비정상적인 감사보수와 감사시간이 재량적 발생액에 미치는 영향 = The Effect of Abnormal Audit Fees and Audit Hours on Discretionary Accruals

다국어 초록 (Multilingual Abstract)

This paper investigates the effects of abnormal audit fees and abnormal audit hours on audit quality. We test the effect of audit quality on earnings management. Audit quality is defined as the joint probability that an existing material error is detected and reported by an audit auditor(DeAngelo 1981). Prior studies primarily investigate whether earnings management is related to factors that could impair auditor independence and also its studies have regarded the audit fees(or hours) as the proxy of the audit quality but they have not examined the relationship between the unusually high or low audit fees(or hours) and discretionary accruals of auditee. This research decomposes actual audit fees(hours) into two parts, normal audit fees(hours) and abnormal audit fees(hours), and pays attention to the case where abnormal audit fees(hours) are excessively high or low. Earnings management is captured by discretionary accruals as a proxy for unobservable audit quality that are estimated using a performance－matched discretionary accruals(Kothari et al. 2005). We expected greater audit quality(audit fees or audit hours) to reduce the extent to which managers report aggressively high earnings.
To test this prediction, we utilize audit fees data from 3,238 firms－year observations 1999－2005 period and audit hours data from 1,897 firms－year observations 2000－2005 period. The sample firms are all listed firms in Korean Stock Exchange, December year－end firms, and firms do not belong to banking industry. The data on audit fees and audit hours are collected from the DART(Data Analysis, Retrieval and Transfer System) of Financial Supervisory Service. Other firm－specific financial data is collected from KIS－VALUE II database.
The results show that the discretionary accruals of auditee are higher than expected when abnormal audit fees are much lower. This implies that excessively low audit fees would deteriorate audit quality, but the results of abnormal audit hours are a weak evidences. In addition, when auditors devote audit hours much more than the normal level, the discretionary accruals become lower. This suggests that greater audit effort constrains earnings management and improves the audit quality. Meanwhile, we cannot find significant earnings management when audit fees are highly paid or auditors spend much less audit hours.
These findings provide some assurance that audit fees and audit hours are a reasonable proxy for audit quality. The results of this paper may provide useful information to investors and regulatory bodies that evaluate the reliability of external audit by using audit fees and hours information.

참고문헌 (Reference)

1 나종길, "회계발생액과 차별적 감사수요" 한국회계학회 28 (28): 1-32, 2003

2 신용인, "초도감사 보수할인이 감사품질에 미치는 영향" 한국회계학회 32 (32): 173-208, 2007

3 노준화, "지정감사인이 더 높은 감사보수를 받는가?" 한국회계학회 28 (28): 177-202, 2003

4 박종일, "재량적 발생액을 이용한 감사인의 감사품질분석" (35) : 289-319, 1999

5 주인기, "이익조정 행위의 측정치로서 회계이익과 과세소득 차이의 유용성에 관한 연구" 한국회계학회 30 (30): 237-275, 2005

6 주인기, "외부감사 실무를 위한 산업별-기업규모별 준거감사시간의 산정- Big 4 회계법인의 상장기업 감사시간 자료를 중심으로" 한국회계학회 16 (16): 35-64, 2007

