방역작업자의 브롬화메틸(methyl bromide) 노출수준과 생물학적 모니터링

이종성,이용학,신재훈,최정근,오차재,정호근 한국산업위생학회 2001 한국산업보건학회지 Vol.11 No.3

This study was performed to estimate environmental and biological monitoring of worker exposed to methyl bromide through quarantine fumigation. Airborne methyl bromide and it's metabolites were analyzed by gas chromatography and ion chromatography, respectively. The results are as followings; airborne concentration of methyl bromide(TWA) was 2.08±1.56 ppm(N=8). Dispersion and setting/degas groups were 0.67±0.12 ppm(N=2) and 2.54±1.53ppm(N=6), respectively. Bromide ion concentration in serum was 23.40±14.91㎎/ℓ(N=10) in the exposed workers and 4.74±0.82㎎/ℓ(N=21) in the non-exposed workers. Bromide ion concentration in urine was 35.56±26.89㎎/ℓ(N=11) in exposed group and 6.62±2.31㎎/ℓ(N=21) in non-exposed group. Good correlation was observed between concentration of serum and urine(r^2=0.890 p<0.01). No significant correlations of other determinanats were observed. Calcuated from a regressive curve. the biological half lifes of serum and urine were 10.7 and 5.9 days. In these results, biological monitoring of bromide ion of serum and urine provided useful information for evaluating exposure of workers to methyl bromide, so that an availability of bromide ion of biological samples was showed as biological monitoring indices for methyl bromide.

The Impact of the Sarbanes-Oxley Act on Clients` Audit Opinion Shopping Behavior

( Jong Hag Choi ),( Heesun Chung ),( Catherine Heyjung Sonu ),( Yoonseok Zang ) 한국회계학회 2016 회계학연구 Vol.41 No.3

This study investigates whether the tendency for audit clients to engage in opinion shopping becomes weaker after the enforcement of the Sarbanes-Oxley Act (SOX). While Lennox (2000) provides evidence that U.K. firms successfully engage in opinion shopping, there is limited evidence on the mitigating effect of SOX on opinion shopping. Using observations collected from the period before and after the enforcement of SOX (year 2001, 2004 and 2005), we find that, for our sample period, firms are likely to switch (retain) their incumbent auditors when the likelihood of receiving a going concern opinion is lower (higher) from a successor auditor, suggesting evidence of opinion shopping. More importantly, we find that firms are less likely to engage in opinion shopping after the enforcement of SOX. These findings suggest that more stringent legal and audit environment in the post-SOX period, at least partially, restricts firms’ opportunistic behavior of shopping for a better audit opinion and enhances auditor independence. These findings provide valuable implications to regulators as well as academicians and practitioners.

Research Articles : Editor`s Note

( Jong Seo Choi ),( Jong Hag Choi ) 한국회계학회 2014 會計學硏究 Vol.39 No.6

Audit Market Concentration and Audit Fees: An International Investigation

Jong-Hag Choi,Jeong-Bon Kim,Eugenia Y,Lee,Hee-Yeon Sunwoo 한국회계정보학회 2018 한국회계정보학회 학술대회발표집 Vol.2018 No.1

[Purpose] Several large auditor consolidations in the late 1980s and early 1990s, along with Arthur Andersen’s collapse in 2001, facilitated concentration in the global audit market. Subsequently, regulators have expressed serious concerns regarding the potential detrimental effects of this market concentration, including potential cartel pricing by dominant large auditors. However, several practitioners and academics do not agree with such concerns. To provide answers for such controversies, our study investigates the association between audit market concentration and audit fees. [Methodology] We use international data from 25 countries and proxy for audit market concentration using the Herfindahl index. [Findings] Our study yields two principal findings. First, there is, on average, no significant association between audit market concentration and audit fees. Second, a country’s legal regime changes this association dramatically: while the association is significantly positive in countries with a weak legal regime, it becomes weaker and eventually turns negative as the legal regime becomes stronger. [Implications] These findings will provide regulators and other stakeholders with important insights into the effects of audit market structure on audit pricing.

