내부회계관리제도의 감사가 감사노력(실제와 표준감사시간의 차이)과 감사품질에 미치는 영향

초록

This study analyzed the impact of the introduction of an audit on internal accounting control system (“IACS”), which was sequentially conducted in 2019, 2020, and 2022, on the audit efforts and audit quality of auditors. Audit efforts were measured using the actual audit hours compared to the standard audit hours (“ASD”) disclosed in the annual report from 2020, and audit quality was measured using discretionary accruals. The empirical results showed that, firstly, the introduction of audit on IACS increased the ASD on average compared to cases without such audits. However, this result varied depending on the timing of the introduction of the audits of IACS in 2019, 2020, and 2022. Specifically, the introduction of such audits decreased the ASD in companies with asset sizes of over 2 trillion KRW (“large companies”), neither decrease nor increase the ASD in companies with 500 billion KRW to 2 trillion KRW (“medium-large companies”), and increased the ASD in 100 billion KRW to 500 million KRW (“medium companies”). Secondly, the introduction of audits of IACS did not have a significant impact on audit quality on average compared to cases without such audits. However, this result also varied depending on the timing of the introduction of the audits. That is, the introduction of such audits in large and medium-large companies had a positive impact on audit quality, while the introduction in medium companies had a negative impact. Additional analyses using the alternative proxy for audit quality, the avoidance of losses and the avoidance of earnings decrease, also generally showed consistent results. Meanwhile, subsample analyses indicate that firms that implemented internal accounting management audit (large and medium-sized companies) showed improved audit quality after the introduction of the internal accounting management system compared to small-sized companies that had not yet implemented it. In summary, the introduction of internal control audits tends to improve audit quality, but its effect is more pronounced in larger corporations. The findings of this study provide new evidence that the impact of the introduction of internal accounting control system audits on audit efforts and audit quality differs depending on the size of the companies. This suggests timely and relevant information not only to academia but also to regulatory authorities.

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