연구논문 : 감사파트너 산업전문성과 보수주의 = Auditor Industry Expertise and Accounting Conservatism

국문 초록 (Abstract)

본 논문은 감사파트너 (audit partner)의 산업전문성이 피감사회사의 재무제표에 반영된 보수주의 정도로 측정된 감사품질 사이에 미치는 정도를 분석하였다. 또한 감사파트너의 산업전문성이 피감사회사에 대한 이해부족을 보완하는지 여부와 감사파트너의 경험이 감사파트너의 전문성과 같은 역할을 하는지를 검증하였다. 보수주의 회계처리는 비용은 발생이 예상될 때 즉시 인식하고, 수익은 높은 수준의 검증가능성을 요구하여 인식을 이연시키는 것을 말한다. 파트너의 산업전문성이 감사품질을 제고시킨다면 산업전문성이 있는 파트너가 감사를 담당할 때 보수주의의 정도는 증가할 것이다. 본 논문은 이러한 예측을 2002년부터 2012년까지의 4,999개 기업-연도 자료를 이용하여 실증적으로 분석하였다. Ball and Shivakumar (2005, 2006)가 개발한 모형을 확장하여 CF 모형, DD 모형 그리고 Jones 모형으로 보수주의 정도를 측정하였다. 분석결과 첫째, 감사파트너의 산업전문성이 있는 경우 피감사회사의 보수주의 정도가 증가하는 것으로 관찰되었다. 둘째, 감사수임기간이 짧을 때 감사파트너의 산업전문성이 있는 경우 더 보수적인 회계처리를 하는 것으로 나타났다. 셋째, 파트너의 경력 그 자체로서는 피감사회사의 보수주의에 영향을 미치지 못하며 산업전문성과 결합되었을 때 피감사회사의 보수주의 정도가 증가하는 것으로 나타났다. 종합하면, 파트너의 산업전문성은 피감사회사의 보수주의 정도를 증가시킬 뿐만 아니라 감사수임기간이 짧아도 감사실패의 위험을 완화시켜주는 것으로 보인다. 또한 감사파트너의 경력만으로는 피감사회사에 대한 이해부족을 메꾸지 못하며, 감사파트너의 전문성이 함께 갖추어질 때 보수주의의 정도가 강화되어 감사파트너의 경험이 산업전문성에 보완적인 것으로 보인다. 이와 같이 파트너의 산업전문성과 보수주의 정도와의 연관성을 보여준 결과는 규제당국과 실무업계는 물론 투자자와 학계에 많은 시사점을 제공해주고 있다.

다국어 초록 (Multilingual Abstract)

This study explores the relationship between the industry expertise of the audit engagement partner and the audit quality, measured by the conservatism reflected on the audited financial statements. The conservatism (or prudence) states that if doubt exists between two acceptable alternatives, the accountant should choose the alternative that will result in a lesser asset amount and/or a lesser profit. It is expected that the conservatism of the audited financial statements would increase by the industry expertise of the audit engagement partner if it could improve audit quality. This study tries to explore the effects of the industry expertise of the audit engagement partner on audit quality, using 4,999 firm-year data for the period from 2002 to 2012. The conservatism as the proxy of audit quality, is measured based on the research model presented by Ball and Shivakumar (2005, 2006); cashflow model, Dechow & Dichev model and Jones model. The results show that the conservatism of the financial statements increased by the audit engagement partner-level industry expertise, as expected. Moreover, in case of short audit tenure, the audit quality was mitigated by partner-level industry expertise, while firm-level industry expertise did not work. Also, the audit quality was improved by the experience of the engagement partner where it was collaborated with partner-level industry expertise, while it did not work by itself. In summary, the industry expertise of the audit engagement partner raised the conservatism of the audited financial statements, mitigated audit quality in case of short tenure, and triggered positive effects on audit quality collaborated with audit experience. This study has made contributions academically as the first study of its kind in Korea on the effects of partner-level industry expertise on audit quality. This study tries to explore the effects of the industry expertise of the audit engagement partner on audit quality, using 4,999 firm-year data for the period from 2002 to 2012. The conservatism as the proxy of audit quality, is measured based on the research model presented by Ball and Shivakumar (2005, 2006); cashflow model, Dechow & Dichev model and Jones model. The results show that the conservatism of the financial statements increased by the audit engagement partner-level industry expertise, as expected. Moreover, in case of short audit tenure, the audit quality was mitigated by partner-level industry expertise, while firm-level industry expertise did not work. Also, the audit quality was improved by the experience of the engagement partner where it was collaborated with partner-level industry expertise, while it did not work by itself. In summary, the industry expertise of the audit engagement partner raised the conservatism of the audited financial statements, mitigated audit quality in case of short tenure, and triggered positive effects on audit quality collaborated with audit experience. This study has made contributions academically as the first study of its kind in Korea on the effects of partner-level industry expertise on audit quality. Ithas its implications to investors and academicians as well as regulatory authorities and practitioners.