Editor`s Note

( Jong Seo Choi ),( Jong Hag Choi ) 한국회계학회 2015 會計學硏究 Vol.40 No.1

신화조선과 혁신조선의 자산재평가 의사결정 사례

최종학 ( Jong Hag Choi ) 한국회계학회 2010 회계저널 Vol.19 No.4

연결감사품질의 결정요인에 관한 연구

최종학(Jong Hag Choi),나경원(Kyoung Won Na),최연식(Youn Sik Choi) 한국경영학회 2009 經營學硏究 Vol.38 No.6

This paper investigates the determinants of audit quality of consolidated financial statements. Given that International Financial Reporting Standards (IFRS) will be introduced to Korea starting from year 2011 and IFRS mandate the use of consolidated financial statements, it would be very important to examine the audit quality of the consolidated financial statements. Up to now, there has been no research at all in Korea which investigates this issue because not consolidated but non-consolidated (i.e., individual) financial statements have been used as primary financial statements. The audit quality is a very important issue in Korean situation which tries hard to enhance corporate transparency and, thus, attracts more local and foreign investments into capital market.This study makes two predictions on the determinants of the audit quality of consolidated financial statements. First, in audit work for consolidated financial statements, the parent company’s auditor may be different from subsidiaries’auditors. In such a case, the auditor of parent company needs to depend on the audits of subsidiary companies performed by another auditors in order to consolidate the financial statements of subsidiaries into those of parent company. In such a case, efficient and effective communications between them could be more difficult. Thus, it might be less expected that information sharing and knowledge spillover occurs during the audit procedures if several different auditors are related to the audit of subsidiary companies. As a results, we expect that the more dependence on other auditors decreases the audit quality of consolidated financial statements.Second, consolidated financial statements represent the parent company and its subsidiaries as one economic entity and, therefore, the complexity of consolidation itself and information asymmetry between the parent company’auditor and its subsidiaries’auditors would increase in proportion with the total number of subsidiaries or the magnitude of transactions between the parent company and subsidiaries or among subsidiaries. So, we expect that the more complexity in consolidation processes decreases the audit quality of consolidated financial statements.This paper measures the dependence on other auditors is measure by the portion of total assets (or sales) audited by other auditors and the number of other auditors. The complexity of consolidation is measured by the total number of subsidiaries or the magnitude of transactions or account receivables and account payables between the parent company and subsidiaries or among subsidiaries. Finally, we employ discretionary accruals estimated by using performance- adjusted modified Jones model (Kasznik 1999; Kothari et al. 2005) in order to proxy for the audit quality. This measure has been used in various prior studies to proxy for accounting or audit quality. This measure has relative advantage compared with other possible measure of audit quality - such as audit opinion, post audit review, or earnings restatement - because this is the only measure that can be applied to general sample of firms whereas other measures are applicable to only a few firms which could be classified into outliers among general samples. In addition, during empirical analyses, we control for the audit quality of individual financial statements in order to emphasize the determinants of consolidated financial statements. For the empirical analyses, we use 1,537 firm-year observations collected over the period from year 2002 to year 2006. These are the firm-year observations that issue both individual and consolidated financial statements and those with all the necessary data are available from KIS-Value Ⅱ database. We perform both univariate and multivariate regression analyses.Empirical results show that the dependence measures (the portion of total assets or sales which are audited by other auditors and the number of other auditors) have significantly positive coeffic

기타포괄이익 항목과 기업의 미래성과와의 관계

최종학(Jong-Hag Choi),박종일(Jong-Il Park),전규안(Kyu-An Jeon) 한국산업경영학회 2007 경영연구 Vol.22 No.4

