비정상 감사보수, 감사인의 산업별 전문성 및 재량적 발생액의 관계

정석우 ( Seok Woo Jeong ),박종일 ( Jong Il Park ),배성호 ( Seong Ho Bae ) 한국회계학회 2014 회계저널 Vol.23 No.2

This study examines whether firms audited by industry specialized auditors report high quality accounting information than non-specialized auditors, and the level of audit fees are related to audit quality provided by industry specialized auditors. We expect that there will be difference in audit quality among industry specialized auditors depending on the level of audit fees and compare discretionary accruals of firms audited by industry specialized auditors who receive greater audit fees than normal level and smaller audit fees than normal level with those of firms audited by non- specialized auditors. We adopt market share approach for measuring industry specialized auditors used by Balsam et al. (2003). They consider an auditor as industry specialist if the market share of the auditor is greater than a certain level and/or the largest or second largest within the industry, based on the number of clients and the square root of total assets. We also measure abnormal audit fees by adopting Park and Park (2007)`s methods, and discretionary accruals by Kothari et al. (2005).

정부회계의 발생주의 사용과 회계투명성

정석우(Jeong, Seok Woo),정남철(Jung, Nam Chul) 한국회계정보학회 2018 한국회계정보학회 학술대회발표집 Vol.2018 No.1

The purpose of this study is to examine whether the use of accrual accounting and budgeting in governmental accounting is related to the transparency of accounting in the private sector. As a result of using the national competitiveness index ranking of international evaluation institutions such as WEF and IMD, there was no significant correlation between the use of accrual accounting and the transparency of accounting. However, the use of accrual budget system is highly correlated with accounting transparency. These results seem to be relevant to the public sector budget management system successfully established in countries such as the UK, Australia and New Zealand. This implies that the strengthening of accounting capacity and the professionalism and the sense of responsibility according to autonomy and discretion are related to institutional factors and also to the accounting transparency of the private sector. This study analyzes the correlation between the details of national competitiveness under international evaluation and the use of accruals in government accounting, and shows that there is a correlation between the settlement policy of government accounting and the efficiency of private and government. It also suggests the necessity of introduction of incentive budget system.

재무분석가의 베스트 선정 및 산업전문성과 예측특성

정석우(Seok Woo Jeong),한형성(Hyung Sung Han),임태균(Tae Kyun Lim) 한국증권학회 2011 한국증권학회지 Vol.40 No.5

본 연구는 이익예측정확성이 높은 재무분석가가 베스트 재무분석가로 선정되는지를 재무분석가의 베스트 선정 이전 기간의 베스트 선정여부와 재무분석가의 산업전문성을 고려하여 분석하였다. 2000년부터 2006년까지의 매경과 한경의 반기별 베스트 재무분석가 선정자료를 이용하여 분석한 결과 이익예측정확성이 높은 재무분석가가 베스트 재무분석가로 선정되지 않는 것으로 나타났다. 즉, 베스트 재무분석가로 선정된 직전기의 이익예측정확성은 선정되지 않은 재무분석가의 이익예측정확성에 비해 유의하게 부정확하였다. 이러한 결과는 재무분석가의 이익예측정확성에 영향을 주는 것으로 보고된 기업특성변수, 예측기간, 분석 산업 및 기업 수를 통제하는 경우에도 달라지지 않았다. 또한 베스트 재무분석가로 선정된 기간에도 베스트 재무분석가의 이익예측정확성은 선정되지 않은 재무분석가의 이익예측정확성에 비해 부정확하였다. 베스트로 선정된 기간 및 베스트로 선정되기 직전기의 이익예측정확성이 베스트로 선정되지 못한 재무분석가의 이익예측정확성에 비해 낮게 나타나는 결과는 재무분석가의 산업전문성과 당기와 직전기의 베스트 선정여부를 고려하는 경우에도 일관되게 나타났다. 본 연구는 베스트 재무분석가가 이익예측정확성에 의해 선정되고 있지 않다는 결과를 발견하여 투자자들이 의사결정을 할 때 재무분석가의 명성 및 인지도 등을 고려하지 않게 하여 보다 합리적인 투자의사결정을 할 수 있게 된다. 또한 재무분석가의 산업전문성이 높으면 보다 정확한 이익예측치를 산출한다는 결과는 투자자들이 재무분석가의 산업전문성을 고려한 의사결정을 할 수 있게하여 준다. 마지막으로 본 연구의 결과는 베스트 재무분석가의 선정체계가 재무분석가의 이익예측정확성이 반영되도록 개선되어야 할 필요성에 대한 실증적 근거를 제시하였다는 점에서 유용성이 있다. 즉, 베스트 재무분석가의 선정체계가 재무분석가의 이익예측정확성을 반영하도록 변경되는 경우 재무분석가들은 베스트 재무분석가로 선정되기 위해 보다 정확한 이익예측치를 산출하기 위해 노력할 것이므로 재무분석가의 이익예측치를 이용하는 투자자들에게도 도움이 될 수 있다. This study investigates whether analysts are in deed best-rated according to their forecast accuracy and industry expertise. Based on the semiannual best analysts tables from 2000 to 2006 provided by the Maeil Business Newspaper and Korea Economic Daily, we find that the analysts with more accurate earnings forecasts are not selected as best analysts. Specifically, the earnings forecasts accuracy of best analysts prior to their selection is significantly lower than that of non-best analysts. This result remains consistent even after controlling for firm characteristics, forecast periods, and the number of industries and firms under coverage. In addition, best analysts` earnings forecasts are less accurate during their selection period than non-best analysts` concurrent earnings forecasts. This finding is robust to controlling for analysts` industry expertise and the pre-selection and selection period dummies. The inferences drawn herein may caution investors not to confuse the top ratings of analysts with their earnings forecast capabilities. In addition, the result that the analysts with higher industry expertise are more accurate in earnings forecast prescribes considering the analysts` industry expertise when making investment decision. Finally, this study calls for an amendment in the selection criteria of best analysts by better reflecting earnings forecasts accuracy which incentivizes analysts to improve such skills and accommodates investors to implement more reliable recommendations in their investment decisions.

