감사인의 기말 재고자산 실사입회의 효과에 대한 실증연구

The Effect of the Number of Due Diligence on Inventories on Restraining Earnings Management

본 연구는 감사보고서 상 외부감사실시내용 중 재고자산 실사입회 정보가 재고자산을 이용한 이익조정을 억제하는 효과가 있는지를 살펴보고자 한다. 분석결과, 재고자산 실사입회 횟수는 비정상 재고수준 관련 실제이익조정 측정치와 유의한 음(-)의 관계를 나타냈으나, 재고자산평가충당금을 이용한 이익조정 측정치와는 유의적인 관계를 나타내지 않았다. 또한, 실사 횟수가 3일 이상인 경우 3일 미만인 경우에 비해 재고자산을 이용한 이익조정과 유의한 음(-)의 관계를 나타냈다. 본 연구는 재고자산 실사입회가 실제이익조정을 억제하는 감사품질의 역할을 함을 실증하는 한편, 외부감사실시내용이 회계정보 이용자의 회계품질에 대한 이해도를 제고하고 향후 관련 제도의 정책 수립 판단과 관련하여 정책적인 시사점을 제공한다는 것을 보여준다.

This study investigates whether the number of due diligence about inventories on the external audit implementation details recorded since 2014 has information effect to restrain earnings management. Earnings management using inventories is based on a measure derived from real earnings management related abnormal inventories change introduced on Roychowdhury(2006) and earnings management using allowance for overvaluation of inventories introduced on Guidry et al.(1999). By using Korean firms listed on KOSPI from 2014 to 2017, this study analyses the effect of due diligence about inventories on earnings management using inventories and verifies the impact of the attendance inspection on the suppression of earnings management using regression analysis. Followings are the findings of this study. First, the number of due diligence about inventories is negatively correlated with real earnings management related abnormal inventories change, a proxy for earnings management using inventories. Second, the effect of restraining earnings management in the number of the attendance inspection shows that it serves as an audit quality when the number is more than three days compared to less than three days. The contribution of this study is as follow. This study finds a significant relationship between due diligence about inventories on the external audit implementation details and audit quality that restrains earnings management using inventories. This study os contributing to the expansion of research on earnings management by presenting empirical evidence of the impact of external auditing disclosure on earnings management as a proxy the quality of accounting information. Moreover, the number of the attendance inspection is effective as a proxy for audit quality, indicating that such detailed disclosure has an institutional effecting on improving audit quality. Therefore, it seems to be meaningful that this study has policy implications by providing a basis for judgment of decision making and policy making related to the disclosure of the external audit implementation details.