감사인지정제도가 실물이익조정에 미치는 영향
The Effect of the Auditor Designation on Real Earnings Management
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초록
감사인지정제도 선행연구들은 감사인지정기간에 재량적 발생액이 어떻게 변화하는지를 검증했다. 그러나 경영자가 발생액 또는 영업활동을 통한 현금흐름 등 이익조정의 원천을 가리지 않는다면, 지정감사제도의 유효성을 확인하기 위해서는 각 이익조정에 미치는 영향을 동시에 고려해야 한다. 본 연구는 이익조정의 수단을 재량적 발생액(DA)과 실물이익조정(RM)으로 구분하고 감사인지정제도의 효과를 검증했다. 실제로 감사인지정기업은 비지정기업에 비해 DA의 수준이 유의하게 낮았으며, 지정기업은 지정 직전연도에 DA의 수준이 낮았다. 또한 지정기업은 비지정기업에 비해 비정상적 영업현금흐름(Ab_CFO)이 낮았고 지정기간의 비정상적 영업현금흐름은 지정 전에 비해 낮았다. 이는 지정감사인이 DA 외에도 기업가치를 손상시키는 RM의 억제에 영향을 주고 있음을 암시한다. 기존 연구는 RM이 규제당국이나 감사인의 적발가능성과 연관이 없다고 보았으나, 본 연구는 지정감사인에 의해 RM의 구성요소인 비정상적 영업현금흐름의 사용이 줄어들고 있음을 확인했다. 이는 높은 독립성을 갖춘 지정감사인의 경우 실물이익조정을 억제하여 기업가치 훼손을 방지하는 역할을 수행하고 있음을 암시한다. 본 연구의 결과는 최근 외감법 개정에 의한 지정감사인의 범위확대와 현재 시행되고 있는 6+3 주기적 지정제의 정착에 중요한 근거가 될 것이다.
Abstract
The auditor designation system was adopted to complement free audit engagement system and to improve the reliability of the accounting information generated by the designated companies. The previous studies on the validity of the auditor designation system usually tested how discretionary accruals were changed during the period when the designated auditors performed auditing works. However, it should be taken into account whether manager can use both accruals and cash from operations as the sources of earnings management in order to confirm the effects of the system on earnings management. Thus this study divides the means of earnings management into discretionary accruals(DA) and real earnings management(RM) and specifies how the level of use of each earnings management of the designated company differs from the non-designated company, compared to the pre-designation period. My samples are 721 companies-years of audit recognition and 15,188 companies-non-designated companies among KOSPI and KOSDAQ listed firms in Korea from 2001 to 2010. The results of this study are as follows. Audit-designated firms have significantly lower DA levels than non-designated firms, and designated firms have significantly lower DA levels in the previous year. This result means that the use of DA is prevented by the designated auditor. On the other hand, the designated firms have abnormally lower operating cash flows (Ab_CFO) and the abnormal operating cash flows during the designated periods than the non-designated firms. This result suggests as a combination of the prevention by the designated auditor, as well as concerns about impairment of the future firm value. This study shows that the use of some items of RM by the designated auditor is suppressed. In light of the results of this study, it is expected that the expansion of the scope of designated auditors due to the recent revision of the External Audit Act and the 6 + 3 periodic designation system implemented from 2020 will enhance the reliability of accounting information.
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