회계이익의 지속성이 재무분석가의 이익예측오차와 이익예측정확성에 미치는 영향

정석우 ( Seok Woo Jeong ),임태균 ( Tae Kyun Lim ) 한국회계학회 2005 회계학연구 Vol.30 No.2

This study investigates how earnings persistence, measured by the time-series auto-correlation of accounting earnings (accounting earnings persistence) and the auto-correlation of abnormal earnings in the Ohlson (1995) model (abnormal earnings persistence), is associated with analysts` forecast error and accuracy. Using 2,469 firm-year forecasts in analyst reports that were issued on the websites of nine security companies in 2000 and 2001, we find that analysts issue significantly less optimistic and more accurate forecasts for firms with high earnings persistence than for firms with low earnings persistence regardless of how we measure earnings persistence. However, analysts issue significantly less optimistic and more accurate forecasts for firms with high abnormal earnings persistence than for firms with low abnormal earnings persistence, while analysts do not issue significantly optimistic or accurate forecasts for firms with high accounting earnings persistence compared to firms with low accounting earnings persistence when firm characteristics that affect the properties of earnings forecasts are controlled. The results in this study imply that analysts incorporate information in earnings persistence and such information is also contained in firm characteristics that affect analysts` forecasts. Because analysts issue forecasts with varying accuracy for firms with different abnormal earnings persistence, investors should consider the abnormal earnings persistence of firms when they use analysts` forecasts. Also the results in this study suggest that earnings persistence should be incorporated in earnings forecast research.

산업 내 경쟁과 선도기업의 비대칭적 원가행태

정석우 ( Seok Woo Jeong ),김현아 ( Hyun Ah Kim ),유승원 ( Seung Weon Yoo ) 한국회계학회 2015 회계저널 Vol.24 No.5

