개정국제감사보고기준 상 기타정보의 품질과 감사보수 및 감사투입시간간의 관련성 - 사업보고서의 재무자료 관련 기타정보의 미비점을 이용한 분석 -

The Relationship between the Quality of Other Information under the New International Auditors’ Reporting Standard No. 720 and External Audit Fees and Efforts - An Analysis Using Deficiency in Annual Business Report -

본 연구는 금융감독원에서 실시하는 기업의 사업보고서 신속점검 결과를 활용하여 감사외 기타정보에 대하여 감사인이 이를 감사위험으로 인지하고 감사보수와 시간에 반영하는지에 대하여 실증분석한다. 이를 통하여 최근 논의되고 있는 개정국제감사보고기준 720의 기타정보에 대한 감사인의 책임확대와 관련된 정책적 시사점을 제공하고자 한다. 실증결과를 요약하면 다음과 같다. 첫째, 기타정보의 부실한 공시에 대하여 감사인은 감사위험으로 인지하고 이를 감사보수나 노력에 실제로 반영한다는 증거는 나타나지 않았다. 이는 감사 이외 정보에 대한 감사인의 책임이 제한되는 현 상황에서, 감사인이 기타정보의 영역까지 감사위험 부분으로 인지하지 않고 있음을 의미한다. 둘째, 선행연구(정광화 외 2012)의 결과와 유사하게 기타정보의 공시 충실성이 떨어지면 재량적 발생액은 커지는 것으로 나타났다. 아울러 세부 계정단위의 공시 충실성과의 관련성이 높게 나타났다. 이러한 결과는 기타정보에 대한 공시내용이 실제 정보이용자들의 효과적 의사결정과정에 정보위험으로서 작용할 가능성이 존재함을 의미한다. 이상의 연구결과들은 신국제감사기준의 도입의 타당성에 대한 근거를 제공할 수 있다. 다만, 이러한 감사결과는 감사인의 책임확대와 아울러 많은 감사노력을 투하하고 높은 감사품질을 제공하여 기업의 재무정보를 이용하는 정보이용자의 합리적 의사결정과 자원배분의 효율성을 증진시키기 위해서는 감사보수의 현실화 등이 함께 고려될 필요가 있음을 제시한다.

This study empirically investigates whether auditors perceive other information other than audit as audit risk and whether this is reflected in audit fees and efforts by using the results of quick run-through of annual reports conducted by Financial Supervisory Service. According to that, this study provides regulatory bodies and auditors with institutional implication which is recently under discussion relevant to enlargement of auditors’ responsibility about other information under the New International Auditors’ Reporting Standards No. 720. which was announced May, 2015 by International Auditing and Assurance Standards Board. Using 2,752(2,737) firm-years samples between 2013 and 2014, we investigated the interrelation between disclosure faithfulness in annual report and audit fees(hours). Empirical results are as follows: First, no evidence was observed that auditors perceive disclosure faithfulness in other information as audit risk and reflect this to audit fees and time. Under circumstance which auditors’ responsibilities on other information other than audit are restricted, auditors don’t perceive other information in the areas outside of audit as audit risk. Second, similarly to prior research(Jeong et al. 2012), empirical results indicated that as faithfulness of representation regarding disclosure decreases, discretionary accrual increases. In addition, there was close association between disclosure faithfulness of specific accounts item such as item of allowance for doubtful account, inventory, financial assets valuation, tangible asset revaluation and and discretionary accruals which is measured by method of Dechow et al.(1995) and Kothari et al.(2005). This results implicate that there is probability of which disclosure contents about other information will mislead actual information users’ effective decision making because some investors could trust other information as audited and so this could cause information risk to actual information users. Empirical findings in this study may provide justification for the introduction of the New International Auditors’ Reporting Standards, as other information other than audit could mislead decision making of information users. However, in order to expand auditor’s responsibilities, encourage increased audit efforts and to enhance efficiency in allocation of resources and rational decision making of information users of financial information of company, the rationalization of audit fees must also be considered. Auditors need to rationalize audit fees in response to change in environment of audit market and reflect audit risk, cost and responsibility to audit fees. And regulators need to consider that institutional introduction of new audit standards could influence on audit quality and financial reporting quality. We contribute to the literature by extending prior research on the relation between disclosure faithfulness and audit related variables and provide justification about disclosure examination conducted by regulatory bodies. And our empirical results show that there need to be prudent consideration in the process of application in the New International Auditors’ Reporting Standards No. 720. Despite of above contribution, this study has some limitations. First, we used the results of quick run-through of annual reports conducted by Financial Supervisory Service and these reflect just omission or deficiency of each disclosure item regardless of materiality of disclosure items. Second, this study doesn t mean any causal relationship between disclosure faithfulness and audit related variables but association.