내부회계관리제도 검토의견이 감사인 교체에 미치는 영향 (The Effect of the Review of Internal Accounting Control on Auditor Switch)

서지정보

· 발행기관 : 한국회계학회
· 수록지 정보 : 회계학연구 / 38권 / 4호 / 133 ~ 169페이지
· 저자명 : 최현정, 문두철

초록

본 연구는 내부회계관리제도 검토결과가 감사인 교체에 미치는 영향을 검증해 보고자 한다. 내부회계관리제도의 중요한 취약점은 재무제표의 신뢰성을 하락시키며, 감사 및 소송 위험을 증가시킨다. 선행연구에 따르면 이러한 위험 요소들은 감사인 교체의 가능성을 높인다. 이에 본 연구는 내부회계관리제도 검토결과와 감사인 교체와의 관련성을 살펴보고 감사인 교체에 따른 효과를 분석하였다.
실증분석결과 첫째, 내부회계관리제도 검토결과 비적절의견을 받은 경우 감사인이 비대형회계법인 위주로 교체될 가능성이 높았다. 둘째, 내부회계관리제도 검토결과 중요한 취약점의 수가 많고 회계처리와 관련된 중요한 취약점이 있거나 중요한 범위제한으로 인한 검토의견 거절을 받은 경우 감사인이 비대형회계법인으로 교체될 가능성이 높았다. 셋째, 감사인이 비대형회계법인으로 교체된 후 내부회계관리제도 검토의견은 상향으로 변경될 가능성이 높아지며 이익조정의 규모도 증가하였다.
본 연구는 다음과 같은 의의가 있다. 내부회계관리제도 검토의견에 대한 의견구매의 가능성을 제시한다. 특히 의견구매와 관련해서는 현재 재무제표에 대해 비적정 감사의견을 받은 경우 감사인 변경을 금지함으로써 감사의견에 대한 의견구매의 가능성을 법적으로 제재하고 있음에도 불구하고, 내부회계관리제도 검토의견에 대해서는 충분히 의견구매가 가능함을 보여주고 있다. 또한 의견구매 가능성을 강건히 하기 위해 감사인 교체의 효과로서 검토의견의 변경여부와 방향성, 이익조정의 변화정도와 방향성을 함께 제시한다.

영어초록

This study investigates whether the review on internal accounting control affects auditor switch. Prior studies find that the material weaknesses on internal accounting control decrease the reliability of financial statement and increase the risk of audit and litigation(Ge and McVay 2005; Ashbaugh et al. 2008; Lee et al. 2008; Kim et al. 2008). These risk factors lead to the higher possibility of switching auditor, specially between Non-Big 4 or downward from Big 4 to Non-Big4(Krishnan and Krishnan 1997; Shu 2000; Johnstone and Bedard 2004). There are some reasons for auditor change in the direction of Non-Big 4, because the company wants to change the auditor with the less conservatism compared to prior auditor for the better review opinion(Holland et al. 1993; Berton 1995; McDonald 1997).
In Korea, the auditor provides the review opinion on internal accounting control by considering that there are material weaknesses or there are material limitations for reviewing the internal accounting control. Thus there is the possibility of conflicting the view on materiality between manager and auditor. Although the auditor might give the favorable opinion in case of the review(Verrecchia 1983; Louwers et al. 1997), the auditor might give the unfavorable opinion, non-unqualified opinion, due to the serious conflicting between manager and auditor for materiality. Thus when there might be disagreements between two groups for materiality, manager might not accept the auditor's opinion and tends to buy the opinion through the auditor change, the less conservative auditor(Dye 1991; Shon and Lee 2008).
And the incentive for auditor switch might depend on the nature of review opinion. First, the incentive for opinion shopping depends on the number of weaknesses of internal accounting control, meaning the level of seriousness of weaknesses on internal accounting control. The risk of audit and litigation alters by the number of weaknesses(Lee et al. 2008), and the effect on opinion shopping is differentiated. In Korea, the auditor significantly considers the reason of non-unqualified review opinion, specially the material weaknesses on accounting-specific issue or material limitations on review, not the material weaknesses on company-level(Choi and Koh 2011). Thus if the auditor recognized the reason of non-unqualified opinion on internal accounting control discriminatorily, the incentive for opinion shopping should be differentiated by the reason.
We investigate whether the review opinion on internal accounting control affects the likelihood of auditor switch and direction, and examine changes in review opinion on internal accounting control and earnings management subsequent to auditor switch.
There are three regulations affecting on auditor change, auditor-designation, auditor -rotation, and audit engagement-keeping more than 3 years. According to the law for the guidelines of auditing for public company, the auditor connot help being changed by the designated reason, cannot be changed for 3 years after the audit engagement, and have to be changed within 6 years after the audit engagement. Thus we use the sample excluding the auditor-designation and auditor-rotation. To control the regulation of audit engagement-keeping, we use two method. First, we use the dummy variable for non-unqualified review opinion on internal accounting control as independent variable and use the dummy variable for auditor switch within 3 years after review as dependent variable. Second, we exclude the sample with auditor tenure less then 3years. The result of first is provided in main test, and the result of second is provided in additional test. We got the same results by two ways. We sample the companies (in total 3,222) listed in the KOSDAQ stock market(2005-2011) for manufacturing companies.
Based on a comprehensive sample of internal accounting control, we find that the likelihood of auditor switch(especially Non-Big 4 auditor switch) is higher following the non-unqualified review opinion on internal accounting control. Second, the possibility of Non-Big 4 auditor switch is higher as the number of the weakness on internal control increases. Third, the likelihood of Non-Big 4 auditor switch is also high when there are accounting-specific material weaknesses or the material limitation of review work in internal control system. However, the material weaknesses related to company-level do not affect auditor switch. Lastly, subsequent to Non-Big 4 auditor switch, the firm tends to receive unqualified review opinion on internal accounting control.
As the contribution, first, this study provides the empirical evidence on the opinion shopping for review opinion on internal accounting control. In particular, the opinion shopping on audit of financial statement is prohibited by not allowing auditor switch when the client receives the non-unqualified opinion. However, this study shows the possibility of opinion shopping for review on internal accounting control. Second, this study provides further support for the opinion shopping by reporting the subsequent review opinion switch and earnings management. Third, we verify which factors affect on auditor switch by breaking down the level of weakness and the reason for non-unqualified review opinion. Lastly, we control three regulations related with auditor switch for the robustness of the result.

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