감사위험과 감사보수의 관련성|RISS 상세보기

다국어 초록 (Multilingual Abstract)

Since Simunic(1980), a large body of research has examined the determinants of audit fees over the past 30 years. Most prior research following Simunic(1980) has explored a supply view of audit fee which assumes that higher audit risk is associated with more audit work and higher audit fees. However, since audit fees had been regulated by 1999 in Korea, there are not many studies which examine the determinants of audit fees. Based on both the audit risk model and prior research, this paper systematically identifies audit risk factors which may have an effect on audit fees and examines the relation between audit risk factors (inherent risk, control risk, and detection risk) and audit fees. According to the audit risk model. auditors decide the level of tolerable detection risk, based on targeted audit risk and the evaluation of the inherent and control risk of the auditee firms. If targeted audit risk is assumed to be constant, acceptable detection risk is inversely related to both inherent and control risk. Lower level of tolerable detection risk demands more audit hours to achieve the targeted audit risk which lead to higher audit fees from the auditor`s perspective. In this paper, the inherent risk factors include operation complexity and financial status of the auditee firms and the control risk factors include characteristics of both managements and board of directors. In this paper, it is hypothesized that higher inherent risk factors is associated with higher audit fees. We also hypothesize that characteristics of management such as managers` ownership percentage, the existence of managers` stock option compensation plan, and whether managers belong to the business group called Chaebo1 in Korea, have a significant positive effect on audit fees. Lastly, we hypothesize that characteristics of board of directors are significantly associated with audit fees. We don`t predict whether the risk factors are positively or negatively associated with audit fees. The supply viewpoint of auditing services may predict that more effective boards means lower control risk which leads to lower audit fees. However, the demand viewpoint of auditing services may demand higher quality of auditing service in order to effectively monitor management`s financial reporting process, which may lead to higher audit fees. This paper uses 2,724 firm-year data of the manufacturing firms listed on the Korean Stock Exchange from 2000 to 2006. Our specific regression model is as follows: LN(FEE)=α+β1 LN(ASSETS)+β2 RECEIV+β3 INV+β4 FORSALES +β5 DEBT+β6 ROA+β7 LOSS+β8 MANOWN+β9 STOCKOP+β10CHAEBOL +β11 OUTDIR+β12 OUTTEN+β13 SUBCOM+β14 BODMEET+β15 BODACT +β16 AC+β17 BIG+β18 AUDITTEN+β19NONATFEE 30/∑/i=20βi IND +37/∑/i=31βt YEAR+ε. LN(FEE): the natural log of audit fees; LN(ASSETS): the natural log of total assets; RECEIV: receivables/total assets; INV: inventories/total assets; FORSALES: foreign sales/total sales; DEBT: total debt/total assets; ROA: return on total assets; LOSS: dummy variable indicating whether the firm had prior 3 consecutive year losses; MANOWN: management`s ownership percentage; STOCKOP: dummy variable indicating existence of stock option plan given to management; CHAEBOL: dummy variable indicating whether managers belong to the business group called Chaebo1; OUTDIR: ratio of outside directors on the board; OUTTEN: outside directors` tenure; SUBCOM: number of subcommittee on the board; BODMEET: number of board meetings; BODACT: ratio of outside directors attending board meetings; AC: dummy variable indicating whether audit committee exists; BIG: dummy variable indicating whether auditors are Big or not; AUDITTEN: auditor`s tenure; NONATFEE: dummy variable indicating existence of non-audit fees; IND: variables indicating the industry the firm belongs to; YEAR: variable indicating the year each observation belongs to. Based on the above regression model. Our main findings are as follows. First, our results show that among managers` chara

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참고문헌 (Reference)

1 나종길, "회계감사인의 산업별 전문성과 회계감사보수와의 관계" 한국회계학회 31 (31): 33-68, 2006

2 신현한, "최고경영자의 교체에 따른 경영성과 변화" 한국재무학회 16 (16): 231-256, 2003

3 신현한, "최고경영자에 대한 감사지 역할의 변화: 아시아 금융위기를 전후로 한 비교" 한국전략경영학회 7 (7): 1-26, 2004

4 강내철, "지분법 감사위험이 감사보수와 감사시간에 미치는 영향" 한국회계학회 18 (18): 35-56, 2009

5 안홍복, "이익정보의 유용성과 기업소유지배구조의 관련성" 한국산업경영학회 20 (20): 1-37, 2005

6 김준철, "이사회구조 및 기업집단의 그룹본부가 경영자보상에 미치는 영향" 한국전략경영학회 8 (8): 21-38, 2005

7 최관, "이사회 및 감사위원회의 특성과 회계부정 간의 관계에 관한 실증분석" 한국공인회계사회 48 (48): 351-389, 2008

8 이동기, "이사회 구조가 연구 개발투자에 미치는 영향" 한국경영학회 30 (30): 1251-1263, 2001

9 김병호, "우리나라 기업에서 이사회의 구성이 이익 조정에 미치는 영향에 대한 실증적 연구: 이익의 상향과 하향 조정 유인의 경우를 중심으로" 한국회계학회 31 (31): 1-32, 2006

10 신현한, "외부감시주체와 기업가치" 한국재무학회 17 (17): 41-72, 2004