방역작업자의 브롬화메틸(methyl bromide) 노출수준과 생물학적 모니터링

이종성,이용학,신재훈,최정근,오차재,정호근 한국산업위생학회 2001 한국산업보건학회지 Vol.11 No.3

This study was performed to estimate environmental and biological monitoring of worker exposed to methyl bromide through quarantine fumigation. Airborne methyl bromide and it's metabolites were analyzed by gas chromatography and ion chromatography, respectively. The results are as followings; airborne concentration of methyl bromide(TWA) was 2.08±1.56 ppm(N=8). Dispersion and setting/degas groups were 0.67±0.12 ppm(N=2) and 2.54±1.53ppm(N=6), respectively. Bromide ion concentration in serum was 23.40±14.91㎎/ℓ(N=10) in the exposed workers and 4.74±0.82㎎/ℓ(N=21) in the non-exposed workers. Bromide ion concentration in urine was 35.56±26.89㎎/ℓ(N=11) in exposed group and 6.62±2.31㎎/ℓ(N=21) in non-exposed group. Good correlation was observed between concentration of serum and urine(r^2=0.890 p<0.01). No significant correlations of other determinanats were observed. Calcuated from a regressive curve. the biological half lifes of serum and urine were 10.7 and 5.9 days. In these results, biological monitoring of bromide ion of serum and urine provided useful information for evaluating exposure of workers to methyl bromide, so that an availability of bromide ion of biological samples was showed as biological monitoring indices for methyl bromide.

Editor`s Note

( Jong Seo Choi ),( Jong Hag Choi ) 한국회계학회 2015 會計學硏究 Vol.40 No.1

Research Articles : Editor`s Note

( Jong Seo Choi ),( Jong Hag Choi ) 한국회계학회 2014 會計學硏究 Vol.39 No.6

Audit Market Concentration and Audit Fees: An International Investigation

Jong-Hag Choi,Jeong-Bon Kim,Eugenia Y,Lee,Hee-Yeon Sunwoo 한국회계정보학회 2018 한국회계정보학회 학술대회발표집 Vol.2018 No.1

[Purpose] Several large auditor consolidations in the late 1980s and early 1990s, along with Arthur Andersen’s collapse in 2001, facilitated concentration in the global audit market. Subsequently, regulators have expressed serious concerns regarding the potential detrimental effects of this market concentration, including potential cartel pricing by dominant large auditors. However, several practitioners and academics do not agree with such concerns. To provide answers for such controversies, our study investigates the association between audit market concentration and audit fees. [Methodology] We use international data from 25 countries and proxy for audit market concentration using the Herfindahl index. [Findings] Our study yields two principal findings. First, there is, on average, no significant association between audit market concentration and audit fees. Second, a country’s legal regime changes this association dramatically: while the association is significantly positive in countries with a weak legal regime, it becomes weaker and eventually turns negative as the legal regime becomes stronger. [Implications] These findings will provide regulators and other stakeholders with important insights into the effects of audit market structure on audit pricing.

The Impact of the Sarbanes-Oxley Act on Clients` Audit Opinion Shopping Behavior

( Jong Hag Choi ),( Heesun Chung ),( Catherine Heyjung Sonu ),( Yoonseok Zang ) 한국회계학회 2016 회계학연구 Vol.41 No.3

This study investigates whether the tendency for audit clients to engage in opinion shopping becomes weaker after the enforcement of the Sarbanes-Oxley Act (SOX). While Lennox (2000) provides evidence that U.K. firms successfully engage in opinion shopping, there is limited evidence on the mitigating effect of SOX on opinion shopping. Using observations collected from the period before and after the enforcement of SOX (year 2001, 2004 and 2005), we find that, for our sample period, firms are likely to switch (retain) their incumbent auditors when the likelihood of receiving a going concern opinion is lower (higher) from a successor auditor, suggesting evidence of opinion shopping. More importantly, we find that firms are less likely to engage in opinion shopping after the enforcement of SOX. These findings suggest that more stringent legal and audit environment in the post-SOX period, at least partially, restricts firms’ opportunistic behavior of shopping for a better audit opinion and enhances auditor independence. These findings provide valuable implications to regulators as well as academicians and practitioners.