This study combines market competition and leading companies and examines whether leading companies in high competitive industry have more asymmetric cost behavior than following companies. Leading companies enjoy various benefits from their status such as high reputation and stable sales, thus they have incentives to pay selling, general, and administrative costs consistently to maintain leading position regardless of changes in sales. However not all managers are required to make efforts at the same level because the cost losing leading status is different depending on market competition. Considering the impact of industry competition on managerial cost behavior, the more competitive industry leading companies are in, the more strongly they tend to spend selling, general, and administrative costs, which may lead for leading firms to show differential cost stickiness. We define a firm as a leading company if it has the largest market share in the industry and adopt the approach for analyzing cost stickiness used by Kama and Weiss (2013). We use 19,441 non-financial and december year-end firm/year observations listed in the Korean KOSPI and KOSDAQ market during 1983 and 2010 period. The results are as follows. For monopoly subsample, we find that leading companies are not more cost sticky than followers. But we find that leading companies have significant asymmetric cost behavior in competitive subsample. This result indicates that whether the company is a leading firm or a follower affects cost stickiness in competitive markets. Additionally, the analysis dividing competitive samples into high competition, medium competition and oligopoly shows that leading firms have cost stickiness in high competitive markets. These results imply that leading companies in high competitive markets show differential cost behavior from following companies and could be interpreted as the results of managerial decision-making to maintain largest market share, reputation and profitability. Meanwhile, sensitivity tests where the definition of leading companies is extended to two or three largest market share holders show that only leading companies defined as having the largest market share have more significant sticky cost behavior than followers. This is consistent with Moon (2003) suggesting that the characteristics of market leading companies exist only in the best company of the market. In contrast, empirical results related to oligopoly markets show that the cost of leading firms is more sticky than that of following companies when market leaders are defined as three largest market share holders. Considering the importance of market dominance in oligopoly markets we additionally divide those markets into high and low oligopoly market depending market dominance of leading companies and analyze whether leading companies have stronger sticky cost than followers. We find that the cost of leading companies is more sticky only in high oligopoly market in which leading firms have high market dominance. These results suggest that leading companies in oligopoly markets also show sticky cost behavior and the definition of leading companies need to change considering the market characteristics. The additional test examines whether the differential cost behavior between leading companies and following firms varies depending on industries. The results show that merchandising industry is significant at one percent level and that manufacturing and information service industries are significant at five percent level. Contrary to this, the result of construction industry shows that the changes in selling, general, and administrative costs of leading companies are larger than that of following firms when sales decrease. However it may need additional investigation to find the reason why empirical results of each industry are different considering that various factors can affect industries. This study contributes to the asymmetry cost behavior literature by providing the evidence that the competitive position of a firm influences managerial cost decision through the combination of industrial competition and status in the industry. Prior literature identifies managerial private incentives as major factors affecting asymmetry cost behavior. These managerial incentives could be mitigated by strong monitoring over managers or replacing managers. However, the leading status in competitive markets shown as in this study is an industry structure thing, thus it is difficult to find the way to solve this. Our results suggest that investors need to consider these potential risks to evaluate firms effectively and invest because sticky cost of leading companies may be a potential risk when they lose their position.

논문 : 재무 분석가의 경험, 가용자원, 예측특성이 예측정확성에 영향을 미치는가?

정석우 ( Seok Woo Jeong ),배진한 ( Jin Han Pae ),박성화 ( Sung Hwa Park ) 명지대학교 금융지식연구소 2013 금융지식연구 Vol.11 No.2

본 논문은 재무 분석가의 특징이 이익예측치의 정확성에 미치는 영향을 분석하였다. 분석 결과 재무 분석가의 예측경험, 가용자원, 예측빈도와 예측기간이 이익 예측치의 정확성에 영 향을 미치는 것을 확인하였다. 이러한 실증 결과는 미국 자료를 사용한 논문의 결과와 일치 한다. 하지만, 미국에서와 달리 공정 공시제도의 도입이 재무 분석가들에서 공정한 기회를 제공하는 측면에서 효과적이지 않았으며, 혁신적인(Bold) 예측이 비혁신적인(Herding) 예측 치 보다 정확성이 높지 않았다. 이러한 실증결과는 한국과 미국의 재무 분석 시장과 재무 분석 가의 이익 예측 치에 영향을 미치는 유인이 다름을 의미한다. 본 연구의 결과는 한국의 투자 자들이 보다 정확한 이익 예측 치를 제공할 수 있는 재무 분석가를 선정하는데 도움이 되리라 고 사료된다. This paper assesses the impact of financial analysts` characteristics on their earnings forecast accuracy in Korea. We find that forecasting experience, resources available to analysts, forecast frequency, and forecast horizon affect forecast accuracy. These results are generally consistent with U.S. findings. However, Regulation Fair Disclosure is not as effective in Korea as in the U.S. in leveling the playing field for analysts and bold forecasts are not more accurate than herding forecasts in Korea, suggesting that the analyst forecast market and the incentives of financial analysts in Korea differ from those of the U.S. Investors may utilize the findings of this paper to identify more accurate earnings forecasters in Korea.

