감사의견구매의 존재에 관한 실증적 연구

신찬휴,Shin, Chan-Hyu 한국디지털정책학회 2020 디지털융복합연구 Vol.18 No.9

외부감사시장에서 감사의견구매에 대한 우려가 지속적으로 제기되었으나, 감사의견구매의 존재에 대한 실증적 증거에 대한 연구는 거의 이루어지지 않았다. 이러한 이유로 본 연구는 감사의견구매가 존재하는지를 실증적으로 검증하였다. 연구방법은 먼저 순위형 회귀분석을 사용하여 감사인 교체기업과 미교체기업의 감사의견 표명기준점을 각각 측정하였다. 이후, 차이분석을 수행하여 측정된 감사의견 표명기준점이 감사인 교체기업과 미교체기업 간에 유의한 차이가 존재하는지를 검증하였다. 연구 결과, 감사인 교체기업과 미교체기업 간의 계속기업불확실성 표명의 기준점이 유의한 차이가 존재하지 않는 것으로 나타났으며, 이러한 결과에 따라 외부감사시장에서 감사의견구매가 일반적으로 이루어지는 현상은 아닌 것으로 해석할 수 있다. 본 연구의 공헌점은 외부감사시장에서 감사의견구매가 일반적으로 존재하지 않는다는 것을 실증적으로 검증한 것이다. Although concerns about the opinion shopping have been continuously raised in the audit market, there has been little research on empirical evidence on the existence of audit opinions. For this reason, this study empirically confirmed whether the opinion shopping exists. At first, we measured thresholds of audit opinion issuing of two groups(changed or not-changed auditors). After that, the difference analysis was conducted to verify whether the thresholds of the audit opinion issuing was significant difference between two groups. As a result of the study, there was no significant difference in the thresholds of audit opinion issuing between two groups. This result can be interpreted that the audit opinion shopping is not a general phenomenon in the external audit market. The contribution of this study is to empirically confirmed that audit opinion shopping does not exist in the external audit market.

카카오 키즈 D사의 쇠퇴 및 관리종목 지정 회피 사례

신찬휴(Chan-Hyu Shin) 한국경영학회 2021 Korea Business Review Vol.25 No.1

본 연구는 모바일 게임개발사 D사의 쇠퇴 및 관리종목 지정 회피에 관한 사례 분석이다. D사는 2013년 4월에 출시한 C게임이 카카오톡 게임하기로 유통되면서 엄청난 성공을 거두며 2014년 10월에 코스닥 시장에 상장하였다. 그러나 기대와 달리 2015년 이후 경영성과가 악화되며 장기적으로 영업손실이 발생하였으며, 2020년 10월 현재 주가는 공모가 대비 84.3%가 감소하였다. 본 연구에서는 먼저 D사의 경영성과 악화의 원인에 대해 분석하였다. 경영성과 악화의 원인으로는 첫째, 게임산업의 트렌드 변화에 따르지 않고 과거의 성공 방법에 집착했다. 둘째, 게임개발 노력이 부족하여 게임 출시가 지연되었다. 셋째, 모바일 게임 산업 환경 변화로 인해 마케팅 비용이 급증하였다. 넷째, 과다한 기업복지로 인해 재무적 유연성을 상실했다. 본문에서 D사의 경영성과 하락의 원인에 대해 각각 분석하도록 한다. D사는 2015년부터 2017년까지 영업손실이 발생하였는데, 2018년에도 영업손실이 발생하면 관리종목으로 지정되었다. C게임의 후속작을 2017년에 출시했음에도 경영성과의 개선이 전혀 이루어지지 않아 2018년 이후 관리종목 지정이 예상되었다. 그러나 D사는 장기영업손실 기준 재무제표가 별도재무제표라는 규정을 악용하여 자회사를 설립하여 손실을 자회사로 몰아주고, 모회사는 별도기준 영업이익이 흑자로 전환되는 방법을 통해 관리종목 지정을 회피하였다. D사의 관리종목 지정 회피 방법에 대해 자세히 분석한다. 본 연구는 크게 게임개발사의 성공과 쇠퇴에 대한 분석과 관리종목 지정 회피 방법에 대한 분석으로 이루어져있다. IT 산업에 속한 기업은 급격하게 성장할 수도 있으나, 급격하게 쇠퇴할 수도 있다. 엄청난 성공 이후에 급격하게 쇠퇴한 D사의 사례는 다른 IT 기업들이 성공의 유지와 발전을 위해 어떠한 전략과 노력이 필요한지에 대해 충분한 시사점을 제공할 수 있을 것이다. D사는 규정 악용을 통해 관리종목 지정을 회피하였다. 자본시장 규정의 빈틈으로 인해서 소액 주주들이 겪는 피해에 대해 분석하였고, 해당 규정의 보완 방향성을 제시하였다. This study is a case study on the decline of mobile game developer D company and the avoidance of designation of administrative issue. D company had got tremendous success with C game distributed to Kakao games. D company has listed on the KOSDAQ market in October 2014. However, unlike expectations, management performance has became worse after 2015, resulting in long-term operating loss. Share price of D company on October 2020 decreased by 84.3% compared to the IPO(Initial Public Offering). This study analyzed the causes of decreasing of management performance of D company. First, they followed to the past success way irrespective to the change of the game industry trend. Second, the follow-up game launch was delayed due to lack of effort to develop the game. Third, marketing costs increased rapidly due to the change in the mobile game industry environment. Fourth, the financial flexibility lost due to excessive corporate benefit plan. Company D suffered an operating loss from 2015 to 2017, and it could be designated as a administrative issue if an operating loss occurred in 2018. Although the follow-up game to the C game was released in 2017, there was not improvement in management performance. So designation of administrative issue to the stock of D company was expected after 2018. However, D company abused the regulation that the long-term operating loss is judged by the separate financial statements. They established subsidiary companies and drove losses to subsidiary companies. And then, the parent company could be avoided designating of administrative issue by converting operating profit on the separate financial statement into surplus.

