감사인에 대한 감리 제재가 감사인의 감사품질에 미치는 영향
The Effect of Supervision Sanctions Against Auditors on Audit Quality
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본 논문에서는 우리나라의 회계감독 제도인 감사보고서 감리와 관련하여 감사인에 대해 부과하는제재가 감사인의 전반적인 감사품질에 미치는 영향을 분석하였다. 2012년부터 2019년까지 한국거래소 유가증권 및 코스닥 시장에 상장된 12,004개 기업/연도를 대상으로 한 실증분석 결과, 감리 제재는 Non-Big 4 감사인의 감사품질 개선에 유의한 영향을 미치는 것으로 나타났다. Big 4 감사인에대해서는 감리 제재가 감사품질에 영향을 미치지 않았으나, 신규 감사업무 금지와 같은 높은 수위의감리 제재를 받은 경우에는 Big 4 감사인도 감사품질이 유의하게 개선되었다. 한편, 감리 제재가 감사시간에 대해 미치는 영향에 대한 실증분석 결과, 감리 제재는 Big 4 감사인의 감사투입시간을 증가시키는 반면 Non-Big 4 감사인의 감사시간에는 유의한 영향을 미치지 않는 것으로 나타났다. 이는내부품질 관리 수준이나 감사 인력 등 감사자원의 보유 정도에 따라 감리 제재라는 외부 충격에 대응하는 방식이 다르다는 결과이며, 감사자원이 충분한 경우 먼저 감사자원을 투입하고, 이후에 감사품질을 고려하는 행태를 보이는 것으로 해석할 수 있다. 본 논문은 감사인에 대한 감리 제재가 감사인의전반적인 감사품질에 미치는 영향을 국내에서 최초로 분석하였다는 점에서 학문적인 공헌점이 있다. 또한, 감사인의 규모에 따라 제재의 영향이 차별적으로 발생하는 것을 보고한 실증분석 결과는 감리의실효성 제고를 위한 제재 수준과 감사인의 품질관리 개선에 대한 정책적인 시사점을 제공할 것으로기대된다.
Abstract
This study examines how the regulators’ sanctions, based on audit review, against auditors affect audit quality. Our empirical evidence, based on a Korean sample of 12,004 observations between year 2012 and year 2019, indicates that the sanctions against auditors improve audit quality of non Big 4 auditors. While the sanctions do not significantly affect the audit quality of Big 4 auditors in general, stronger sanctions, such as a ban of new audit contracts, can enhance the audit quality of Big 4 auditors. In addition, we find that the audit hours of sanctioned Big 4 auditors significantly increase, while the audit hours of sanctioned non-Big 4 auditors do not change. In sum, while sanctioned Big 4 auditors increase audit hours, they fail to improve their audit quality. To the contrary, sanctioned non-Big 4 auditors improve their audit quality, while they do not increase audit hours. These results indicate that auditors behave differently to the external shocks of the sanctions against auditors by the level of internal quality management and the degree of audit resources. Specifically, Big 4 auditors, who have already established a relatively high internal quality management system and have many auditors, put more audit resources in r esponse to t he s anctions a gainst a uditors, but s howed limitations in f urther i ncreasing overall audit quality in a short period of time. On the other hand, non-Big 4 auditors, who have relatively low quality control levels and lack of audit resources, increases audit quality by improving internal quality control after the sanctions a gainst a uditors. However, if the Big 4 auditors a re s ubject to a b an o f new audit contracts, they try to improve the audit quality as well as increase the audit time. In sum, if auditors have enough audit resources, they intend to put audit resources first and then considering audit quality. To our knowledge, this is the first Korean empirical study to examine how the regulator’s sanction against auditors affect audit quality. Unlike existing prior studies that analyze the impact of the sanction of audit reports mainly on the companies’ earnings management, this paper academically considered the impact of the sanctions against auditors on auditors’ overall audit quality. In addition, this study provides several useful policy implications for regulators to strengthen the impact of audit review on audit quality. Specifically, the discriminatory impact of sanctions against auditors on the size of auditors suggests that additional consideration of the auditor’s size and characteristics is needed in relation to the decision on the level of sanctions against auditors or the improvement of auditor’s quality control.
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