  포괄이익은 당기순이익과 기타포괄이익의 두 부분으로 구성된다. 본 연구의 목적은 기타포괄이익 정보와 기업의 미래성과와의 관련성을 알아보는 것이다. 기존 연구들은 기타포괄이익 정보의 유용성을 나타내는 측정치로서 가치관련성에 연구의 초점을 맞추었으나, 본 연구는 현재의 정보와 미래의 기업성과 사이의 관계를 살펴보는 것으로서, 가치관련성에 대한 연구결과보다 내적 타당성이 높은 결과를 제시할 수 있다는 장점을 가지고 있다. 본 연구는 이러한 측면에서 기타포괄이익 정보의 유용성을 검증한다는 점에서 의미가 있다. 선행연구들의 발견과 같이 기업의 기타포괄이익이 주식수익률과 관련이 있다면, 이는 현행 기타포괄이익이 미래의 기업성과를 나타내주는 지표가 되기 때문이다. 따라서 기타 포괄이익과 미래의 기업성과 사이에는 관련성이 존재할 수 있다. 본 연구는 이러한 가설을 경험적으로 분석하였다.<BR>  본 연구의 표본은 1999년부터 2004년까지 유가증권시장에 상장된 1,966개 기업-연도이다. 본 연구에 사용된 기업의 미래성과를 나타내는 변수는 미래의 당기순이익, 영업현금흐름, 그리고 포괄이익의 세 가지로서, 미래 1년 후부터 3년후까지의 미래성과와의 관련성에 대한 검토가 이루어졌다. 분석결과에 따르면, 우선 기타포괄이익 정보는 미래지속성(persistence)을 가지고 있으며, 또한 미래성과와의 관련성도 가지고 있는 것으로 나타났다. 보다 구체적으로는 매도가능증권평가손익은 1년 후의 미래정보 세 가지 모두와 유의적인 양(+)의 상관관계를 가지고 있었으며, 외화환산차대의 전입/환입액의 경우는 환율변동이 극심했던 1999년 동안만 미래 1년 후의 당기순이익 정보와 유의적인 음(-)의 상관관계를 가지고 있었다. 이에 반해 해외사업환산손익은 미래정보와 유의적인 관련성을 가지고 있다는 것을 발견할 수 없었으며, 파생상품평가손익은 전체표본을 이용한 분석에서는 미래 1년 후의 포괄이익 정보와 유의한 음(-)의 상관관계를 가지고 있는 것으로 나타났지만, 잔차 사이의 상관관계를 통제한 Fama-MacBeth 분석에서는 유의적인 발견이 나타나지 않았다. 또한 미래 2년 후와 미래 3년 후의 자료를 사용한 분석에서는 일관된 결과를 발견할 수 없었다. 이러한 발견은 가치관련성에 대한 최근의 선행연구들의 발견과 거의 동일하다.<BR>  본 연구는 포괄이익 기준에 의하여 작성된 재무제표가 본격적으로 도입된 시점에서 기타포괄이익 정보의 유용성을 검토하였다는 점에서 의미가 있다. 이러한 발견내용은 기타포괄이익 정보의 자세한 공시에 대한 논거를 제공하여 주는 것이므로 본 연구는 중요한 정책적 시사점을 포함하고 있다.   Comprehensive income (CI) includes all the changes of the values of equities except for the transactions with shareholders in its concept of income. The comprehensive income is composed of net income (NI) and other comprehensive income (OCI). Since the announcement of SFAS No. 130, the Financial Accounting Standards Board of the US required firms to disclose the information on CI as an adjustment of NI or as a separate statement. The International Accounting Standards Board and Korean Accounting Standards Board also are preparing for the change of traditional income statement to comprehensive income statement.<BR>  This study examines if current OCI is associated with future firm performance. This study uses 1,966 firm-year observations listed in Korean Stock Exchange from year 1999 to 2004. To measure the future firm performance, we use future NI, future operating cash flows, and future CI. We measure the firm performance for each year over the future three year period, and examine the relationship between current OCI and future three measures.<BR>  Empirical results suggest that OCI can help investors predict future firm performance. Especially, when we use future year t+1"s performance measures, marketable securities holding gain/loss has significantly positive relationship with all the three future measures, while foreign currency translation adjustment gain/loss has negative association with future NI during the year 1999 for which dramatic foreign currency translation rate changes occurred. However, we fail to find any significant relationship for gain/loss on foreign operation translation. In case for the gain/loss on derivative instruments, the negative relationship is observed in pooled regression. However, the negative relationship disappears in Fama-MacBeth regression, suggesting that the significant relationship is due to cross-sectional correlation in the error terms. When we further use year t+2"s and t+3"s performance measures, we fail to find any consistent relationship. The findings on the usefulness of marketable securities are similar to those of Dhaliwal et al.(1999) and Song et al.(2005), although their studies are on the value relevance of CI. The usefulness of foreign currency translation gain/loss is similar to that of Louis(2003), which also examines the value relevance of the item.