2000년대의 감사환경 변화와 감사인 보수주의: 내부회계관리제도와 증권관련집단소송법을 중심으로

신찬휴 ( Chan Hyu Shin ),김정교 ( Jung Kyo Kim ) 한국회계학회 2015 회계학연구 Vol.40 No.1

2000년대 초반에 발생한 국내외의 회계부정사건으로 인해 회계투명성 강화에 대한 여론이 확산된 결과 회계 개혁을 위한 여러 제도가 도입되었다. 본 연구에서는 이 중 가장중요한 내부회계관리제도의 도입과 증권관련집단소송법 시행이라는 법적 환경의 변화에 따라 감사인 보수주의가 어떻게 수정되었는지를 조사한다. 표본기간을 내부회계관리제도 도입 이전, 내부회계관리제도 도입 이후부터 증권관련집단소송법 시행 이전, 그리고 증권관련집단소송법 시행 이후의 3개 기간으로 나누어, 감사인의 감사보고에 따른 예상손실비용을 고려하여 각 기간의 계속기업불확실성 표명확률을 추정하였다. 그리고 제도 도입 이전과 이후의 계속기업불확실성 표명확률의 평균차이를 감사인 보수주의 변화에 의한 차이와 피감사기업 특성 변화에 의한 차이로 분해하는 방법을 통해 제도 도입 이후 감사인 보수주의 변화를 검증하였다. Well-known companies such as Enron, WoldCom, Tyco, Qwest, Global Crossing were exposed to accounting frauds after 2000 in US and there was increasingly growing concern about financial reporting reliability. To address this concern, Congress and Securities and Exchange Commission( SEC) enacted Sarbanes-Oxley Act( SOX). At the similar time, some accounting frauds of Korean companies such as SK Global, Daewoo and so on also happened and provoked the need of tightening up the monitoring system for accounting practices. According to the need, some new accounting reform acts such as Internal Control over Financial Reporting, Securities-Related Class Action Act and the like were brought about. Internal Control over Financial Reporting intended to make a strong internal control system in the company and had been enforced since 2005. Securities-Related Class Action Act intended to relieve investment loss related to security trades of investors and had been wholly enforced since 2007. Changes in the auditor``s environment could affect the efficiency of internal control system or litigation risk for auditor, and then auditor could change his reporting strategies for clients in response to these changes. Francis and Krishnan(1999) defined auditor reporting conservatism as "lowering their threshold for issuing modified audit reports, an action that will increase modified reports and, therefore, lessen the likelihood of failing to issue a modified report when appropriate." It can be expected that introduction of internal control system in firms makes the reliability of financial reporting increase and could therefore decreases the control risk in financial statement audit. If the auditor relaxes his conservatism excessively and bears high audit risk over the acceptable level considerably, he could be exposed to lawsuits and reputation loss. On the other hand, if the auditor tightens his conservatism excessively and accepts low audit risk blow the acceptable level considerably, he might face the risk of losing clients because of strict audit. Therefore, the auditor needs to make an audit plan to maintain the acceptable level of audit risk. If the internal control over financial reporting improves the reliability of financial reporting of clients, control risk( CR) of auditor could decrease, and then auditor can achieve the acceptable level of audit risk, even if he sets less conservative audit strategy. In other words, when the auditor wants to maintain the acceptable level of audit risk, he can accept more detection risk( DR) through decrease of control risk( CR) after introduction of the internal control over financial reporting, Therefore the auditor could relax his conservatism after introduction of the internal control over financial reporting in 2005. On the other hand, the Securities-Related Class Action Act is likely to increase litigation risk of the auditor. Well-intentioned investors who are suffered great losses from