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회계법인의 감사실패와 공인회계사의 이탈

Audit Failure and Labor Supply in Audit Market

박소희|조미옥|이우종|김예원
한국공인회계사회 (THE KOREAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS)|2021.09|회계ㆍ세무와 감사 연구 (Study on Accounting, Taxation & Auditing)|제63권 제3호|pp. 273-312|DOI 10.22781/kicpa.2021.63.3.273

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참고문헌

키워드

전이효과감사실패sanction감리지적평판손실인적자원 이탈auditor reputationcontagion effect of audit failurelabor supply in audit market
주제분류회계학

초록

본 연구는 회계법인의 감리제재로 측정한 평판손실이 감사인 공인회계사의 인력이탈에 어떠한 영향을 미치는지 분석하였다. 이를 확인하기 위하여 2003년부터 2016년까지 금융위원회에 등록된 회계법인을 대상으로 월별 공인회계사 인원현황 및 감리제재 자료를 수집한 16,889개의 회계법인-월 관측치를 이용하였으며, 감리제재 여부에 따라 회계법인 특성에 체계적인 차이가 존재하지 않도록 성향점수매칭을 수행하여 2,760개의 회계법인-월 표본을 구성하였다. 실증분석 결과 회계법인이 제공한 감사서비스와 관련하여 감리제재 조치를 받는 경우 소속 공인회계사들이 해당 회계법인에서 이탈하는양상을 발견하였다. 또한 회계법인에 부과된 감리조치 수준이 심할수록, 회계사의 수적 집중도가 높은법인일수록, 회계법인의 피감기업에 대한 경제적 의존도가 높을수록, 감리제재의 대상 회계법인이 대형회계법인일수록, 그리고 회계법인의 재무적 곤경상태가 심할수록 감리제재에 따른 공인회계사들의이탈이 더욱 심화된다는 추가분석 결과를 발견하였다. 또한, 주요 연구결과가 내생성을 고려한 여러대체연구모형으로 분석을 재수행하여도 강건하게 유지되었다. 본 연구는 회계법인 감사실패로 인한 평판손실과 이로 인한 전이효과를 기록하여 중요한 시사점을 제공한다.

Abstract

CPAs(Certified Public Accountants) are the key asset of accounting firms. Since the turnover costs of CPAs a re h igh, r etaining C PAs is a q u ite c ritical issue in a ccou nting firms. I n this r egard, t his stu dy investigates whether the reputation loss of the audit firm caused by regulatory sanction affects the actual tu rnover d ecision of i ndividu al C PAs. W hile p rior s tudies o n audit failu re(i.e., regulatory s anction) analyze client firm-level data, this study exploits audit firm-level data. To examine the reputation losses of sanctioned audit firms in the CPA labor market, we hand-collected the monthly employment data of the respective audit firm and the accounting information on the audit firm’s annual reports from the websites of Korean Institute of Certified Public Accountants(KICPA) and financial supervisory service(FSS), respectively. In this study, we firstly use 16,889 audit firm-month observations for the period from 2003 to 2016. Then we match observations based on an audit firm’s probability to receive regulatory sanctions by employing propensity score matching. Such matching procedure may mitigate the potential endogeneity concerns in estimating the treatment effects of sanctions. In so doing, the sample size decreases to 2,760 audit firm–month observations(230 for sanctioned audit firms as treatment group and 230 for control group, multiplied by 6 months). Our findings are summarized as follows. First, we find that CPAs leave after the announcement of the sanction of the audit firm that they work for, providing an evidence of the contagion effects of audit failure. Second, as the results of cross-sectional analyses, we find the negative association between the announcement of an sanction against an auditor and CPAs’ turnover is more prevalent for the case of au dit firms’ s anction with f ine, a udit firms with g reater c oncentration o n CPA headcou nts, a u dit firms with greater economic dependence on client firms, Big4 auditors, and audit firms with financial constraints. Our empirical results hold robust to several alternative models considering endogeneity concerns. In sum, t hese f indings provide valu able implications f or r esearchers, practitioners, a nd r egu lators w ith timely and important insights not only on the contagion effect of the sanctioned audit firms but also on the recent discussion of the proper number of new CPAs given the revision of the Act on External Audit of Stock Companies, the regulations on standard audit hours, and the enforcement of the 52-hour per week.

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