연결감사품질의 결정요인에 관한 연구

최종학(Jong Hag Choi),나경원(Kyoung Won Na),최연식(Youn Sik Choi) 한국경영학회 2009 經營學硏究 Vol.38 No.6

This paper investigates the determinants of audit quality of consolidated financial statements. Given that International Financial Reporting Standards (IFRS) will be introduced to Korea starting from year 2011 and IFRS mandate the use of consolidated financial statements, it would be very important to examine the audit quality of the consolidated financial statements. Up to now, there has been no research at all in Korea which investigates this issue because not consolidated but non-consolidated (i.e., individual) financial statements have been used as primary financial statements. The audit quality is a very important issue in Korean situation which tries hard to enhance corporate transparency and, thus, attracts more local and foreign investments into capital market.This study makes two predictions on the determinants of the audit quality of consolidated financial statements. First, in audit work for consolidated financial statements, the parent company’s auditor may be different from subsidiaries’auditors. In such a case, the auditor of parent company needs to depend on the audits of subsidiary companies performed by another auditors in order to consolidate the financial statements of subsidiaries into those of parent company. In such a case, efficient and effective communications between them could be more difficult. Thus, it might be less expected that information sharing and knowledge spillover occurs during the audit procedures if several different auditors are related to the audit of subsidiary companies. As a results, we expect that the more dependence on other auditors decreases the audit quality of consolidated financial statements.Second, consolidated financial statements represent the parent company and its subsidiaries as one economic entity and, therefore, the complexity of consolidation itself and information asymmetry between the parent company’auditor and its subsidiaries’auditors would increase in proportion with the total number of subsidiaries or the magnitude of transactions between the parent company and subsidiaries or among subsidiaries. So, we expect that the more complexity in consolidation processes decreases the audit quality of consolidated financial statements.This paper measures the dependence on other auditors is measure by the portion of total assets (or sales) audited by other auditors and the number of other auditors. The complexity of consolidation is measured by the total number of subsidiaries or the magnitude of transactions or account receivables and account payables between the parent company and subsidiaries or among subsidiaries. Finally, we employ discretionary accruals estimated by using performance- adjusted modified Jones model (Kasznik 1999; Kothari et al. 2005) in order to proxy for the audit quality. This measure has been used in various prior studies to proxy for accounting or audit quality. This measure has relative advantage compared with other possible measure of audit quality - such as audit opinion, post audit review, or earnings restatement - because this is the only measure that can be applied to general sample of firms whereas other measures are applicable to only a few firms which could be classified into outliers among general samples. In addition, during empirical analyses, we control for the audit quality of individual financial statements in order to emphasize the determinants of consolidated financial statements. For the empirical analyses, we use 1,537 firm-year observations collected over the period from year 2002 to year 2006. These are the firm-year observations that issue both individual and consolidated financial statements and those with all the necessary data are available from KIS-Value Ⅱ database. We perform both univariate and multivariate regression analyses.Empirical results show that the dependence measures (the portion of total assets or sales which are audited by other auditors and the number of other auditors) have significantly positive coeffic