trading securities could file a lawsuit against auditor on the ground of poor audit, and then the auditor might be exposed to litigation risk and reputation loss. If the auditor loses a lawsuit, he should bear an enormous compensation for a damage of investors because other investors who didn``t take a part in the legal action can also recover their damages. Therefore, the auditor needs to set an audit strategy more conservatively to deal with high litigation risk after the Securities-Related Class Action Act takes effect. The auditor could tighten his conservatism in correspondence with high litigation risk after the Securities-Related Class Action Act becomes effective totally in 2007. We investigate changes of the auditor conservatism respectively after the Internal Control over Financial Reporting and Securities-Related Class Action Act take effect. We divide total sample period into 3 subsample periods and investigate changes of auditor conservatism after enforcement of the two accounting reform systems. The first subsample period is one before the Internal Control over Financial Reporting became effective(2002-2004). The second subsample period is one from the internal control over financial reporting through the Securities-Related Class Action Act(2005-2006). The third subperiod is one after Securities-Related Class Action Act became effective(2007-2010). We use the going-concern modifications to investigate auditor conservatism, because the auditor conservatism could affect reporting the going-concern modifications. We estimate the average probability of issuing the going-concern modifications in each subperiod and calculate the difference of it between before and after the accounting reform system was enforced. And then we decompose the difference of the average probability of issuing the going-concern modifications into a component due to changes in auditor conservatism and a component due to changes in client risk characteristics. We can investigate the change of auditor conservatism directly by using the method of decomposition. This study contributes two points. First, we directly investigate effects of two accounting reform systems in 2000s to the auditor conservatism. We think Internal Control over Financial Reporting and Securities-Related Class Action Act are most important systems of accounting reform systems in 2000s. Some prior studies investigate effects of these systems, but there are nothing to observe the effect to the auditor conservatism. This study investigates the effect of Internal Control over Financial Reporting to the auditor conservatism for the first time and the effect of Securities-Related Class Action Act the auditor conservatism directly. Second, We improve the method of study to investigate the effect of system change to the auditor conservatism. Francis and Krishnan(2002) investigate the effect of system change by using the difference of probability of issuing the going-concern modifications between years before and after system takes effect. Their method of study could distort because unusual years could be inserted in sample years and auditor tenure could affect the auditor conservatism. We improve their method of study to solve limits and use an improved method to investigate change of auditor conservatism. Futhermore, we could have results by using more appropriate model to estimate the probability of issuing the going-concern modifications that can include auditor``s expected loss.

기업의 사회적 책임(CSR) 활동이 기업에 대한 부정적 사건의 영향을 완화하는가?

