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감사위원회 구성원 특성과 초과감사보수의 관련성

Characteristics of Audit Committee Member and Excess Audit Fees

윤종철|이무원|이상철
한국세무회계학회 (Kata(Korean Association Of Tax & Accounting))|2021.06|세무회계연구 (Tax Accounting Research)|제68호|pp. 185-211|DOI 10.35349/tar.2021..68.008

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참고문헌

키워드

감사위원회Factor Analysis요인분석Audit Committee초과감사보수구성원 특성Member CharacteristicsExcess Audit Fees

초록

[연구목적]본 연구에서는 감사위원회 효과에 영향을 미치는 것으로 파악된 감사위원회 사외이사비율, 회색사외이사여부, 회계 및 재무전문가여부, 정관계출신여부, 사외이사재직기간, 타 기업사외이사 여부 등 6개 변수에 대해 요인분석을 실시하여, 감사위원회 구성원 특성에 대한 개념을 도출하였다. 그리고 감사위원회 구성원의 특성이 초과감사보수에 미치는 효과를 실증적으로 검증하고, 감사위원회 구성원의 특성별로 초과감사보수에 미치는 효과를 비교하였다. [연구방법]2001년부터 2012년까지 한국거래소 유가증권시장(KOSPI)에 상장된 비금융기업 중에서 감사위원회를 도입한 1,390개 기업－년 자료를 분석하였다. 감사위원회 구성원 특성 개념의 타당성을 검증하기 위해, 선행연구에서 감사위원회 효과에 영향을 미치는 것으로 파악된 6개 변수에 대해 요인분석을 실시하였다. 요인분석의 결과 추출된 공통요인의 요인점수를 감사위원회 구성원 특성 개념으로 측정하여 초과감사보수에 미치는 효과를 검증하기 위해, 회귀분석을 실행하였다. [연구결과]요인분석을 실시한 결과 3개의 요인이 도출되었고, 3개의 요인 각각을 ‘감사위원회 독립성’, ‘감사위원회 전문성’ 및 ‘감사위원회 경영자 유대관계’로 명명하였다. 감사위원회 독립성은 초과감사보수에 유의적인 양의 영향을 미치는 반면, 감사위원회 경영자 유대관계는 초과감사보수에 유의적인 음의 영향을 미치는 것으로 나타났다. 이러한 결과는 감사위원회 독립성이 높아지면 고품질의 외부감사서비스에 대한 수요가 증가하기 때문에, 외부감사인의 감사노력 투입이 높아진다는 것으로 해석하였다. 한편, 감사위원회 독립성은 감사위원회의 경영자 유대관계보다 초과감사보수에 미치는 효과가 더 크게 나타났다. 이러한 결과를 외부감사인의 감사노력 투입에 가장 중요한 영향을 미치는 감사위원회 특성은 독립성이라는 것으로 해석하였다. [연구의 시사점]본 연구는 감사위원회의 효과성에 영향을 미치는 것으로 파악된 감사위원회 구성원의 특성에 대한 다양한 변수를 종합적으로 고려하여 요인분석을 실시함으로써, 감사위원회 구성원의 특성에 대한 측정의 타당성을 확보할 수 있다는 점에서 학문적인 의의를 찾을 수 있다. 또한 한국적 상황에서 감사위원회 구성원 특성의 경제적 효과를 파악하고, 효과의 차이를 비교한다는 학문적 의의를 가진다. 이러한 의의는 감사위원회와 관련한 추후 연구를 촉발할 수 있는 계기를 제공할 수 있다. 뿐만 아니라 이러한 분석결과는 감사위원회 모범규준의 타당성 검증과 제도적 보완 장치를 마련하는데 기초자료로 활용할 수 있다는 측면에서 실무적인 의의를 찾을 수 있다.

Abstract

[Purpose]We verify the validity of constructs of audit committee member characteristics. In addition, we not only examine the effects of characteristics of audit committee member on excess audit fees, but also compare the magnitude of the effects. [Methodology]We analyze the non－financial 1,390 firm－year data adopting audit committees listed in the KOSPI market of Korea Exchange between 2001 and 2012 as sample. Through the review of prior studies, we select six different characteristics of audit committee member including the ratio of outside directors, the existence of a gray outside directors, the existence of accounting or financial experts, the existence of former politicians or government officials, tenure of the outside director, and the concurrent position of the audit committee member as an outside director of other firms. We also apply factor analysis on six different characteristics of audit committee member and extract common factors as constructs for characteristics of audit committee member. In addition, applying ordinary least square regression, we examine the effects of common factors for characteristics of audit committee member on excess audit fees. [Findings]The ratio of outside directors and the existence of gray outside directors in the audit committees are extracted as the first common factor (Factor 1), and we name the extracted Factor 1 as ‘audit committee independence’. The existence of accounting or financial expert and the existence of former politicians or government officials as outside directors in the audit committees are extracted as the second common factor (Factor 2), and Factor 2 is defined as ‘audit committee expertise’. The tenure of outside directors and the ratio of outside directors with concurrent positions as executives of other firms are extracted as the third common factor (Factor 3) and it is titled as ‘audit committee ties with the managers’. Further, we find that while the audit committee independence is positively related to excess audit fees, audit committee ties with the managers are negatively associated with excess audit fees. These test results imply that audit committee independence and audit committee ties with the managers are important determinants for audit efforts of outside auditors. We also find that the effect of audit committee independence is more powerful than that of audit committee ties with the managers. This result implies that audit committee independence plays a more powerful role than audit committee ties with the managers do. [Implications]Unlike previous research, this study not only verify the constructs of audit committee member characteristics, but also analyze and compare the effects of characteristics of audit committee member on excess audit fees. Further Korean regulatory authorities could use these empirical test results as supporting evidence in improving policy on audit committee.

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관련 논문AI추천

감사위원회 특성이 감사보수에 미치는 영향정영진한국공인회계사회 · 회계ㆍ세무와 감사 연구2005 · 제41호감사위원회의 특성이 감사보수와 비감사서비스에 미치는 영향김소형한국국제회계학회 · 국제회계연구2005 · 제12호감사위원회 품질 및 특성과 외부감사인 사이의 관련성윤종철, 이상철한국국제회계학회 · 국제회계연구2017 · 제72호감사위원회 및 이사회 특성이 비감사보수에 미치는 영향김일중, 이장희한국국제회계학회 · 국제회계연구2008 · 제22호사외이사 특성이 감사보수에 미치는 영향유호영, 이장희한국국제회계학회 · 국제회계연구2010 · 제29호지배구조개선과 감사보수에 관한 관련성 연구 -사외이사의 특성, 지분소유구조, 감사위원회 중심으로-류호영, 이장희한국기업경영학회 · 기업경영연구2011 · 제18권 제1호

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