내부회계관리제도에 대한 인적자원투자와 재무보고의 품질

양준선(Joon Sun Yang),여영준(Young Jun Yeo) 한국관리회계학회 2016 관리회계연구 Vol.16 No.1

본 연구는 내부회계관리제도에 대한 인적자원투자와 재무보고의 품질 간의 관련성에 대한 연구로, 내부회계관리제도에 대한 충분한 인적자원투자가 내부회계관리제도의 목적인 재무보고의 신뢰성 제고와 관련되는지를 검증하였다. 분석을 위해 내부회계관리제도에 대한 인적자원투자는 내부회계관리제도의 운영을 담당하는 인력의 수 및 담당인력들이 내부회계관리제도 업무를 수행한 평균경력월수를 이용하여 측정하였고, 재무보고의 품질은 발생액의 질을 사용하여 분석을 수행하였다. 실증분석 결과, 내부회계관리제도에 대한 인적자원투자 수준이 높은 기업일수록 재무보고의 품질이 높은 것으로 나타남으로써 내부회계관리제도 담당인력에 대한 투자와 회계정보의 신뢰성 간에 정(+)의 관련성이 존재함이 확인되었으며, 다양한 추가분석을 통해서도 연구 결과의 강건함이 유지되었다. 이상의 결과는 내부회계관리제도에 대한 인적자원투자가 내부회계관리제도의 효과적인 운영에 필수적인 요소이며 이를 통해 재무보고의 신뢰성이 확보될 수 있음을 의미한다. 본 연구는 내부회계관리제도 담당인력에 대한 투자와 재무보고의 품질 간의 관련성을 확인함으로써 내부회계관리제도에 대한 인적자원투자가 재무보고의 신뢰성에 유의한 영향을 미치고 있음을 실증하였으며, 이를 통해 정보이용자의 의사결정시 기업별 내부회계관리제도 담당인력 공시자료를 이용하여 기업의 재무보고의 신뢰성 정도를 유추할 수 있는 근거를 제시하였다는 점에서 관련 연구에 시사점을 제공할 수 있을 것으로 기대한다. This study aims to investigate the association between the human resource investment for Internal Control over Financial Reporting (hereafter, ICFR) and the financial reporting quality (hereafter, FRQ). Despite the prior studies find out that the ICFR plays the important roles in the capital market and the stakeholders, only few research exists regarding as the personnel in charge of ICFR or the investment on them which should be premised for the effective operation of ICFR. Especially, the relationship between the investment on human resources in charge of ICFR and the reliability of financial reporting has not been actively researched yet. Therefore, with the purpose of filling this research gap, this study investigates the relationship between the investment on human resources in charge of ICFR and the reliability of financial reporting. In detail, this research examines whether the sufficient investment on human resources for ICFR relates to providing more reliable financial reporting which is goals of ICFR by analyzing the association between the relative extent of human resource investment for ICFR and the FRQ. For the purpose of analysis, the sample of this study covers non-financial firms having December fiscal year from year 2006 to 2010 listed in either the Korea Stock Exchange or KOSDAQ markets. In order to identify the investment level on the human resources in charge of ICFR, I hand-collect the number of personnel in charge of ICFR and their average experience months from the ‘ICFR Operation Report’ in the annual report. I measure the human resource investment for ICFR as the number of employees involved with ICFR implementation multiplied by the average experience of those. The FRQ is used in terms of the accruals quality. The empirical results are as follows. First of all, the human resource investment for ICFR is significantly associated with the higher FRQ. It means that there is positive relationship between the investment level on the human resource in charge of ICFR and the reliability of financial reporting as expected. This empirical result is consistent in the analysis not only after separating the personnel in charge of ICFR into ‘operating department’ and ‘auditing committee or board of directors’ but also among the firms without material weaknesses in their ICFR. The results above implies that the human resources investment for ICFR is the essential factor in the effective operation of ICFR and that it secures the reliability of financial reporting. Above the findings have following contributions and differentiation points from the prior research. First, this study has shown that the investment on human resources in charge of ICFR is positively and significantly related to restoring the reliability of financial reporting. In spite of the importance about the human resources who are involved with ICFR implementation, its related research had been infrequently conducted due to the insufficient data. As a result of empirical analysis of this study, it confirms that there is a positive association between the relative level of human resource investment for ICFR and the FRQ. In addition, it gives suggestion to the way of measuring the degree of effective operation of ICFR through internal human resources’ information of the firms without material weaknesses in their ICFR, and it also makes the additional contribution as it offers the grounds to infer the extent of individual firms’ reliability in the financial reporting through the publicly disclosed human resource information related to the ICFR. That is, the findings of this study have implications as it confirms that the public announcement of human resource in charge of ICFR compelled by Korean regulation authorities provide useful information for the economical decision making of accounting information users.

