감사품질과 성과수치의 라운딩
Audit quality and rounding-up behavior in performance measures
0
조회
0
다운로드
0
인용
0
참고문헌
키워드
초록
경영자는 성과수치의 둘째자릿수가 9일 때, 첫째자릿수를 한 단위 높은 값으로 표시하기 위해 라운딩(rounding-up)을 시도한다. 그 결과 성과수치는 둘째자리에 0의 출현비율은 높고 9의 출현비율은낮은 비정상성을 나타낸다(Carslaw, 1988; Thomas, 1989). 라운딩은 경영성과를 부풀리는 조작과 관련이 있고, 감사인은 경영성과를 부풀리는 조작에 대해서는 보다 예민하게 반응할 것이다. 따라서감사인은 경영자의 라운딩 행위를 억제하는데 중요한 역할을 할 것이다. 다만 이러한 역할은 감사품질에 따른 차이가 있을 것으로 보면 대형회계법인이 라운딩을 억제할 가능성이 높을 것이다. 이에 본 연구에서는 대형회계법인은 당기순이익과 매출액으로 대표되는 핵심 성과수치의 라운딩을 더 효과적으로 억제하는지 그 결과 감사품질에 따른 라운딩 행태의 차이가 있는지를 확인하였다. 본 연구의 결과는 다음과 같다. 감사인이 4대 회계법인일 때는 성과수치의 둘째자리에 비정상성이 나타나지 않았으나, 4대 회계법인 소속이 아닐 때는 이 수치들의 둘째자리에서 유의한 비정상성이 확인되었다. 이는 성과수치의 라운딩 행태는 감사품질에 따른 차이가 있음을 의미하며 높은 감사품질은성과수치의 라운딩을 효과적으로 억제한다는 사실을 나타낸다.
Abstract
Previous studies (for example, Carslaw, 1988; Thomas, 1989) clearly suggest that managers tend to round up the first digit of reported earnings in a way that increases the first digit by one, when they are faced with a nine in the second position. The results presented in this study also indicate that managers tend to round up their performance measures (i.e. net income, sales) in a sample of Korean unlisted companies. I attempt to determine the effect of audit quality on rounding-up behaviour of performance measures. Based on the very popular brand-name proxy (i.e. Big four versus non-Big four auditors) to capture differences in audit quality, findings are consistent with Big four auditors constraining managers’ rounding-up practices. The main conclusions and contributions of the this study can be summarized as follows. I document that Big four auditors constrain the ‘rounding-up behaviour’ of reported net income. This effect was also found in another performance measure (i.e. sales). More specifically, observed frequencies for second digits in two performance measures significantly differ between Big four and non-Big four clients. That is to say, both net income and sales figures show patterns inconsistent with Benford’s law of in non-Big four clients. However the figures of these two performance measure show patterns consistent with Benford’s law in of Big four clients sample. In addition, I also demonstrate that companies’ managers use accruals in order to round up their performance measures.
참고문헌 (38)
- 강내철, "매출액과 영업이익 둘째자리 숫자의 비정상성에 대한 연구", 회계저널, 22(4), pp.81~103 (2013), 한국회계학회
- 권택우, "벤포드 법칙을 이용한 손익의 규모에 따른 이익조정 분석", 회계저널, 23(4), pp.79~109 (2014), 한국회계학회
- 이장건, "Benford 법칙을 통한 이익조정의 탐지에 관한 연구", 회계저널, 22(4), pp.1~49 (2013), 한국회계학회
- Amiram, D., "Financial statement errors: Evidence from the distributional properties of financial statement numbers", Review of accounting studies, 20(4), pp.1540~1593 (2015)
- Becker, C. L., "The effect of audit quality on earnings management", Contemporary Accounting Research, 15, pp.1~24 (1998)
- Benford, F., "The law of anomalous numbers", Proceedings of the American Philosophical Society, 78, pp.551~572 (1938)
- Bowen, R., "Determinants of revenue reporting practices for internet firms", Contemporary Accounting Research, 19(4), pp.523~562 (2002)
- Braun, K. W., "The disposition of audit detected misstatements: an examination of risk and reward factors and aggregation effects", Contemporary Accounting Research, 18, pp.71~99 (2001)
- Brenner, G. A., "Memory and markets, or why are you paying $2.99 for a widget", The Journal of Business, 55(1), pp.147~158 (1982)
- Caneghem, V. T., "The impact of audit quality on earnings rounding-up behavior: Some UK evidence", European Accounting Review, 13, pp.771~786 (2004)
- Carslaw, C., "Anomalies in income numbers: evidence of goal oriented behavior", The Accounting Review, 63, pp.321~327 (1988)
- Chandra, U., "The Role of Revenue in Firm Valuation", Accounting Horizons, 22(2), pp.199~222 (2008)
- Craswell, A., "Auditor brand name reputations and industry specializations", Journal of Accounting and Economics, 20, pp.297~322 (1995)
