 연구의 실증결과를 근거로 외부감사인이 단순히 감사노력을추가로 투입한다고 하여 기업의 회계투명성이 향상되는 것은 아니며, 외부감사 업무의 감사보수 또는 투입시간당 감사보수가 높을수록 즉, 외부감사 업무의 수익성이 높을수록 회계투명성이 증대된다고 할 수 있다. 본 연구의 실증결과는 최근 이슈가 되고 있는 외부감사 보수의 적정성 논의에 의미를 줄 수 있으며, 우리나라의회계투명성을 제고시키기 위하여 외부감사 환경이 어떻게 변화되어야 하는지에대한 방향을 제시하였다는데 공헌점이 있다고 판단된다.

감사팀 구성원 변동과 감사시간 및 감사품질간의 관계에 관한 연구

임영제,양준선 한국회계학회 2020 회계학연구 Vol.45 No.3

This study examines how audit staff turnover is associated with audit effort and audit quality. Auditing is conducted by an audit team. Individual auditors generally do not work in isolation. Prior studies on auditing have been generally conducted at the audit firm level and the individual auditors level as the unit of analysis. Because an audit team is a hierarchical assemblage of individuals, who perform a discrete part of the audit process for the most appropriate audit opinion, communication and knowledge sharing among team members is vital to an effective and efficient audit. The empirical results are as follows. First, the empirical results reveal that there is a positive relationship between the audit staff turnover and total audit hours. Second, we find that the audit staff turnover is negatively related to audit quality. Additionally, for observations with positive abnormal audit fees, there is no significant association between the audit staff turnover and audit quality, showing that in case the audit team additionally takes more time, the negative relations are less. The contribution of this study is as follows. First, this research concentrates on audit teams and documents the audit staff turnover is associated with audit hours and audit quality, which responds to calls for more research on the audit process and the audit team interactions. Second, the potential availability of the audit staff turnover indicator may help investors to focus on the audit process and evaluate the audit quality with disclosed data. 본 연구는 한 회계기간 동안 개별 감사팀 구성원 변동이 감사업무에 투입되는 감사인의 노력 및 감사품질과 어떠한 관련이 있는지 살펴본다. 그동안 선행연구들은 감사인 개인 또는 회계법인의 특성이 감사노력이나 감사품질에 미치는 영향에 대하여 주로 살펴보고 있다. 그러나 감사업무는 개별감사인으로 구성된 감사팀 단위로 한 회계기간 동안 수차례의 현장감사를 통해 감사증거를 수집하면서 수행된다. 즉, 감사팀은 감사업무를 목적으로 하여 개별감사인들로 구성된 계층적 집합체(hierarchical assemblage)이며 각자 공통적이면서도 개별적인 업무를 수행하기 때문에 감사팀내에서 구성원간의 커뮤니케이션이나 지식공유는 매우 중요한 요소이다. 실증분석 결과, 한 회계기간 동안 감사팀 구성원 변동과 감사시간과의 관계는 양(+)의 관련성이 존재하고. 감사품질과는 음(-)의 관계가 있음을 발견하였다. 또한, 비정상감사시간이 양(+)인 경우 감사팀 구성원 변동과 감사품질간의 음(-)의 관련성은 발견되지 아니하여 감사인이 추가적인 감사시간을 투입하는 경우 감사품질을 유지시킬 수 있는 것으로 해석된다. 본 연구는 감사팀 수준의 연구를 수행함으로써 감사팀의 상호작용(audit team interactions)을 실증연구의 방법으로 분석하였으며, 감사팀 구성원의 효율적인 운영을 감사품질의 대용치로 활용할 수 있는 근거를 제시하였다는 의의를 갖는다.

