내부회계관리제도 검토의견의 정보효과
The Information Contents of the Review Opinion on Internal Accounting Control System
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‘주식회사의 외부감사에관한법률’에 따라 상장기업은 2004년 4월 1일 이후 개시하는 사업연도부터 내부회계관리제도를 구축․운영하고 있으며, 외부감사인은 내부회계관리제도에 대한 검토보고서를 공시하도록 규정하고 있다. 본 연구에서는 내부회계관리제도 검토보고서 공시시점에서 의견종류에 따른 시장반응을 살펴봄으로써 검토의견의 정보효과를 검증하였다. 이를 위해 2006년부터 2008년까지 거래소에 상장된 금융업에 속하지 않은 12월 결산법인을 대상으로 분석하였다. 분석결과는 다음과 같다. 첫째, 코스닥시장에 상장된 기업 중 내부통제의 취약점이 지적된 기업은 그렇지 않은 기업에 비해 의견공시시점의 시장반응은 부정적인 것으로 나타났다. 둘째, 정보이용자는 코스닥시장에 상장된 기업 중 중요한 범위제한으로 인해 내부회계관리제도 검토의견이 거절되었을 때 중요한 취약점으로 지적된 경우보다 더 부정적으로 인식하는 것으로 나타났다. 본 연구의 공헌점은 다음과 같다. 첫째, 기존 감사보고서상 감사의견 등과 관련된 선행연구에서는 사건일로 대부분 주주총회일을 사용하거나 단순히 주주총회 7일 전을 사건일로 보았다. 그러나 본 연구에서는 증권거래소에 감사보고서가 최초로 접수된 일자를 사건일로 보아 정확한 공시시점을 포착하였다. 둘째, 회계정보 공급자 입장에서 수행되었던 기존의 선행연구와는 달리 회계정보의 수요자인 정보이용자 관점에서 검토의견의 정보효과를 살펴보았다
Abstract
A series of accounting sandals in U.S. led to enactment of the Sarbanes-Oxley (SOX) Act in 2002 to restore public confidence in the quality of audited financial statements. Especially in the section 404 of SOX, it emphasizes the importance of internal control in order to produce reliable financial statements. This SOX affected Korea’s accounting system and resulted in passing the new accounting legislation in April 2004. One of the acts in the new accounting system is the internal control over the financial reporting system, which is similar to section 404 of SOX. According to the new legislation, managers are responsible for the efficiency and effectiveness of their inter control accounting system. Auditor evaluated manager’s assessment of internal accounting control system of their internal control accounting system and submit reports based on their findings. Some of the company managers are doubting whether new legislation is really needed in Korean financial environment. Preceding researches analyzed data from that of accounting information providers. I wondered about market participant’s point of view. This study investigates empirically for the information contents by analyzing market reactions on the review opinions about internal accounting control system over financial report. This study analyzed the relationship between CAR and review opinions when the review opinions were announced publicly by sampling 192 listed companies which of review opinions were not unqualified from 2006 to 2008. I predicted a negative coefficient for CAR and internal control weakness. The empirical findings are as bellow. First, in the case of companies which announced their weak points of internal accounting controls, negative market reactions has been shown in the stock market, in particular KOSDAQ market. Second, it was reported that when the review opinions were qualified, market reacted differently according to the reason of review opinions. That is, market reacted more negatively to the adverse opinion rather than the other significant weaknesses. Contributions of this study which are also differences with preceding studies are as follows. First, preceding researches related to audit opinions on audit reports used general shareholders meeting day or a week prior to the meeting day as the standard. This study, however, used the day when audit reports were announced publicly as the standard. Second, this is the first study which analyzes investor’s direct reactions domestically. It is a unique study which analyzed data from a market participant’s point of view compared to preceding researches which analyzed data from that of accounting information providers. Third, it is the first study which indicates empirical evidences for whether market reacts differently according to the reasons for qualifications. On the other hand, this study has the following limitations. First, this study could on control some facts which might affect market reactions such as nod grades and outcomes of lawsuits. Second, the number of samples which reported their weakness points is comparatively small since this study has been conducted from 2006 to 2008. Therefor, if one were to extend the period of study, other meaningful findings could be achieved after experiences of operating internal accounting control system over report have been accumulated.
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