7 윤순석, "상장기업과 코스닥기업의 이익관리에 대한 비교 연구" 29 (29): 57-85, 2001

8 박종일, "비정상 감사보수와 감사품질이 비정상 감사시간에 미치는 영향" 한국공인회계사회 (45) : 119-159, 2007

9 강내철, "기업실패위험이 감사보수결정에 미치는 영향" 한국공인회계사회 (41) : 219-239, 2005

10 임영덕, "계속 감사기간과 감사품질에 관한 연구" 한국회계학회 31 (31): 183-214, 2006

11 문상혁, "결산일 차이가 감사보수, 감사시간, 그리고 감사품질에 미치는 영향" 한국공인회계사회 (42) : 135-165, 2005

12 박종일, "감사품질이 회계이익과 과세소득의 차이에 미치는 영향" 한국회계학회 33 (33): 65-109, 2008

13 최종학, "감사인의 피감사인에 대한 경제적 의존도가 감사인의 독립성에 미치는 영향" 한국회계학회 30 (30): 121-154, 2005

14 최 관, "감사인의 유형과 감사품질：감사보수와 감사시간을 중심으로" 23 (23): 49-75, 1998

15 안영균, "감사인 지정이 기업의 이익조정에 미치는 영향에 관한 연구" 한국회계학회 29 (29): 89-116, 2004

16 박한순, "감사인 지정이 경영자의 이익조정행위에 미치는 영향" 21 (21): 33-61, 1996

17 노준화, "감사인 유지제도가 감사보수에 미치는 영향" 한국회계학회 29 (29): 207-230, 2004

18 박종일, "감사인 교체와 감사품질" 한국공인회계사회 (46) : 191-226, 2007

19 정영진, "감사위원회 특성이 감사보수에 미치는 영향" 한국공인회계사회 (41) : 145-166, 2005

20 이상철, "감사위원회 도입이 이익조정에 미치는 영향" 한국회계학회 28 (28): 143-172, 2003

21 권수영, "감사시간과 감사품질이 감사보수에 미치는 영향" 한국회계학회 30 (30): 47-76, 2005

22 최 관, "감사서비스의 생산과 피감사회사의 특성" 28 (28): 609-635, 1999

23 권수영, "감사보수의 결정요인과 감사보수체계 변화로 인한 효과분석" 한국회계학회 26 (26): 115-143, 2001

24 박종일, "감사보수와 이익조정에 관한 연구" 한국공인회계사회 (42) : 167-207, 2005

25 이세용, "감사보수 자율화 이후 감사보수의 결정요인에 대한 연구：비감사서비스와 기업지배구조의 영향을 중심으로" 30 (30): 239-271, 2005

26 Francis, J, "The Role of Big 6 Auditors in the Credible Reporting of Accruals" 18 : 17-34, 1999

27 Ball, R, "The Role of Accruals in Asymmetrically Timely Gain and Loss Recognition" 2006

28 Palmrose, Z, "The Relation of Audit Contract Type to Audit Fees and Hour" 64 : 488-499, 1989

29 Frankel, R, "The Relation between Auditors’ Fees for Non－Audit Services and Earnings Quality" 77 : 71-105, 2002

30 O’Keefe, T, "The Production of Audit Services：Evidence from a Major Public Accounting Firm" 32 (32): 241-261, 1994

31 Simunic, D, "The Pricing of Audit Service：Theory and Evidence" 18 (18): 161-190, 1980

32 Healy, P, "The Effect of Bouns Schemes on Accounting Decisions" 37 : 85-107, 1985

33 Francis, J, "The Effect of Audit Size on Audit Prices" 8 : 133-151, 1984

34 Becker, C, "The Effect of Audit Quality on Earnings Management" 15 : 1-24, 1998

35 Basu, S, "The Conservatism Principle and the Asymmetric Timeliness of Earnings" 24 : 3-37, 1997

36 Choi, J.H, "The Asymmetric Association between Audit Quality and Fees Paid to Audit Firms：Revisited" 2009

37 Abbott, L, "The Association between Audit Committee Characteristics and Audit Fee" 22 : 47-66, 2003

38 Craswell, A, "Pricing of Initial Audit Engagements" 74 : 201-216, 1999

39 Kothari, S.P, "Performance Matched Discretionary Accrual Measures" 39 : 163-197, 2005

40 Kasznik, R, "On the Association Between Voluntary Disclosure and Earnings Management" 37 : 57-821, 1999

41 Stein, M, "Industry Differences in the Production of Audit Services" 13 : 128-142, 1994

42 Means, K.M, "Improved Internal Controls can Cut Audit Costs" 48-51, 1987

43 Jones, J.J, "Earnings Management during Import Relief Investigations" 29 : 193-228, 1991

44 DeFond, M, "Do Non－Audit Services Fees Impair Auditor Independence? Evidence from Going Concern Audit Opinions" 40 : 1247-1274, 2002

45 Ashbaugh, H, "Do Non－Audit Services Compromise Auditor Independence? Further Evidence" 78 : 611-639, 2003

46 Niemi, L, "Do Firms Pay for Audit Risk? Evidence on Risk Premiums in Audit Fees after Direct Comtrol for Audit Effort" 6 : 37-51, 2002

47 Hanlon, M, "Do Auditor Use the Information Reflected in Book－Tax Difference?" University of Michigan 2005

48 Leventis, S, "Determinants of Audit Time as a Proxy of Audit Quality" 20 (20): 460-478, 2005

49 Dechow, P, "Detecting Earnings Management" 70 : 193-225, 1995

50 Sweeney, A, "Debt－Covenant Violations and Manager's Accounting Responses" 17 : 281-308, 1994

51 DeFond, M, "Debt Covenant Violation and Manipulation of Accruals" 17 : 145-176, 1994

52 DeAngelo, L, "Auditor Size and Auditor Quality" 4 : 183-199, 1981

53 DeFond, M, "Auditor Changes and Discretionary Accruals" 25 : 36-67, 1998

54 Palmrose, Z, "Audit Fees and Auditor Size：Further Evidence" 24 (24): 97-110, 1986

55 Caramanis C, "Audit Effort and Earnings Management" 45 : 116-138, 2008

56 Francis, J. R, "A Test of Audit Pricing in the Small－client Segment of the U.S. Audit Market" 62 : 145-157, 1987

57 Hribar, P, "A New Measures of Accounting Quality" University of Iowa 2008