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경제적 실질우선원칙의 적용실패로 인한 회계분식 및 감사실패 사례연구
전영순,황문호 한국회계학회 2015 회계저널 Vol.24 No.3
The basic premise of faithful representation is 'substance over form' when a legal form of a transaction differs from the economic substance of the underlying transaction. Through accounting frauds and audit failure of ABC Co., this study examines how non-adherence to substance over form could result in misleading financial statements. ABC Co.(hereafter 'ABC') was established in 1999 to sell eyewear and to franchise its business. Since its establishment, ABC expanded the business by merging other companies and became an industry leader with largest franchisees by 2007. In 2008, ABC was listed on the KOSDAQ market through the reverse takeover. However, ABC was delisted from the KOSDAQ market in 2010 due to failed risk management and funding for the back-door listing beyond its financial capacity. ABC had committed many accounting frauds in the process of the back-door listing and this study discusses three major frauds. The first accounting fraud is related to an acquisition of equity ownership of DEC Co.(hereafter 'DEC'). In early 2008, ABC made a loan to DEC and received stock of SHELL Co.(hereafter 'SHELL') which was owned by DEC as a collateral for the loan. ABC accounted for this transaction as a long-term loan in accordance with the legal form. However, the economic substance of the underlying transaction was that ABC purchased 100% of equity ownership of DEC. The second accounting fraud is related to purchases of its own preferred stock. After the acquisition of equity ownership of DEC, ABC acquired control over SHELL, a KOSDAQ listed company, and a reverse takeover took place in December 2008. In this process, ABC issued preferred stock with an embedded put option to finance the deals. As investors exercised the put option later, the third party purchased the preferred stock of ABC from investors and the purchase was partially funded by ABC. While ABC accounted for this transaction as a loan to the third party according to the legal form, the real substance of the underlying transaction was that ABC merely used the third party's name to purchase the preferred stock on its own account. Third, ABC loaned substantial amount of money to the previous controlling owner of DEC and recorded the loan as if it loaned the money to its customer. ABC recorded such a fake loan in order to cover up an inappropriate loan to a related party. On the other hand, the auditor of ABC assessed accounting treatments for these transactions as acceptable and conducted audit procedures to substantiate legal forms of the transactions. However, the regulator' audit review revealed that the auditor lacked professional scepticism and overlooked some facts and evidence which could have led the auditor to different conclusions. As a result of aforementioned accounting frauds and audit failure, the regulator imposed heavy sanctions on ABC and its auditor. Case studies on accounting frauds generally deal with fraudulent accounting treatments such as fake assets and unrecorded expenses which has no room for professional judgment. In contrast, this study reviews a case which demonstrates the importance of substance over form. Also, this study provides implications for auditors, regulators, and accounting education. As auditing standards require auditors to apply professional scepticism when undertaking an audit, professional scepticism is a characteristic of a high quality audit. This study demonstrates that auditors' negligence in professional scepticism may result in detrimental effects on both financial reporting quality of clients and audit quality. On the other hand, the regulator has access to personnel and documents which may not be accessible to auditors. Thus, the regulator should take into consideration facts and evidence accessible to auditors at the time of the audit rather than hindsight knowledge in assessing whether auditors' judgements are appropriate or not. Finally, it will be beneficial for students to discuss diverse real-worl... 본 연구는 비상장기업 ABC사가 우회상장을 시도하는 과정에서 수행한 회계분식과 외부감사인의 정당한 주의의무 부재가 초래한 감사실패 사례를 다룬다. ABC사의 주요 회계분식사항은 다음과 같다. 첫째, ABC사는 상장주식을 담보로 제공받으면서 금전을 대여하고 이를 장기대여금으로 계상하였다. 그러나 이 거래의 경제적 실질은 대여가 아니라 해당 기업의 지분을 취득한 것으로써 ABC사는 장기대여금이 아닌 투자주식으로 회계처리 했어야 한다. 둘째, ABC사는 외부투자자들이 주식매도청구권을 행사함에 따라 제3자로 하여금 자사 주식을 인수하도록 자금을 지원하고 이를 제3자에 대한 미수금으로 계상하였다. 그러나 이 거래의 경제적 실질은 제3자의 명의를 빌려 자사 주식을 취득한 것으로써 ABC사는 미수금이 아니라 자기주식으로 회계처리 했어야 한다. 한편 감리과정에서 밝혀진 내용에 의하면, ABC사의 외부감사인이 정당한 주의의무를 가지고 감사를 수행했더라면 위 거래의 경제적 실질을 제대로 파악할 수 있었던 상황이었다. 그러나 감사인은 전문가적 의구심을 견지하지 못하고 의심스러운 상황을 간과함으로써 감사실패를 초래하였다. 일반적으로 감리사례는 가공자산의 계상이나 비용의 과소 계상과 같이 기업의 고의적인 회계분식에 대해 감사인이 수행한 부실감사에 초점을 맞추었다. 이에 비해 본 사례연구는 거래의 법적 형식과 경제적 실질이 다른 상황에서 경제적 실질을 반영하는 회계처리가 어떻게 적용되어야 하는지를 주요 쟁점으로 다루고 있다는 점에서 차별성이 있다. 따라서 본 연구는 경제적 실질을 우선하는 회계의 일반원칙과 더불어 감사인이 감사업무를 수행함에 있어서 견지해야 할 전문가적 의구심을 구체적으로 논의해 볼 수 있는 유용한 교육사례라고 할 수 있다.
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경영자 예측정보의 신뢰성에 대한 외국인투자자 및 국내 기관투자가의 견제기능
전영순 대한경영학회 2003 大韓經營學會誌 Vol.16 No.4
Managers have incentives to voluntarily disclose their inside information to reduce information asymmetry between themselves and investors. However, in the absence of the adequate monitoring mechanism, managers will tend to disclose good news only. In the countries where the system to protect investors is well established, class action lawsuits play an important role to monitor managers and induce credible managerial disclosures. An alternative to class action lawsuits is foreign and institutional investors. These professional investors are able to monitor managers by submitting a sell order for the large quantity of securities. This study examines whether such professional investors play the monitoring of management to ensure credible earnings forecasts disclosures. The results reveal that management earnings forecasts are in general overestimated relative to actually realized earnings. However, management earnings forecasts issued by firms with high foreign and institutional ownership are not significantly different from zero, suggesting that management earnings forecasts for these firms are unbiased. Furthermore, these results hold even after controlling for other factors affecting bias of the forecasts. Also, the results show that the accuracy of management earnings forecasts is positively related to foreign ownership. These results are consistent with the argument that foreign and institutional investors serve the monitoring mechanism for management voluntary disclosures.
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