감사인 교체연도의 이익조정 수준과 전임 감사인의 계속감사기간 사이의 관계

최종학(Jong Hag Choi),최선화(Sun Hwa Choi) 한국경영학회 2008 經營學硏究 Vol.37 No.4

The accounting scandals of Enron occurred in year 2001 greatly influence world economy. One of the reason for the audit failure of Arthur Andersen to fail to find the cooked book of Enron is regarded as the extended auditor tenure of Arthur Andersen (22 years in a row) to audit Enron consecutively. Thus. after the Enron incident, auditor tenure has been received grater attention. Regulators called for the research on the effect of the auditor tenure on audit quality as well as financial reporting quality. They worry the potential audit quality impairment due to prolonged auditor tenure which could result in close relationship between auditor and client. In contrast, academic literature on auditor tenure has documented that longer auditor tenure is associated with lower levels of earnings management and more propensity to issue going-concern audit opinion. This finding is in sharp contrast with the popular beliefs of regulators but is consistent with the claim that auditors can gain firm-specific expertise over time. which enhances audit quality. This paper extends prior research by relating issues in auditor tenure and those in auditor change. This paper examines the association between the magnitude of earnings management by the client firms at the first year with a successor auditor and the tenure of the predecessor auditor in case of the auditor change. If successor auditor evaluates audit risk of the client high as the tenure of predecessor auditor increases. and if the successor auditor wants to avoid significant decline in audit quality. the successor auditor will increase audit effort. This will lead to lower level of earnings management. which is similar to the level of the earnings management before the auditor change. As a result. there would be significant relation between the tenure of predecessor auditor and the level of earnings management at the first year of auditor change. The sample is 384 firm-years which have changed auditor during 2002-2006. We chose the year of 2002 for the start of the sample period in order to avoid the potential effect of the mandatory auditor retention and rotation policies which became full effects starting from 2002. There is a great variety in he auditor tenure that tenure of prior auditor ranges from 1 year 05.89%) to more than 13 years (5.72%). The average of the tenure is about 4.79 years and he median of the tenure is 3 years. We use discretionary accruals estimated from modified Jones model as a proxy for audit quality. Our model examines the relation between absolute values of discretionary accruals at the first year with new auditor and prior auditor's tenure after controlling for other factors expected to affect the accruals. For our main analyses. we use the absolute value of discretionary accruals. which is the consistent method that used in prior studies. However. we also use he discretionary accruals after separating the full sample into sub-samples depending on the sign of the accruals in the sensitivity analyses. The empirical results support our hypothesis that the magnitude of earnings management at the first year with a successor auditor is negatively associated with the length of prior auditor's tenure. Specifically. the absolute value of discretionary accruals decreases with the tenure of prior auditor at a diminishing rate. Further test on signed (positive and negative) accruals reveals that new auditor constrains income-increasing accruals. Additional analysis suggests that the association is mainly driven by auditor change between a Big 4 and a non-Big 4 auditors, either the change from a Big 4 to a non-Big 4 auditor or the change from a non-Big 4 to a Big 4 auditor. The change from a Big 4 auditor to another Big 4 auditor or that from a non-Big 4 auditor to another non-Big 4 auditor is not significant in the relation. Compared to that of last year with prior auditor. the magnitude of earnings management at the first year with successor auditor has increased.

태산엘시디의 KIKO(키코) 관련 손실이 재무제표에 미친 영향

최종학 ( Jong Hag Choi ),권혜진 ( Helen Hyejin Kwon ) 한국회계학회 2011 회계저널 Vol.20 No.4

태산엘시디는 1983년 설립된 전자기기 제조업체이다. 2006년에는 매출 5,946억원, 당기순이익 111억원을 기록하여 코스닥 시장에 상장된 중소기업 중에서 놀랄만한 실적을 보여주었다. 그러나 외환거래의 비중이 높아 환율변동에 취약한 특징을 가지고 있었다. 태산엘시디는 2007년 중 KIKO(Knock-in Knock-out)라 불리는 파생상품에 가입했다. KIKO는 환율이 일정범위를 벗어나면 큰 피해를 볼 수 있는 위험한 상품이었다. 2007년에는 큰 환율변동이 없이 환율이 약정환율 주변에서 움직였기 때문에 태산엘시디는 KIKO 거래로 인한 소규모의 이익을 기록했다. 그러나 2008년 세계 금융위기의 영향으로 원달러 환율이 1,500원을 넘어서면서 태산엘시디는 KIKO 및 PIVOT(피봇) 계약에 의해 막대한 규모의 파생상품 손실을 기록하며 파산했다. 태산엘시디는 뛰어난 기술력을 보유하고 있었기 때문에 채권단에서 공동관리를 통해 기업을 살려내기로 결정했다. 이후 환율이 다시 하락하면서 태산엘시디의 파생상품 손실도 줄어들고, 주채권은행인 하나은행에서 출자전환을 실시하면서 기업이 회복하는 모습을 보이고 있다. 그런 와중에서 KIKO를 구입했다가 막대한 피해를 입은 국내의 중소기업들은 은행과 사태의 책임을 놓고 분쟁을 거듭하고 있다. 본 사례는 국내에서 큰 논란이 되었던 KIKO 사태가 재무제표에 미친 영향을 중심으로 설명한다. 따라서 투자자 관점에서 관련 재무정보를 어디서 발견할 수 있고, 그 의미를 어떻게 해석할 것인가를 생각해 본다. 또한, 태산엘시디 및 은행의 관점에서 KIKO 계약의 적정성에 대해 생각해 보고, 마지막으로 정부의 정책 및 회계제도가 기업의 재무제표에 어떤 영향을 주는지 파악하고, 정책의 정당성에 대해 논의해 볼 수 있는 기회를 제공한다. TaesanLCD is a rising manufacturing company focused on electronics industry. However, the firm is vulnerable to foreign currency exchange rate fluctuation, because most of the sales and significant portion of the raw materials are traded in foreign currency. The firm purchased KIKO(Knock-in Knock-out), a kind of foreign currency derivatives, in 2007 to hedge the foreign currency exchange risk. One can earn small profit if the exchange rate moves within a predetermined range, but make huge loss if the rate moves out of the range. During 1998, due to world economic crisis, the US$/ Korean Won exchange rate skyrocketed and eventually exceeded the predetermined range by the KIKO contract. As a result, TaesanLCD become bankrupt, recording huge loss on the contract. The Hana Bank, the main provider of KIKO to TaesanLCD, engaged in debt-equity swap and took over the firm. Not only TaesanLCD but also many other small business suffered huge loss at the same time. Those firms blamed several banks for the faulty sales of the KIKO as the reason for the loss and started legal battle against the banks. This case illustrates how the loss related to KIKO influence financial statements. Especially, in view of financial statement users, how to find information on KIKO and how to interpret it. In addition, this case also provides the chances to think the fairness of KIKO contract in view of banks that sold the KIKO and firms that purchased the KIKO. Finally, this case provides a chance to judge the appropriateness of a few controversial government policies implemented at that time to resolve the crisis of firms that suffered heavy loss due to KIKO.