신찬휴(Chan-Hyu Shin),김정교(Jeong-Kyo Kim) 한국경영학회 2017 經營學硏究 Vol.46 No.3

감사인 특성이 감사보고오류에 미치는 영향

김정교 ( Jeong Kyo Kim ),신찬휴(교신저자) ( Chan Hyu Shin ) 한국회계학회 2016 회계저널 Vol.25 No.3

주식이 거래대상으로서의 적격성이 결여되어 상장폐지 되면 주가가 급락하여 투자손실이 발생할 수 있으므로, 투자자는 상장폐지로 인한 투자손실을 회피하기 위해서 상장폐지 가능성을 사전에 면밀하게 검토할 필요가 있다. 피감사기업의 계속기업 존속능력에 대한 중요한 불확실성이 존재하면, 감사인은 감사보고서에 계속기업불확실성을 표명할 수 있다. 계속기업 존속능력에 대한 평가가 틀리면 손실을 입은 투자자는 감사보고오류를 근거로 감사인에게 소송이 제기될 수 있으며, 법리적 다툼은 감사과정에서 감사인이 전문가로서의 정당한 주의를 기울였는가가 관건이 된다. 감사인의 무과실에 대한 입증책임은 감사인에게 귀속되므로 소송으로 인한 비용 발생이나 명성 하락을 방지하기 위해서 감사인은 소송을 회피할 필요가 있다. 이를 위하여 감사인은 감사보고 정확성을 향상시킬 동기를 가진다. 계속기업 존속능력에 대한 평가의 유용성을 강화하기 위해서는 감사보고오류의 발생가능성에 영향을 미치는 특성을 파악할 필요가 있다. 본 연구에서는 첫째, 감사인의 계속기업불확실성 표명 여부와 상장폐지 간의 관계를 검증한다. 둘째, 감사보고오류의 발생에 영향을 미치는 감사인 특성을 검증한다. 분석 결과 첫째, 감사인의 계속기업불확실성 표명 여부와 상장폐지는 유의적인 양(+)의 관계를 가진다. 둘째, Type Ⅰ error와 감사인 규모와는 유의적인 양(+)의 관계, 비정상 감사시간과는 유의적인 음(-)의 관계를 가진다. 셋째, Type Ⅱ error는 비정상 감사보수 간에 유의적인양(+)의 관계가 나타났다. 본 연구의 공헌점은 다음과 같다. 첫째, 계속기업불확실성 표명 여부가 상장폐지를 예측할수 있다는 시장의 신념에 대한 실증적 증거를 제시했다. 둘째, 투자자의 감사보고서 신뢰성을 평가에 있어서 보완적 정보로 활용할 수 있는 감사인 특성을 검증하였다. 셋째, 회계감리 대상기업의 선정에 있어 감사보고오류 발생가능성이 높은 기업에 관한 추가적인 정보를 제공한다. The Exchange shall delist the common stocks in case where a company that has listed its common stocks comes under any of delisitng items. If stocks of the company are delisted, stock price will be rapidly decreased and investors are going to get enormous losses. Accordingly, investors have been concerning whether the company that they have invested will be out in the market in the near future. Auditors have a duty to evaluate management’s assessment of the client’s ability to continue as a going concern and could cast significant doubt on the client’s ability to continue as a going concern when there are material uncertainties. The FSS(Financial Security Services) reports that many delisting companies have a doubt on the ability to continue as a going concern on the audit report prior to delist and suggests that investors have to concern a going concern uncertainty. We examine the relation between the going concern uncertainty and the delisting to confirm a belief that the going concern uncertainty can be a useful information to predict companies to be delisted. Are there any motives to predict the client’s ability to contines as a going concern from auditors position? They don’t have a duty to predict the ability to continue as going concern in principle. However, they can be sued for errors of audit reporting from investors who had losses by delisitng the company they had audited, and then it is matter whether they had carried out an audit as professionals who had a trust and good faith, not the audit reporting was correct. If they are sued, they can get losses which are lawsuit costs, human resources outflows or reputation demage. Therefore, they want to avoid lawsuits by investors and they have had motives to increase accuracy to evaluate a client’s ability to continue as going concern. If investors know what audit characteristics are related with accuracy of audit reporting, they can reduce investment losses from delisting. At the first, we examine a relation between the going concern uncertainty and the delisting to confirm that the belief on the market for the going concern uncertainty is rational. Next, we classify audit reporting error as Type Ⅰ error and Type Ⅱ error and examine what characteristics of auditors are related with a probability to occur Type Ⅰ error and Type Ⅱ error. Results are below. First, there is a positive relation between the going concern uncertainty and the delisted company, and this result can be a clue for a belief on the market that going concern uncertainty is useful information to predict which company will be delisted in the near future. Second, Type Ⅰ error has a positive relation with big 4 auditors and a negative relation with the abnormal audit hours. These results can be interpreted as big 4 auditors are more conservative and the abnormal audit hours can mitigate probability to occur Type Ⅰ error. Third, there is a positive relation between Type Ⅱ error and abnormal audit fees, and this result can be interpreted as auditors who are taken much abnormal audit fees are less conservative. Contributions of this study are below. First, we confirm a belief on the market that the going concern opinion is useful information to predict companies to be delisted in the near future. Second, we confirm what characteristics of auditors, financial states and stock price are related with audit reporting errors, so these clues can be useful to evaluate a faithfulness of audit reporting to review the client’s ability to continue as going concern business. Third, results of this study give information about the probability of delisting, these can help authorities to decide to choice companies to do the audit review.