내부회계관리제도의 효과적인 운영과 회계정보의 비교가능성

여영준(Yeo Young-jun) 한국국제회계학회 2016 국제회계연구 Vol.0 No.66

본 연구는 내부회계관리제도의 효과성과 회계정보의 비교가능성 간의 관련성에 대해 파악하였다. 분석을 위하여 본 연구에서는 2006년부터 2010년까지 유가증권시장 및 코스닥시장 상장기업을 대상으로 내부회계관리제도 담당인력에 대한 상대적 투자수준으로 내부회계관리제도의 효과적인 운영 정도를 측정하고, De Franco et al.(2011)의 방법으로 개별 기업의 비교가능성을 측정하여 분석을 수행하였다. 실증분석 결과, 내부회계관리제도가 효과적으로 운영되는 기업일수록 비교가능성 수준이 높은 것으로 나타남으로써, 내부회계관리제도의 효과적인 운영과 회계정보의 비교가능성 간의 정(+)의 관련성이 확인되었다. 또한 분석 결과의 강건함을 확인하기 위한 추가분석들을 통해서도 이러한 정(+)의 관련성이 유지됨을 확인하였다. 이상의 결과는 회계정보의 비교가능성이 내부회계관리제도의 효과성에 의해 영향을 받고 있음을 의미한다. 본 연구는 내부회계관리제도의 효과적인 운영과 회계정보의 비교가능성 간의 관련성을 파악함으로써 내부회계관리제도가 회계정보의 질적특성에 유의한 영향을 미치고 있음을 실증하였다. 이러한 실증의 결과, 내부회계관리제도의 효과성에 대한 정보를 통해 정보이용자들이 개별 기업의 비교가능성 수준을 파악하는데 도움이 될 수 있으며, 또한 내부회계관리제도의 영향력 및 역할에 대한 근거를 차별적으로 제시하였다는 점에서 본 논문의 결과는 내부회계관리제도 및 회계정보의 유용성 연구에 시사점을 제공한다. This study examines the association between the effectiveness of Internal Control over Financial Reporting (hereafter, ICFR) and financial statement comparability (hereafter, Comparability). For empirical testing, I measure the degree of effective ICFR operation in consideration of the relative extent of human resource investment for ICFR and measure the Comparability by the De Franco et al. (2011) model, targeting either the KSE or KOSDAQ listed firms from 2006 to 2010. As the empirical results, the firms effectively operating ICFR have a higher level of Comparability. In other words, there exists a positive relationship between the effective ICFR operation and Comparability. I also conduct the several robustness check on the analysis and I find that the results of this paper are robust to these additional analyses. This result implies that Comparability is influenced by the effectiveness of ICFR. This study investigates the relationship between the effective ICFR operation and Comparability, and empirically proves to ICFR’s significant influence on the qualitative characteristics. This study will help information users in identifying the level of Comparability. Therefore, on account of laying out logical and distinctive evidence for the ICFR’s influence and role, the results of this study provide an insight into the usefulness of ICFR and Comparability related research.