신화조선과 혁신조선의 자산재평가 의사결정 사례

최종학 ( Jong Hag Choi ) 한국회계학회 2010 회계저널 Vol.19 No.4

쌍용자동차의 손상차손 회계처리가 불러온 여파

최종학 ( Jong-hag Choi ),안혜진 ( Hyejin Ahn ) 한국회계학회 2021 회계저널 Vol.30 No.4

본 사례연구는 경영위기에 직면한 쌍용자동차의 유형자산 손상차손 회계처리 과정을 검토해보고, 쌍용자동차의 손상차손 인식 전후에 벌어졌던 일을 소개한다. 기업회계기준에 의하면 자산의 손상 징후가 있는 경우, 자산의 사용 및 처분으로부터 기대되는 회수가능액 (순매각가치와 사용가치 중 큰 금액)을 추정하고 이 추정액이 자산의 장부금액에 미달하는 경우에는 장부금액을 회수가능액으로 조정하여 그 차액을 손상차손으로 처리하여야 한다. 그런데 회수가능액의 추정에는 많은 가정들이 필요하다. 사용가치를 계산하기 위해서는 해당 자산의 사용으로 미래에 벌어들일 수 있는 현금흐름을 예측하여 해당 현금흐름의 현재 가치를 구해야 하기 때문이다. 그러나 경영위기 상황에서는 기업의 미래 수익과 비용을 예측하는 데 많은 불확실성이 존재한다. 따라서 이를 추정하는 과정에서 합리적인 가정을 사용하고 이에 대한 충분한 근거가 있는지 살펴보는 것이 중요하다. 본 사례는 한 기업이 경영위기를 맞닥뜨려 미래 성과를 추정하는 데 많은 불확실성이 존재하는 상황에서의 손상차손 회계처리 과정을 구체적으로 살펴봄으로써, 실무상 손상차손 산정을 수행하는 각 기업의 회계담당자, 감사인 및 이를 감독하는 금융감독기관에게 실무상 유용한 시사점을 제공할 것으로 기대한다. 또한 본 사례를 통해 회계 숫자가 여러 집단들의 첨예한 갈등 속에서 합리적인 판단을 내리는 과정에 얼마나 중요한 역할을 하는지도 알 수 있다. This case study investigates the process of accounting for impairment losses on tangible assets of Ssangyong motor company which faced a business crisis, and introduces what happened before and after the recognition of impairment losses in Ssangyong Motors. According to K-GAAP or K-IFRS, if there is any indication of impairment of an asset, one must estimate the recoverable amount (the greater of the fair value less costs to sell and the value in use) from the use and disposal of the asset. Then, if the estimated recoverable amount is less than book value, the book value must be adjusted to the recoverable amount and the difference is recognized as an impairment loss. However, in this process, many assumptions are required to estimate the recoverable value. It is because one should predict future cash flows generated from the use of the asset to estimate the value in use. Since there are many uncertainties in predicting future revenues and costs in the situation of business crisis, it is important to use reasonable assumptions for the estimation and to see if there is a sufficient basis for them. By examining the accounting process of impairment losses during a business crisis, this study is expected to provide practical implications to accountants, auditors and financial supervisory institutions. In addition, through the case of Ssangyong motor company, students can see how accounting numbers play an important role in the process of making rational judgments amid sharp conflicts among various stakeholders.