재무분석가의 분석기업 결정과 예측특성에 영향을 미치는 요인

정석우 ( Seok Woo Jeong ) 한국회계학회 2003 회계학연구 Vol.28 No.4

This study compares the forecast accuracy of analysts and random walk model forecasts. Previous studies find that analysts do not forecast more accurately than the random walk model when controlling the forecast timing advantage for analysts. However, most studies didn`t use earnings forecasts published in analysts` individual firm reports. Therefore, we re-examine the forecast ability of analysts using earnings forecasts in individual firm reports. Also, we investigate what factors are related to analyst following of firms and how these factors are related to the characteristics of analysts` earnings forecasts. It would be useful for investors to know the relation between the characteristics of forecasts and factors associated with analyst following. Using earnings forecasts in individual firm reports published during 2000 and 2001, we find that analysts` forecasts are more optimistic and more accurate than forecasts by the random walk model. This result does not change even after controlling timing advantage for analysts. Also, firm size, business group affiliation, return - variability, equity holdings by foreign investors, profitability, and leverage are associated with analyst following. Further, firm size, business group affiliation and leverage are significantly related to forecast accuracy.

IFRS 13 ‘공정가치 측정’ 공시품질에 관한 현황비교

정석우(Jeong, Seok Woo),정남철(Jung, Nam Chul),Tokuei Sugimoto,Emi Tamagawa 한국회계정보학회 2020 한국회계정보학회 학술대회발표집 Vol.2020 No.3

[연구목적] 본 연구는 한국채택국제회계기준 제1113호 공정가치 측정 기준서(IFRS 13) 시행 이후, 관련 기준서에 따른 주석공시 요구사항의 품질을 한국과 일본의 상장기업을 대상으로 조사한다. 이를 통하여, IFRS의 핵심인 공정가치 회계의 기반이 되는 기업의 공정가치 관련 공시 충실도 현황을 파악하고, 국제적 현황 비교를 통하여 이해관계자에게 시사점을 제공하는 것이 본 연구의 목적이다. [연구방법] 연구표본은 IFRS 13이 시행된 2013년부터 2016년까지 4개 사업연도를 대상으로, 공정가치 서열체계에 따라 공정가치로 표시 또는 공시되는 자산 및 부채가 존재하는 한국(5,332 연도-회사) 및 일본의 상장기업(194 연도-회사)을 대상으로 한다. 이를 대상으로, 금융감독원에서 2014년 제시한 주석공시 가이드라인을 활용한 공시품질을 측정, 분석한다. 또한 기업의 다양한 특성(외부감사인, 소속 상장시장 등)에 따른 공시품질의 차이가 존재하는지를 조사한다. [연구결과] 분석 결과, 전체 표본을 대상으로 한국은 평균 0.449, 일본은 평균 0.679의 공정가치 관련 공시품질 측정치를 나타났다. 평균적으로 한국의 공시품질의 절대점수가 낮게 나타났으며, 일본과의 비교 결과도 낮은 점수를 보였다. 특히 공정가치 서열체계 상 공정가치 측정의 재량성이 높은 수준 2, 수준 3 항목이 포함될수록 더욱 낮은 점수를 보였다. 이는 IFRS를 의무 도입한 우리나라와 달리, 일본회사 표본은 상대적으로 재무보고 프로세스가 우수한 IFRS 자발적 도입 회사이기 때문으로 분석된다. 국내 상장회사에 대한 분석결과, 상대적으로 소규모 감사법인을 선임한 회사, 코스닥 시장 소속회사 및 공정가치 자산의 비중이 낮은 회사가 낮은 공정가치 관련 공시품질을 나타냈다. [연구의 시사점] 본 연구는 감독기관의 주석공시 가이드라인에 따른 공시품질 측정치를 추정하여, 국내 상장회사의 IFRS 13에 따른 공시품질의 현황을 제시하였다. 또한 기업환경과 회계제도의 적용이 국내와 상이한 일본과의 국제적 비교연구를 통하여, 국내 공정가치공시품질의 상대적인 수준을 파악할 수 있게 하였다. 본 연구결과는 감독당국에서 소규모 회계법인이 감사하는 회사, 코스닥회사 등에 대한 공정가치 관련 주석공시 현황을 집중하여 감독할 필요가 있음을 시사한다. This study investigates the quality of disclosure in accordance with the International Financial Reporting Standards No. 13 ’Fair Value Measurement’ (IFRS 13) after the implementation of the standard, focusing on listed companies in Korea and Japan. The purpose of this study is to check the disclosure status about IFRS 13 requirements which are are the basis of fair value accounting, the core of IFRS, and to provide implications to stakeholders through international status comparison. The sample covers four business years from 2013 to 2016 when IFRS 13 was implemented, and listed companies in Korea (5,332 firm-year) and Japan (194 firm-year), where assets or liabilities that are indicated or disclosed at fair value according to the fair value hierarchy are present. Disclosure quality is measured and analyzed using the guidelines proposed in 2014 by the Financial Supervisory Service. This study also investigates whether there is a difference in the disclosure quality according to various characteristics of the company. Results show that the mean of disclosure quality was 0.449 in Korea and 0.679 in Japan for the entire sample, respectively. The mean of disclosure quality related to IFRS 13 was low in Korea, and the disclosure quality in of Korea was lower than that in Japan. In particular, the higher the level 2 and 3 items which have higher discretion in measuring fair value were included, the lower the score was. Additional results show that firms appointing non-BIG 4 auditors, firms in KOSDAQ market, firms with a low proportion of fair value assets or liabilites showed low fair value-related disclosure quality in Korea. This study estimated the disclosure quality in accordance with the guidelines for the supervisory agency and presented the disclosure quality in accordance with IFRS 13. This study made it possible to grasp the status of the relative publicly disclosed quality in Korea through an international comparative study with Japan where the application of the business environment and accounting system differs from that of Korea. In addition, this study implies that the supervisory authority needs to focus on the disclosures related to fair values for companies audited by small accounting firms and KOSDAQ companies.