연결 내부회계관리제도 범위 설정에 대한 설문연구

정남철,정광화 한국공인회계사회 2024 회계·세무와 감사 연구 Vol.66 No.4

본 연구는 2023년 연결 내부회계관리제도 감사가 최초로 적용되는 회사 및 해당 회사의 외부감사인을 대상으로 연결 내부회계관리제도의 구축, 평가 등 범위 설정(스코핑) 현황을 조사한다. 이를 통하여 연결 내부회계관리제도 운영에 필수적인 범위 설정에 대한 쟁점사항 및 문제점을 파악하고, 효과적이고 효율적인 범위 설정을 위한 정책적 시사점을 제시한다. 2023년 연결 내부회계관리제도 감사의 최초 적용대상 중, 회사(97개사) 및 해당 회사의 감사인(149개사)을 표본으로 선정하여 설문조사를 실시하였다. 설문지는 대상 회사별(감사팀별)로 1부씩을 각각 회사 및 감사인에게 송부・회신받았으며, 응답 비교를 위하여 회사 및 감사인용 설문지를 유사한 내용으로 설계하였다. 설문응답 분석 결과, 회사와 감사인 모두 연결 내부회계관리제도의 범위 설정에 대한 관련 방법론의 일치 필요성을 공감하고 있으나, 회계법인별로 범위 설정에 대한 세부적인 방법론의 차이는 큰 것으로 나타났다. 또한 사후적 범위 설정 결과(커버리지)는 실무에서 중요하게 참조되고 있었다. 한편 범위 설정 이견에 대한 우려는 외부감사인보다는 회사에서 더욱 높게 나타나 범위 설정에 대한 회사의 부담이 존재함을 확인하였다. 본 연구는 최초로 적용되는 연결 내부회계관리제도 감사의 핵심이 되는 범위 설정에 대한 조사를 통하여, 관련 현황 및 문제점을 구체적으로 제시한다는 공헌점을 가진다. 범위 설정은 연결 내부회계관리제도의 실효적인 운영을 위한 핵심적 사항이므로, 정책 당국 등은 범위 설정에 대한 방법론 차이를 줄이고 효과적인 가이드라인을 제공할 필요가 있다. This study investigates the status of setting the scoping of the consolidated internal control over financial reporting (ICFR) for the company to which the consolidated ICFR audit will be applied for the first time in 2023. Through this, the study identifies issues and problems in setting the scope of consolidated ICFR and suggests policy implications for setting the scope of consolidated ICFR establishment and operation. Among the companies subject to audit of the consolidated ICFR in 2023, a survey was conducted on the companies (97 companies) and their external auditors (149 samples). One copy of the questionnaire was returned to each target company from the company and its auditor, and in order to compare the responses of the company and auditor, the questionnaires for the company and auditor were designed similarly. As a result of the surveys, both companies and auditors agreed on the need to harmonize the relevant methodologies for setting the scope of the consolidated ICFR, but in practice, there were significant differences in the detailed methodology for setting the scope by accounting firm. And the ex post scope setting results (coverage) were referred to as important. Meanwhile, concerns about differences in scope setting were higher among companies than among external auditors, suggesting that there was a burden on the company regarding scope setting for consolidated ICFR. This study has the contribution of presenting the results of the scope setting, which is the core of the audit of consolidated ICFR system through a survey of stakeholders, suggesting the related status and problems. Since setting the scope for consolidated ICFR is a key matter for the effective operation of the consolidated ICFR, policy authorities need to reduce differences in methodology for setting the scope and provide effective guidelines.

