신국제감사기준의 도입에 따른 대응방안에 관한 연구

Abstract

IFAC(International Federation of Accountants) recently revised and improved ISAs(International Standards on Auditing) into New-ISAs through “Clarity Project”. ISAs is global standards adopted by more than one hundred countries all over the world. Korea adopted ISAs in 2004 and didn't revise ISAs' amendment since 2004. Korea has the plan to adopt New-ISAs as national audit standards in 2010. This paper investigates reasonable reactions to adoption of New-ISAs. We analyze the proper reactions to New-ISAs adoption by dividing three categories (supervision of auditing practice, revision of related laws, and education of New-ISAs). And we perform survey of auditors, members of Korea Financial Supervisory Service, and accounting professors with their recognition, expectation and anticipation of New-ISAs adoption in Korea. Overall, our results suggest that Supervision of Audit Reports and Inspection of Auditor will be changed to reflect importance of risk assessment in New-ISAs, key engagement team members are more active in auditing planning, industry specificity of auditors is important, Inspection of Auditor is more important than Supervision of Audit Reports, and inspection of consolidated financial statements is more important than inspection of separate financial statements. Our results suggest that related laws on audit have to be revised to reflect New-ISAs adoption effect. We propose extension of partner retention period and abolition of audit assistants' mandatory rotation. We suggest that Standards on Auditing including Application Guidance for the Standards and other Guidance on Auditing Practice is approved by Financial Services Commission, and that joint liability of auditor with directors and inspection commissioner is revised into proportionate liability. We propose that if subsidiary company want to change auditor because of the same auditor between subsidiary and parent company, subsidiary company can change auditor in three years. And this paper proposes education and information activities of New-ISAs. The current education system focusing on individual auditors will be changed to education system in audit organization(accounting firm and audit team) level. And this paper suggests use of various education materials including Small and Medium Practices by IFAC and case studies. We propose auditors in Korea shall be interested in case of Canada that adopted risk-based approach in auditing. The Korean Institute of Certified Public Accountants shall strengthen continuing professional development and includes compliances of New-ISAs in Inspection of Auditor. We discuss the introduction of accreditation on New-ISAs and understanding the introduction background of New-ISAs. The mandatory audit firm rotation rule in the current External Audit Act will be abolished in 2011. Our results suggest that this rule shall be abolished earlier. Our research contributes to introduction and appropriate reactions to adoption of New-ISAs.