기업의 사회적 책임활동(CSR)이 기업위험에 미치는 영향

김정교(Kim Jung-kyo),김태곤(Kim Tae-gon),신찬휴(Shin Chan-hyu) 한국국제회계학회 2016 국제회계연구 Vol.0 No.70

기업은 다양한 이해관계자와 관계를 맺으며 영업활동을 하고 있고, 이해관계자와 발생하는 부정적 사건은 기업의 영업활동에 심각한 영향을 미칠 수 있다. 2013년에 N유업의 임직원과 대리점주 간에 발생한 갑질사건이나 2014년 K항공의 경영진과 직원 간에 발생한 항공기회항 사건은 해당 기업의 이미지에 심각한 악영향을 미쳤다. 전통적인 위험관리방법은 위험요인을 제거하는 방법이지만, 최근의 부정적 사건들은 기업 입장에서 사전에 인식하기 어렵기 때문에 위험요인을 제거하는 위험관리방법은 한계가 존재한다. 본 연구에서는 이해관계자와의 문제로 인해 발생할 수 있는 부정적 사건의 영향을 기업의 사회적 책임활동(CSR)이 완화할 수 있는지를 검증하였다. 기업의 CSR활동을 통해 형성된 좋은 기업이미지는 부정적 사건으로 인한 사회적 제재를 감소시키는 요인으로 작용하는 보험역할을 수행할 수 있다. 연구 결과, CSR활동을 많이 수행하는 기업의 기업위험이 상대적으로 낮은 것을 검증하였다. 이해관계자와의 무형적 자산이 많은 기업일수록 CSR활동의 기업위험 완화 효과가 증가할 것으로 예상되며, 이를 검증하기 위해서 무형적 자산과 관련된 변수인 시가장부가비율, 기업규모, 광고선전비, 직원수가 CSR활동과 기업위험 간의 관계에 미치는 조절효과를 추가로 분석하였다. 추가분석 결과, 무형적 자산과 관련있는 변수들이 증가할수록 CSR활동과 기업위험 간의 관계가 강화되는 것을 검증하였다. Firms have done business with various stakeholders, and negative events with stakeholders can give bad effects to the firms. Negative events such as abuse of executives or staff members authorities made firms image badly. Though traditional risk management method is to remove risk factors, it has a limitation that is not easy to find risk factors since those are distributed over a wide area. In this study, we examine whether CSR(corporate social responsibility) activities can relieve bad effects from negative events with stakeholders. Researchers in prior studies said that a good impression from CSR activities can plays a role like a insurance and reduces social sanction to the firms. After verifying a hypothesis about the relation with CSR activities and negative events, we found that the firms which have performed more CSR activities have lower firm risk than the others. Then we expect that the reduction effect of CSR activities will be stronger in the firms which have much intangible assets, and examined moderating effects of intangible assets such as market to book value, firm size, advertising expenses and the number of staff members. We confirmed that the more intangible assets, the more firm risk is reduced by CSR activities.