내부회계관리제도에 대한 감사와 인력·전담조직·교육에의 투자가 이익조정에 미치는 영향

구본승 ( Koo Bon-seung ),안성희 ( Ahn Sung-hee ) 한국세무회계학회 2021 세무회계연구 Vol.- No.70

[연구목적] 본 연구는 내부회계관리제도에 대한 감사가 이익조정에 미치는 영향을 분석함으로써 내부회계관리제도의 외부검증을 강화한 정책의 타당성을 검증한다. 또한 내부회계관리제도 감사로 인해 기업들이 인력·전담조직·교육에의 투자를 증가시켰는지를 살펴보고, 이러한 투자가 이익조정에 미친 영향을 분석한다. [연구방법] 본 연구는 내부회계관리제도 감사 전후인 2017년부터 2020년까지를 표본기간으로 하며, 내부회계관리제도 감사를 받은 기업 중에서 주기적 지정제 대상이 아닌 기업을 표본(764개 기업-연도)으로 한다. 이익조정의 대용치(proxy)로 재량적 발생액을 사용한다. [연구결과] 본 연구의 결과는 다음과 같다. 첫째, 내부회계관리제도의 인증수준이 감사로 상향된 이후 발생액을 통한 이익조정이 감소한 것으로 나타났다. 둘째, 내부회계관리제도 감사로 인한 이익조정의 감소는 내부회계관리제도 전담인력을 늘린 기업, 전담인력 내 전문가(CPA)를 높인 기업, 전담조직을 설치한 기업에서만 나타났다. 즉, 내부회계관리제도 감사로 인한 이익조정 감소효과가 내부회계관리제도를 담당하는 인력·전담조직에의 투자에 따라 다르게 나타날 수 있다는 것이다. 이는 내부회계관리제도 감사 상향이 회계투명성 개선에 기여하기 위해서는 내부회계 운영인력·조직의 적격성과 객관성을 재고하기 위한 투자가 병행되어야 한다는 것을 시사한다. [연구의 시사점] 본 연구는 내부회계관리제도에 대한 감사가 이익조정에 미치는 영향을 분석한 첫 번째 연구로서 제도 도입의 타당성을 살펴보았다는 데 의미가 있다. 또한 본 연구는 그간 선행연구에서 다루지 않았던 내부회계관리제도 전담부서와 교육에 대한 투자 대비 효과를 살펴봄으로써 주로 인적투자(전담인력, 전문가)의 효과를 살펴본 선행연구의 외연을 확장하였다는 점에서 공헌점이 존재한다. [Purpose] This study verifies the validity of policies that strengthened external verification of the internal accounting management system by analyzing the effect of audit about internal control over financial reporting(hearafter “ICFR”) and investment in human resources, organizations and education on earnings management. [Methodology] The sample period of this study is from 2017 to 2020 and final samples are 764 firms - years. This study uses discretionary accruals as a proxy of earnings management. [Findings] The results of this study are as follows. First, this study shows that earnings management decreased due to audit about ICFR. Second, the decrease in earnings management is observed only in companies that increase the investment in human resources, CPA certificate holders, dedicated organization. In other words, the effect of reducing earnings management due to the audit of ICFR may appear differently depending on the investment in human resources and organization of ICFR. This suggests that, in order for the audit about ICFR to contribute to improving of accounting transparency, investments to reconsider the eligibility and objectivity of ICFR personnel and organizations should be made concurrently. [Implications] This study is meaningful in that it examined the validity of the introduction of the system as the first study to analyze the effect of the increase in audit of the ICFR on earnings management. In addition, this study has a contributing point in that it expanded the scope of previous studies that mainly examined the effects of human investment(dedicated personnel, CPA certificate holders) by examining the investment effects of the ICFR dedicated organization and education.

내부통제의 품질이 경영자 예측정보 및 재무분석가 예측정보에 미치는 영향에 관한 연구

양준선 ( Joon Sun Yang ),여영준 ( Young Jun Yeo ) 한국회계학회 2013 회계저널 Vol.22 No.5

This study examines the effect of internal control quality on management forecasts and analysts` forecasts. For empirical testing, investigation on the effect of internal control over financial reporting (ICFR)`s quality on management forecasts is conducted, while further examination investigates the effect of internal control system`s quality on the accuracy of analysts` forecasts. The sample of this study is selected from listed firms on KRX from year 2005 to year 2010. The empirical results are as follows. First, the firms with the material weakness in ICFR are less likely to make a voluntary public announcement of management forecasts. In other words, there is a positive relationship between quality of ICFR and the public announcement on management forecasts. This result implies that a decision in making voluntary announcement is influenced by the effectiveness of the internal control system. Second, analysts` forecasts are likely to be inaccurate for the firms with the material weakness in ICFR.