K-IFRS 제1113호 도입과 공정가치 관련 공시품질이 회계정보의 가치관련성에 미치는 영향

정석우(Jeong, Seok Woo),정남철(Jung, Nam Chul) 한국회계정보학회 2017 한국회계정보학회 학술대회발표집 Vol.2017 No.2

본 연구는 2013 사업연도부터 도입되어 시행 중인 K-IFRS 제1113호 ‘공정가치 측정’ 기업회계기준서의 적용 이후 회계정보의 가치관련성이 증가하였는지를 검토한다. 또한 금융감독원에서 제시한 공정가치 측정 주석 공시 모범사례에 따라 측정된 공시품질이 회계정보의 가치관련성과 관련되어 있는지를 검토한다. 추가로 대형 감사인 여부 및 유가증권 소속 시장의 차이가 새로운 기업회계기준서의 도입에 따른 가치관련성 증가와 차별적인 관련성이 있는지를 조사한다. K-IFRS 적용 이후인 2011년부터 2015년의 5년간 7,016 회사-연도 표본(공정가치 측정 표본은 280 회사-연도 표본)을 이용한 실증 결과는 다음과 같다. 공정가치 측정 및 공시를 체계화하고 관련 공시량을 대폭 확대한 새로운 기준서의 도입은 순자산으로 측정된 회계정보의 가치관련성 상승과 유의한 관련성을 나타냈다. 그러나 공정가치와 관련된 공시품질은 회계정보의 가치관련성과 유의한 관계를 보이지 않았다. 이는 투자자 등 이해관계자가 새로운 기준서의 방대하고 복잡한 주석 공시 세부 충실성을 완전하게 주가 정보에 반영하지 못함을 암시한다. 추가로 이러한 새로운 기준서 도입으로 인한 순자산의 가치관련성 증가는 대형 회계법인에서 감사를 수행하는 경우와 유가증권 소속 회사의 경우에 차별적으로 나타났다. 이와 같은 결과는 보다 감사품질이 높고 고품질의 회계 정보를 요구하는 이해관계자에게 새로운 기준서의 도입이 유용하게 작용하였음을 보여준다. 이상의 연구 결과는 다음과 같은 관점에서 차별적인 공헌점을 제공한다. 첫째, 공정가치 정보의 유용성 증대를 위하여 도입된 새로운 기준서의 도입의 경제적 효과를 제시하고, 이러한 결과가 감사품질이나 정보 수요에 따라 차별적으로 나타남을 보여준다. 둘째, 공정가치 기준서의 전반적인 정보적 유용성에도 불구하고, 투자자가 공정가치 정보를 더욱 효과적으로 이용하고 해석하기 위해서는 정보이용자 교육 등 공정가치 측정 전반에 대한 제도 개선이 필요함을 제시한다. This study examines whether the value relevance of accounting information has increased since the adoption of the K-IFRS No 1113 fair value measurement standard, which was introduced in 2013. In addition, we review whether the disclosure quality measured in accordance with the best practices of disclosure of fair value measurement disclosures provided by the Financial Supervisory Service is related to the value relevance of accounting information. We also examine whether the difference between auditor size and securities market is inseparably related to the increase in value relevance due to the introduction of the new standard. Using 7,016 firm-year sample (280 firm-year sample in the fair value measurement sample) after applying K-IFRS from 2011 to 2015, the study finds the following results. The introduction of a new standard that systematizes fair value measurement and disclosure and significantly expands related disclosures shows a significant relationship with the value relevance of accounting information measured as net assets. On the other hand, the disclosure quality related to fair value did not show a significant relationship with the value relevance of accounting information. This implies that stakeholders such as investors could not fully reflect the full and complicated annotation disclosure detail of the new standard in stock price information. In addition, the increase in the value relevance of net assets due to the adoption of the new standard has been discriminatory in the case of performing audits in BIG4 auditor and beloing in the KOSPI (Korea Composite Stock Price Index) market. This result suggests that the introduction of the new standard has been useful for stakeholders who demand more high-quality audit and accounting information. Contributions of this study are as follows. First, it presents the economic effect of adopting the new standard introduced to increase the usefulness of fair value information, and shows that these results are differentiated according to audit quality or information demand. Second, to make investors use and interpret fair value information more effectively, it is necessary to improve the system for overall fair value measurement such as information user education.