내부회계관리제도의 감사가 감사노력(실제와 표준감사시간의 차이)과 감사품질에 미치는 영향

박종일,정선문,이윤정 한국공인회계사회 2024 회계·세무와 감사 연구 Vol.66 No.2

본 연구는 2019년, 2020년, 2022년에 순차적으로 시행된 내부회계관리제도 감사의 도입이 감사인의 감사노력과 감사품질에 어떤 영향을 미치는지 분석하였다. 감사노력은 사업보고서에 공시된 표준감사시간 대비 실제감사시간을 이용하고, 감사품질은 재량적 발생액을 이용하였다. 실증결과는 첫째, 내부회계관리제도 감사의 도입은 그렇지 않은 경우보다 표준 대비 실제감사시간을 평균적으로 증가시키는 것으로 나타났다. 그러나 앞서의 결과는 내부회계관리제도 감사의 도입 시기(2019, 2020, 2022)에 따라 다른 것으로 나타났다. 즉 자산규모가 2조원 이상(‘대기업’), 5천억원 이상∼2조원 미만(‘중대기업’), 1천억원 이상∼5천억원 미만(‘중기업’)의 내부회계관리제도 감사의 도입은 각각 표준 대비 실제감사시간을 감소, 불변, 증가시킨 것으로 나타났다. 둘째, 내부회계관리제도 감사의 도입은 그렇지 않은 경우보다 평균적으로 감사품질에 별다른 영향을 미치지 않았다. 그러나 앞서의 결과는 내부회계관리제도 감사의 도입 시기에 따라 혼재된 증거에 기인한 것으로 확인되었다. 즉 내부회계관리제도 감사 도입이 감사품질을 향상시키는 효과는 대기업과 중대기업에서 두드러지고, 상대적으로 중기업에서는 미미해 평균적으로 유의한 증거가 관찰되지 않았다. 추가분석으로 감사품질의 대안적인 변수로 적자회피와 이익감소회피 구간을 이용한 경우에서도 대체로 앞서와 일관된 증거로 나타났다. 한편, 표본을 나누어 살펴본 추가분석에 의하면 내부회계관리제도 감사가 도입된 기업(대기업, 중대기업, 중기업)은 미도입 중소기업(1천억원 미만)과 비교하면 모두 내부회계관리제도 도입 이전보다 이후에 감사품질이 향상되었다. 종합하면, 내부회계관리제도 감사의 도입은 감사품질을 향상시키는 경향이 있으나, 그 효과는 규모가 큰 기업에서 두드러지게 나타난다고 볼 수 있다. 이러한 새로운 증거는 학계뿐만 아니라 규제당국에게도 시의성 있는 정보를 제공한다. This study analyzed the impact of the introduction of an audit on internal accounting control system (“IACS”), which was sequentially conducted in 2019, 2020, and 2022, on the audit efforts and audit quality of auditors. Audit efforts were measured using the actual audit hours compared to the standard audit hours (“ASD”) disclosed in the annual report from 2020, and audit quality was measured using discretionary accruals. The empirical results showed that, firstly, the introduction of audit on IACS increased the ASD on average compared to cases without such audits. However, this result varied depending on the timing of the introduction of the audits of IACS in 2019, 2020, and 2022. Specifically, the introduction of such audits decreased the ASD in companies with asset sizes of over 2 trillion KRW (“large companies”), neither decrease nor increase the ASD in companies with 500 billion KRW to 2 trillion KRW (“medium-large companies”), and increased the ASD in 100 billion KRW to 500 million KRW (“medium companies”). Secondly, the introduction of audits of IACS did not have a significant impact on audit quality on average compared to cases without such audits. However, this result also varied depending on the timing of the introduction of the audits. That is, the introduction of such audits in large and medium-large companies had a positive impact on audit quality, while the introduction in medium companies had a negative impact. Additional analyses using the alternative proxy for audit quality, the avoidance of losses and the avoidance of earnings decrease, also generally showed consistent results. Meanwhile, subsample analyses indicate that firms that implemented internal accounting management audit (large and medium-sized companies) showed improved audit quality after the introduction of the internal accounting management system compared to small-sized companies that had not yet implemented it. In summary, the introduction of internal control audits tends to improve audit quality, but its effect is more pronounced in larger corporations. The findings of this study provide new evidence that the impact of the introduction of internal accounting control system audits on audit efforts and audit quality differs depending on the size of the companies. This suggests timely and relevant information not only to academia but also to regulatory authorities.

감사인 특성이 감사보수에 미치는 영향 : 감사인 투입자원(노력)이 감사보수에 미치는 영향

최국현 ( Kuk-hyun Choe ),김동현 ( Dong-hyun Kim ) 한국생산성학회 2018 生産性論集 Vol.32 No.4

The controversy over the audit fees has continued between auditors and auditee by Korea. The differences between the two groups are causing controversy. The Audit-Data in Korea Auditreport is a valuable resource suitable for the environment of Korea. The issue of estimating proper Audit Fees is a research topic that has been actively conducted overseas. Therefore, it is a subject of more active research in Korea. The results of this study. First, the usefulness of Audit-Data was verified by explaining the audit fee using Audit-Data. These results were intended to present meaning as data that could be fully utilized in studies related to the characteristics of auditors as well as research on audit fees. The study also combined new variables based on previously validated data. Some supported the theory of research assuming that audit fees are adequately explained as characteristics of auditors using combined variables. This outcome is determined as a result of the previous data verification model proving that the results are sufficiently descriptive in the study of audit and maintenance determinants. In addition, the text of the study indicates that Big4 has a significant negative correlation with audit fees, which may be evidence of academia's opinion on the independence of auditors. The limitations of the study. The biggest problem is the reliability of data using unused data. Also, There was a lack of rationale in using Audit-Data to combine new variables. And the data is collected directly by researchers, so it is impossible to rule out the possibility of errors occurring in the collection process. Finally, as a characteristic of the auditee, a detailed analysis of whether the model is a reasonable research model for Korean studies with geographical differences from the sample selection period was necessary. This study used data not used in other studies to identify new variables related to the characteristics of auditors. Therefore, we expect to make a lot of contributions in that we have opened the opportunity to utilize new data. This study attempted to adequately explain the audit fees. In the course of the process, Audit-Data was first validated to have a significant impact on audit fees. This process offers a high possibility of presenting meaning as a new variable that can be considered as a characteristic of auditors in the relationship of audit risks, providing the opportunity to fully utilize Audit-Data, which has not yet accumulated much data. In particular, the process of validating and using Audit-Data in the study and combining it into a new variable eventually provided empirical evidence to identify the auditor's characteristics, and it is expected that further continued and accumulated such new findings will lead to more findings about the auditor's characteristics.