한국상장기업 정보기술의 인력집중도 결정요인

홍창목(Changmok Hong),정진향(Jin-hyang Jung) 한국IT서비스학회 2013 한국IT서비스학회지 Vol.12 No.4

In this study, we empirically examine cross-sectional determinants of IT personnel size of Korean listed companies from year 2004 to year 2009. Also. cross-sectional determinants of IT personnel size involved in managing internal control over financial reparting (hereafter. "ICFR") were examined. IT personnel or IT workers are recognized as critical intangible resources comprising firm's IT capability. Although IT personnel are regarded as important resources, there are not much information about factors explaining the size of firms' IT personnel. Fortunately, the Korean governmant regulates that every listed companies should dislclose the number of IT workers and ICFR-related IT personnel in their annual reparts. This study utilizes the mandatorily disclosed IT personnel data to analyze cross-sectional determinants of korean listed companies' IT personnel size. Empirical results show that profitability, uncertainty, leverage, industry types are statistically significant factors associated with the size of IT personnel.

내부회계관리제도검토보수의 결정모형

최황택(Hong Taig Choi),이태희(Tae Hee Lee),홍창목(Chang Mok Hong) 한국경영학회 2012 경영학연구 Vol.41 No.4

The present paper, using the undisclosed internal control over financial reporting(ICFR) review fee data, investigates whether firm characteristic variables exhibit differential explanatory power over audit fees despite their many overlapping features. Given that Korean firms started to adopt actively the ICFR system since 2004, it has reached a critical juncture in its effort to evaluate empirically the effectiveness of the adopted system. Also, unlike the external audit service in which the targeted audit risk should come into play, ICFR review is relatively free from such audit risk in analyzing the relationship between ICFR review fee and its determining firm characteristics. Our study, which examined cross-sectional determinants of ICFR review fee and wether there exists substitutability between ICFR review fee and financial statement audit fee, has never been done before in Korea. The empirical analysis used data from 94 auditee firms during 2007-2009 period. A Big 4 auditor firm in Korea performed external audits and ICFR reviews for all 94 sample firms. After eliminating some yearly data due to data availability, 144 firm-year data were obtained from the sample firms for the analysis. Firm-year observations are almost evenly distributed among 28 industries. Over the sample period, the average ICFR review fee and audit fee is 17 million Won, 138 million Won, respectively. The average ICFR review fee is about 12.3% of the average audit fee. Despite many of the overlapping features between financial statement audit and ICFR review, the two do not exhibit price substitutability. That is, the auditee firms pay statistically significant amount of ICFR review fees over and beyond extant audit fees. In other words, the external audit fees do not decrease despite of firms paying ICFR review fee in addition to external audit fees. This clearly shows auditee firms purchasing different service from the audit firm at least in the early years of adoption. We classified the explanatory variables into auditor litigation risk variables and some governance related variables. The latter is again sub-grouped into BOD (board of directors) composition-related, ownership-related, and audit committee-related variables. Auditor litigation risk is proxied by whether a firm has an officer and director insurance(ODI). BOD independence is measured by the percentage of outside directors. A dummy variable is used to proxy BOD expertise. If there is at least one accounting expert on the board, the dummy variable takes the value of 1, otherwise 0. Potential agency costs faced by an auditee firm is measured by the firm`s ownership structure. Two proxy variables are used: the first one is the shareholding percentage of the largest owner, and the second one is the management shareholdings. The last governance-related variable represent whether the firm has an audit committee. Several control variables are added to the ICFR review fee model. They are firm size, growth rate, and the number of subsidiaries. We expect the following relationship between ICFR review fee and explanatory variables. Positive relations are expected for ODI, BOD independence, BOD expertise, audit committee presence, firm size, growth rate, and the number of subsidiaries. Negative relation is expected for the potential agency cost variables, the largest owner`s shareholdings and managers` shareholdings. Ceteris paribus, firms with higher litigation risks, external director ratios in BOD and lower major shareholder`s ownership ratios and non-owner manager firms exhibited higher payment for the ICFR review service. The presence of an accounting expert in BOD did not have any explanatory power. These results are consistent with the extant agency costs explanation of major shareholder`s monitoring effect and shareholder/ non-owner manager agency costs. Also, the presence of the audit committee did not render additional explanatory power. Regarding firm characteristic variables, the samp