회계 · 세무와 감사연구에 나타난 회계감사연구의 추세와 과제

정석우(Seok-Woo Jeong),노준화(Joon-Hwa Rho) 한국공인회계사회 2015 회계·세무와 감사 연구 Vol.57 No.4

본 연구에서는 2000년 이후 “회계 · 세무와 감사연구”에 게재된 논문을 Lesage and Wechtler(2012)의 귀납적인 분류방법에 따라 분야를 분류한 후 그 연구 추세를 해외의 추세와 비교분석하고 앞으로의 연구방향을 모색하였다. “회계 · 세무와 감사연구”는 1966년 창간된 이후 실무적 내용을 위주로다루어 오다 1996년부터 학술적 성격의 논문을 게재하기 시작하였고 2000년부터 그 주제를 분류할수 있는 자료가 제공되기 시작하여 이 이후의 연구들만을 본 연구의 분석대상으로 하였다. 분석 결과 감사인과 피감사인의 관계와 감사방법론에 대한 연구가 가장 많이 이루어진 점은 해외의 연구와 큰 차이가 없으나 기업지배구조, 계속기업의견 및 감사시장분야에 대한 연구는 해외에 비하여 “회계 · 세무와 감사연구”에서 더 많이 이루어진 것으로 나타났다. 또한 “회계 · 세무와 감사연구”의 경우 감사인과 피감사인의 관계분야 내에서 감사보고서 및 재무제표이용자관련분야와 비감사서비스분야의 연구가 많이 이루어진 반면 해외의 연구에서는 회계전문직과 감사인 고객관리분야의 연 구가 상대적으로 많이 이루어져 연구분야에 차이를 보이고 있다. 감사방법론에 대한 연구에서도 “회계 · 세무와 감사연구”의 경우는 감사절차에 대한 연구가 상대적으로 많았던 반면 해외의 연구에서는 감사인의 판단에 대한 연구가 많이 이루어졌다. 추세분석 결과를 보면 최근 감사보고서 및 재무제표 이용자분야, 기업지배구조분야, 계속기업의견분야는 지속적으로 감소한 반면, 국제적 규정, 감사시장,감사인의 판단관련분야 연구는 지속적으로 증가하고 있는 것으로 나타났다. This paper classifies articles in the Journal of Accounting, Tax, and Audit Review based on the Lesage and Wechtler(2012)'s inductive classification methods and compares them with the articles published in other overseas research journals. Since its first publication in 1966, the journal had published articles with practical issues only. From 1996 it began publishing papers with academic issues. From 2000, it started publishing articles that can be classified by topic. So this study examines articles published in the journal since 2000. It shows no difference in auditor-firm relations and audit methodology with those of overseas research, but the journal has more papers in corporate governance, going concern opinions and audit markets than overseas journals. The journal has more articles in auditor-auditee relations. In audit methodology research, the journal has focused on audit procedures while overseas journals focus on auditor judgements. Trend analysis shows that research on audit reports and financial statement users, corporate governance, and going concern opinions is on the decline while research on international regulations, audit markets, and auditor judgements is on the rise.