K-IFRS 시행에 따른 경영자와 감사인간의 의견불일치와 감사의견에 관한 연구 = Research Articles : A Study on Manager and Auditor Disagreement and Audit Opinion by Enforcing K-IFRS

다국어 초록 (Multilingual Abstract)

IFRS have been mandatorily adopted to Korean listed firms since 2011. The financial experts` decisions such as auditors affect the financial statements under IFRS more than under K-GAAP because IFRS are the principle-based accounting standards and K-GAAP are the rule-based accounting standards, so that manager and auditor disagreement is expected to increase after enforcing K-IFRS. This study investigates whether the difference of manager and auditor disagreement exists between the pre and the post enforcement of K-IFRS and manager and auditor disagreement affects audit opinion significantly after enforcing K-IFRS. I document that there is the significant difference of manager and auditor disagreement between the pre and the post enforcement of K-IFRS. Moreover, I find that both of the amount and the frequency of manager and auditor disagreement increase after enforcing K-IFRS. Therefore, auditors performed audit works aggressively and conflicted with managers` assertion frequently in process of reporting and disclosing the financial statements after enforcing K-IFRS. Besides, most of the disagreement firms are KOSDAQ firms which did not sufficiently prepare to adopt K-IFRS. So, it seems that auditors performed as assistants to settle K-IFRS in the unprepared firms such as KOSDAQ firms gradually. However, I document that the increase of the disagreement between manager and auditor after enforcing K-IFRS does not affect the modification of audit opinion significantly. Also, I find that the firms with the disagreement between manager and auditor disclosed the qualified audit opinion after enforcing K-IFRS less than before enforcing K-IFRS. Through the additional analysis using de-mean processing to exclude the fixed effect by year and using only KOSDAQ firms which have most of disagreement samples, the results from de-mean processing and KOSDAQ firms are similar to those of this study. Second, I document that DA of the unqualified audit opinion firms is higher than that of the qualified audit opinion firms out of the disagreement samples, which means that auditors do not materially consider the discretionary earnings` management as they modify audit opinion of firms with the disagreement between manager and auditor. Third, I analyse the earnings distribution to find whether the difference of the distribution asymmetry between the preliminary and the reported earnings exists, and I confirm that the distribution of the reported earnings are mitigated as compared with that of the preliminary earnings. Finally, I analyse which financial factors affect the disagreement between manager and auditor, and audit opinion after enforcing K-IFRS, and I confirm that intangible assets, loan receivables, short-term borrowings, deferred tax liabilities, and longterm debts affect the disagreement between manager and auditor, and short-term borrowings and deferred tax liabilities affect the modification of audit opinion. This study investigates the change of manager and auditor disagreement and audit opinion after enforcing K-IFRS and the results of this study provide some implications. First, auditors performed audit works aggressively after enforcing K-IFRS. They constrain managers` income increasing earnings management after enforcing K-IFRS and perform as assistants to settle K-IFRS in the unprepared firms such as KOSDAQ firms. Second, the discretionary earnings` management is expected to increase under the principle-based accounting standards as compared with the rule-based accounting standards because auditors do not materially consider the discretionary earnings` management as they modify audit opinion of firms which have the disagreement between manager and auditor. Even though this study provides various implications mentioned above, it has some limitations. First, it is possible that the results of this study are biased toward the characteristics of firms which disclose the preliminary financial reports in accordance with the regulation of ``timely disclosure``. Firms are required to disclose the preliminary financial reports when they face the material change in the current net income as compared to the prior net income. Second, it analyses with the samples of FY 2011 only when K-IFRS was mandatorily enforced. For the reason, it is necessary to carefully use or apply the results of this study and it is worthwhile to study with the additional samples in the future.

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