내부회계관리제도의 취약점이 감사의견에 미치는 영향

정용기(Jung Yong-Ki),양동재(Yang Dong-Jae) 한국국제회계학회 2011 국제회계연구 Vol.0 No.39

재무제표 감사의견이 명시적으로 재무제표 왜곡표시에 관한 정보를 제공한다면 내부회계관리제도 검토의견은 재무제표가 왜곡표시될 수 있는 잠재적 위험에 관한 정보를 제공한다. 본 연구는 내부회계관리제도의 취약점이 감사의견에 미치는 영향을 살펴봄으로써 회계정보 산출과정상의 잠재적 위험이 실제로 재무제표의 왜곡표시로 현실화될 수 있음을 밝히고자 하였다. 실증분석을 위해 2006년부터 2009년까지 코스닥증권시장(KOSDAQ)에 상장된 기업-연도 표본을 이용하였으며 주요 분석결과는 다음과 같다. 첫째 비적정 검토의견이 당기의 비적정 감사의견에 유의한 양(+)의 영향을 미치는 것으로 나타났다. 둘째 비적정 검토의견이 차기의 비적정 감사의견에 유의한 양(+)의 영향을 미치는 것으로 나타났다. 이는 내부회계관리제도가 취약할수록 당기뿐만 아니라 차기 감사의견이 비적정일 가능성이 높다는 결과로서 내부회계관리제도의 취약점이 재무제표 왜곡표시 가능성에 관한 정보를 제공한다는 것을 의미한다. 셋째 비적정 검토의견을 성격에 따라 중요한 취약점과 범위제한으로 인한 의견거절로 구분할 경우 중요한 취약점은 회계기준위배와 관련된 비적정 감사의견에 유의한 양(+)의 영향을 미친 반면 범위제한으로 인한 의견거절은 감사범위제한 등과 관련된 비적정 감사의견에 유의한 양(+)의 영향을 미치는 것으로 나타났다. 즉 중요한 취약점의 경우에는 해당 개별항목의 왜곡표시로 연결될 가능성이 크고 범위제한으로 인한 의견거절의 경우에는 내부회계관리제도 전반에 걸친 부실로 인해 감사범위제한으로 연결될 가능성이 큰 것으로 나타났다. 본 연구는 검토의견과 감사의견의 상관성을 검증해봄으로써 내부회계관리제도가 회계정보 신뢰성에 미치는 영향을 평가해볼 수 있는 기회를 제공할 것으로 기대한다. While audit opinion of financial statements(FS) provides information about fair or unfair presentation of FS explicitly review opinion of Internal control over financial reporting(ICFR) provides information about possibilities of unfair presentation of FS implicitly. That is internal control weaknesses can provide important insight into the potential unfair presentation. By investigating the relation between audit opinion of FS and review opinion of ICFR this paper provides the evidence that the potential risk of unfair presentation that is implied in internal control weaknesses can realize unfair presentation of financial statements. The dependent variable is OPI indicator variable that is equal to 1 if audit opinion is not unqualified and 0 otherwise. The main independent variable is ICOPI indicator variable that is equal to 1 if review opinion of ICFR is not unqualified and 0 otherwise. Using a sample of KOSDAQ from 2006 to 2009 the main results are as follows. First ICOPI has a positive relation with the current year's OPI. Second ICOPI has a positive relation with the following year's OPI. Third when dichotomizing internal control weaknesses into material weakness and disclaimer of review opinion material weakness has a positive relation with OPI related to violation of accounting standards and disclaimer of review opinion has a positive relation with OPI related to scope limitation or going concern problem etc. The results in this paper show that review opinion of ICFR has a positive relation with audit opinion of current and following year. This means that firms with internal control weaknesses have a problem in accounting process in turn are likely to present financial statement unfairly at any time. This paper is expected to provide insight that the information implied in review opinion of ICFR can play an important role in assessing the reliability of accounting information.