사례논문 : ㈜ 튼튼중공업의 현금 및 유동성 관리

최종학 ( Jong Hag Choi ),선우혜정 ( Catherine Hyejung Sonu ) 한국회계학회 2012 회계저널 Vol.21 No.6

쌍용자동차의 손상차손 회계처리가 불러온 여파

최종학 ( Jong-hag Choi ),안혜진 ( Hyejin Ahn ) 한국회계학회 2021 회계저널 Vol.30 No.4

본 사례연구는 경영위기에 직면한 쌍용자동차의 유형자산 손상차손 회계처리 과정을 검토해보고, 쌍용자동차의 손상차손 인식 전후에 벌어졌던 일을 소개한다. 기업회계기준에 의하면 자산의 손상 징후가 있는 경우, 자산의 사용 및 처분으로부터 기대되는 회수가능액 (순매각가치와 사용가치 중 큰 금액)을 추정하고 이 추정액이 자산의 장부금액에 미달하는 경우에는 장부금액을 회수가능액으로 조정하여 그 차액을 손상차손으로 처리하여야 한다. 그런데 회수가능액의 추정에는 많은 가정들이 필요하다. 사용가치를 계산하기 위해서는 해당 자산의 사용으로 미래에 벌어들일 수 있는 현금흐름을 예측하여 해당 현금흐름의 현재 가치를 구해야 하기 때문이다. 그러나 경영위기 상황에서는 기업의 미래 수익과 비용을 예측하는 데 많은 불확실성이 존재한다. 따라서 이를 추정하는 과정에서 합리적인 가정을 사용하고 이에 대한 충분한 근거가 있는지 살펴보는 것이 중요하다. 본 사례는 한 기업이 경영위기를 맞닥뜨려 미래 성과를 추정하는 데 많은 불확실성이 존재하는 상황에서의 손상차손 회계처리 과정을 구체적으로 살펴봄으로써, 실무상 손상차손 산정을 수행하는 각 기업의 회계담당자, 감사인 및 이를 감독하는 금융감독기관에게 실무상 유용한 시사점을 제공할 것으로 기대한다. 또한 본 사례를 통해 회계 숫자가 여러 집단들의 첨예한 갈등 속에서 합리적인 판단을 내리는 과정에 얼마나 중요한 역할을 하는지도 알 수 있다. This case study investigates the process of accounting for impairment losses on tangible assets of Ssangyong motor company which faced a business crisis, and introduces what happened before and after the recognition of impairment losses in Ssangyong Motors. According to K-GAAP or K-IFRS, if there is any indication of impairment of an asset, one must estimate the recoverable amount (the greater of the fair value less costs to sell and the value in use) from the use and disposal of the asset. Then, if the estimated recoverable amount is less than book value, the book value must be adjusted to the recoverable amount and the difference is recognized as an impairment loss. However, in this process, many assumptions are required to estimate the recoverable value. It is because one should predict future cash flows generated from the use of the asset to estimate the value in use. Since there are many uncertainties in predicting future revenues and costs in the situation of business crisis, it is important to use reasonable assumptions for the estimation and to see if there is a sufficient basis for them. By examining the accounting process of impairment losses during a business crisis, this study is expected to provide practical implications to accountants, auditors and financial supervisory institutions. In addition, through the case of Ssangyong motor company, students can see how accounting numbers play an important role in the process of making rational judgments amid sharp conflicts among various stakeholders.