핵심감사사항의 특성이 감사노력에 미치는 영향

The Effect of Key Audit Matter’s Characteristics on Audit Effort

Purpose - This study examines how the characteristics of key audit matters (KAMs) affect audit effort under the revised audit reporting standards. It focuses on the quantitative (e.g., word count, data size) and qualitative (e.g., readability) attributes of prior-year KAMs and their influence on current-year audit fees and hours. Design/methodology/approach - Using data from 3,422 firm-year observations of Korean non-financial listed companies from 2018 to 2021, KAM-related variables were extracted through text analysis of audit reports. Multiple regression models were employed to test the relationships. Findings - The word count and data size of prior-year KAMs are positively associated with current audit effort, while the number of KAM items is not. KAMs with lower readability also increase audit effort. These effects are more pronounced for non-Big 4 audit firms. Research implications or Originality - This study highlights that both the volume and clarity of KAM disclosures significantly influence audit effort. It contributes to the literature by focusing on actual KAM content, not merely the presence of KAMs, and offers insight into how auditors respond to complex or unclear disclosures, particularly in smaller firms.