비정상외환손익으로 측정한 외환위험통제 취약성과 회계품질의 관련성

정도삼 ( Do Sam Jeong ),이재은 ( Jae Eun Lee ) 한국회계학회 2015 회계학연구 Vol.40 No.5

Conceptual framework for internal controls, the Internal Control-Integrated Framework (COSO 1992), which is established by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), specifies three internal control objectives: operating, financial reporting, and compliance objectives. The updated COSO frameworks of 2013 (COSO 2013) expands scope of reporting objectives to cover both operational and financial reporting objectives. Audit risk model in the generally accepted auditing standards defines audit risks by combining inherent risks (IR), control risks (CR), and detection risks (DR). “Risk of material misstatements (RoMM)” is also expressed as a combination of the IR and the CR. As far as internal controls are concerned, operating and compliance objective controls are primarily corresponding to the IR while the major scopes of the ICFRs (i.e. financial reporting objectives) are related with the CR. Auditor’s input increases for higher audit risk, however, cannot fully eliminate all audit risks due to limitation of audits (e.g. in the case of management’s intentional frauds) as we see that costs of the auditor’s residual audit risk are transferred to the clients by increasing hourly rates (i.e. charging premium billing rates) (Hoitash et al. 2008). Accordingly, we can estimate that, to the certain extents, both operating purpose controls as well as financial reporting purpose controls are associated with risk of material misstatements (RoMM) or financial reporting quality. Since the Sarbanes-Oxley Acts established in 2002, internal controls for financial reporting (ICFR) (or the internal accounting control systems [IACS] in Korea) have been primary concerns among the financial reporting stakeholders so far. Many previous studies (Ashbaugh-Skaife et al. 2008; Bedard et al. 2012; Doyle et al. 2007b, etc.) reported that internal control weakness firms have lower financial reporting quality proxied by discretionary accruals, which are under ICFR perspectives. However, recently operating controls become to get more attentions by COSO framework revisions in 2013, while financial reporting controls remains still primary concerns of corporate stakeholders. Based on these changes in internal controls environments, we investigate whether there is any systematic difference in financial reporting quality proxied by absolute discretionary accruals for the operating control weakness firms. As the financial reporting quality is corresponding to the RoMM in the audit risk model, we consider both of the IR- and CR-related factors are affecting financial reporting quality. i.e. we estimate that both operating and financial reporting purpose controls are affecting RoMM (or accounting quality). For this purpose, we identified firms with weakness in foreign exchange controls by the magnitude of absolute abnormal foreign exchange gain or losses, which would primarily represent operating control weaknesses. We assume that huge magnitude of abnormal foreign exchange gain or losses indicate that the companies have not properly managed foreign exchange risks. For this purpose, we used two-stage models by which self-selection bias effects of corporate characteristics are eliminated in the first stage estimations. Since reasonable levels of foreign exchange risk controls is a normal operating procedures (Allayannis and Ofek 2001), we assume failure in the foreign exchange controls indicates operating purpose control weakness where risk assessment procedure is one of five internal control components in the COSO framework, and foreign exchange risk is also a representative risk control area. In fact, serious KIKO transaction losses mostly came from over-hedge of foreign exchange derivatives (FSC 2008a; 2008b; 2010), which implies operating control failures in excess of their own risk management capacity. Moreover, such huge exchange loss firms are suspected for accounting frauds (Kim 2008; Ahn 2009). Considering these, we assume that huge abnormal foreign exchange gain or losses would indicate increase of inherent risks, thereby decreasing financial reporting quality. For our study, we assume that both of abnormally huge foreign exchange gains and losses are indicating failure of foreign exchange risk controls, and experimental variable is constructed by absolute value of abnormal foreign exchange gains and losses. Results of our investigation indicate that the larger absolute value of abnormal foreign exchange gains and losses, the larger absolute discretionary accruals. According to the previous studies, financial reporting control (or ICFR) weakness firms have lower financial reporting quality. Therefore, we examine whether the first result changes when ICFR weakness firm effects are controlled in the regression models, and find that it does not change the results. In the robustness tests using top and bottom 25% or 10% sample dummies for experimental variables, the results also remain consistent with the above. The additional examination using subsequently reported restatements for the financial reporting quality proxies show similar results. Overall, these results support our estimations that the larger absolute value of abnormal foreign exchange gains and losses, the lower financial reporting quality. Primary contribution of this study is to empirically find effects of both ICFR and operating purpose controls on financial reporting quality.