- Davis, K., "The value relevance of revenue for internet firms: Does reporting gross-up or barter revenue make a difference?", Journal of Accounting Research, 40(2), pp.445~477 (2002)
- Davidson, R. A., "A note on the association between audit firm size and audit quality", Contemporary Accounting Research, 9, pp.479~488 (1993)
- DeAngelo, L., "Auditor size and audit quality", Journal of Accounting and Economics, 3, pp.183~199 (1981)
- DeFond, M. L., "The association between changes in client firm agency costs and auditor switching", Auditing: A Journal of Practice and Theory, 11, pp.16~31 (1992)
- DeFond, M. L., "Factors related to auditor client disagreements over income increasing accounting methods", Contemporary Accounting Research, 9(2), pp.415~431 (1993)
- Francis, J. R., "The role of Big6 auditors in the credible reporting of accruals", Auditing : A Journal of Practice and Theory, 18, pp.17~34 (1999)
- Francis, J. R., "Big 4 office size and audit quality", The accounting review, 84(5), pp.1521~1552 (2009)
- Gaver, J. J., "The Association between External Monitoring and Earnings Management in the Property-Casualty Insurance Industry", Journal of Accounting Research, 39, pp.269~282 (2001)
- Geyer, D., "Digital analysis of sales and industry partition: An examination of U.S. public companies", The Journal of Applied Business Research, 28(2), pp.245~252 (2012)
- Guan, L., "Goal-oriented management behavior: Evidence from Taiwanese firms", Emerging Markets Finance and Trade, 44(4), pp.19~32 (2008)
- Hirst, D. E., "Auditor sensitivity to earnings management", Contemporary Accounting Research, 11, pp.405~422 (1994)
- Jegadeesh, N., "Revenue surprises and stock returns", Journal of Accounting and Economics, 41(1–2), pp.147~171 (2006)
- Jordan, C., "Earnings manipulation to achieve cognitive reference points in income", Academy of Accounting and Financial Studies Journal, 12(3), pp.97~112 (2008)
- Jordan, C. E., "Manipulating sales revenue to achieve cognitive reference points: An examination of large U.S. public companies", The Journal of Applied Business Research, 25(2), pp.95~103 (2009)
- Kinnunen, J., "Who is Miss World in cosmetic earnings management? A cross-national comparison of small upward rounding of net income numbers among eighteen countries", Journal of International Accounting Research, 2, pp.39~68 (2003)
- Kinney Jr., W. R., "Does auditing reduce bias in financial reporting? A review of audit related adjustment studies", Auditing : A Journal of Practice and Theory Vol. 13Spring, 13(Spring), pp.151~156 (1994)
- Lin, F., "Window dressing in reported earnings: A comparison of high-tech and low-tech companies", Emerging Markets Finance and Trade, 50, pp.254~264 (2014)
- Niskanen, J., "Earnings cosmetics in a tax-driven accounting environment: Evidence from Finnish public firms", European Accounting Review, 9, pp.443~452 (2000)
- Petroni, K., "Errors in accounting estimates and their relation to audit firm type", Journal of Accounting Research, 34(1), pp.151~171 (1996)
- Plummer, E., "Evidence on the management of earnings components", Journal of Accounting, Auditing and Finance, 16, pp.301~323 (2001)
- Poltrock, S. E., "Comparative judgements of multidigit numbers", Journal of Experimental Psychology: Learning, Memory and Cognition, 10(1), pp.32~45 (1984)
- Schindler, R. M., "Patterns of rightmost digits used in advertised prices: Implications for nine-ending effects", Journal of Consumer Research, 24(2), pp.192~201 (1997)
- Skousen, C., "Anomalies and unusual patterns in reported earnings: Japanese managers round earnings", Journal of International Financial Management and Accounting, 15, pp.212~234 (2004)
- Teoh, S. H., "Perceived auditor quality and the earnings response coefficient", The Accounting Review, 68, pp.346~367 (1993)
- Thomas, J., "Unusual patterns in reported earnings", The Accounting Review, 64(3), pp.773~787 (1989)