내부회계관리제도의 도입 및 검토의견과 이익조정간의 관련성에 관한 연구

손성규,오윤숙,정기위 한국회계정보학회 2011 회계정보연구 Vol.29 No.2

We examine that internal control over financial reporting(ICFR) which was enacted to increase reliability of financial statement by tightening the operation of internal control, affect earnings management. Our result indicates that subsequent to the passage of ICFR, the level of accrual-based earnings management decline significantly while the level of real earnings management activities increase significantly, suggesting that firms switch from accrual-based earnings management to real earnings management. This is because managers hesitate to employ accrual-based earnings management which is easy to be detected by auditors and regulator under the ICFR and turns to real earnings management which is harder to be detected. In addition, companies which receives qualified opinion (material weakness and scope limitation) have not only high level of accrual-based earnings management but also those of real earnings management activities than those with unqualified opinion. This implies that reliability of companies which receives qualified opinion are significantly lower than that of companies which receives unqualified opinion. Although previous research suggests that earnings management decreases following the passage of ICFR, our study shows the different result that managers switch to alternative forms of earning management. Furthermore, we also find that companies receiving qualified opinion employ high level of discretionary accruals as well as high level of real earnings management. This indicates that investors should be careful about manager's real earnings management activities. This study also contributes to the literature by showing that although both of accrual-based earnings management and real earnings management can be supplementary tool for earnings management, they can be substituted depending on the situation the managers are in. 본 연구에서는 경영자와 감사인의 내부통제제도에 대한 운영 및 통제의 강화를 위하여 도입된 내부회계관리제도 및 내부회계관리제도 검토결과가 이익조정과 어떠한 관련성이 있는지 살펴보고자 하였다. 실증분석 결과 내부회계관리제도 도입 이후에 발생액을 통한 이익조정은 유의하게 감소하였지만 실제 영업활동을 통한 이익조정은 유의하게 증가한 것으로 나타났다. 이는 내부통제제도에 대한 경영자의 책임강화와 감사인의 높아진 감사위험으로 내부회계관리제도 도입 이전에 비해 경영자들은 발생액을 통한 이익조정은 실시하지 못하지만 대체적인 이익조정 수단인 실제 영업활동을 통한 이익조정은 오히려 적극적으로 실시한다는 것을 의미한다. 그리고 내부회계관리제도 검토결과, 중대한 취약점과 검토범위 제한 의견을 받은 기업일수록 적정의견을 받은 기업보다 발생액을 통한 이익조정과 실제 영업활동을 통한 이익조정의 크기가 큰 것으로 나타났다. 이는 비적정 검토의견을 받은 기업일수록 재무제표의 신뢰성이 낮다는 것을 의미한다. 그 동안의 다수의 선행연구에서는 내부회계관리제도 도입 이후에 재량적 발생액이 유의하게 감소하여 재무제표의 투명성이 증가하였다는 결과를 제시하였지만 본 연구에서는 실제 영업활동을 통한 이익조정은 내부회계관리제도 도입 이전에 비해 오히려 유의하게 증가하는 것으로 나타났다. 그리고 내부회계관리제도 검토결과 비적정의견을 받은 기업이 재량적 발생액이 크다는 선행연구의 결과에 추가하여 비적정의견을 받은 기업일수록 실제 영업활동을 통한 이익조정도 크다는 것을 검증하였다. 이는 내부회계관리제도 도입 이후 투자자들이 경영자의 실제 영업활동을 통한 이익조정에도 관심을 가져야 한다는 것을 시사한다. 그리고 발생액을 통한 이익조정과 실제 영업활동을 통한 이익조정이 모두 보고이익의 증가 혹은 유연화를 위하여 실시된다는 점에서는 보완적인 이익조정 수단이지만 본 연구에서는 경영자가 처한 상황에 따라 서로 대체적인 성격을 가질 수 있음을 확인할 수 있었다.