내부회계관리제도의 질적 특성과 이익조정 그리고 가치 관련성에 관한 실증분석

나영,최권호 한국세무학회 2009 세무와 회계저널 Vol.10 No.4

본 연구에서는 내부통제제도의 한 부분으로서 경영자의 책임을 강화한 내부회계관리제도의 모범규준에 근거하여 외부감사인들의 검토의견을 공시하도록 한 내부회계관리제도의 질적특성을 분석하였다. 즉 내부회계관리제도가 회계공시의 투명성을 확보하기 위한 수단이 된다면, 내부회계관리제도의 질적 특성인 중요한 취약점의 보고와 회계정보로서 내부회계관리제도의 질적특성 공시에 대한 기업가치와의 관련성을 실증적으로 검증하였다. 또한 선행연구들과의 차별화를 위하여 2005년 이후의 결산자료를 이용하였으며, 내부회계관리제도의 실질적인 운영결과를 바탕으로 이익조정의 관점에서 기업가치와 연계시킴으로써 연구범위를 확장하였다. 우선 내부회계관리제도 검토보고서 상에 중요한 취약점 공시만을 내부회계관리제도의 질적특성으로 정의하여 내부회계관리제도 검토의견 공시기업 중 중요한 취약점 발견을 보고한 기업과 보고하지 않은 기업 간의 이익조정 관련성을 로짓분석을 통해 살펴보았다. 이익조정과 기업가치와의 관련성은 다변량회귀분석을 수행하였으며, 2SLS모형을 이용하여 이익조정을 통제한 후 내부회계관리제도의 질적특성과 기업가치와의 관련성을 검증하였다. 연구결과를 요약하면 다음과 같다. 첫째, 내부회계관리제도의 질적특성과 이익조정간의 관련성에 대해서는 내부회계관리제도의 질적특성을 보고한 기업일수록 이익조정의 동기가 크지 않은 것으로 나타났다. 둘째, 종속변수인 누적초과수익률(CAR)에 대하여 이익조정(DA)의 정도는 유의한 음(-)의 관련성을 가지는 것으로 나타나 기업가치가 큰 기업일수록 이익조정이 감소하는 것으로 나타났다. 셋째, 누적초과수익률(CAR)에 대하여 내부회계관리제도의 질적특성은 통계적으로 유의성이 낮았지만 한계적으로나마 유의한 양(+)의 영향을 미치는 것으로 나타났다. 이는 내부회계관리제도의 질적특성인 외부감사보고서상의 중요한 취약점에 대한 의견공시가 기업가치 증대와 관련성이 있다는 것을 의미한다. 본 연구는 경영자의 책임을 강화한 내부회계관리제도에 대한 공시가 강조되고 있는 상황에서, 이익조정을 조명하여 기업가치에 연구범위를 확장했다는 점에서 그 의의를 찾을 수 있다. 기업의 입장에서 보면 내부회계관리제도 검토보고서가 회계정보의 이용자나 투자자에게 좀 더 신뢰성 있는 정보를 제공함으로써 회계투명성의 확보는 기업의 미래가치에 중요한 요인으로 작용한다는 것이다. 따라서 본 연구에서는 내부회계관리제도 검토보고서의 공시를 통해 기업은 이익을 조정하고자 하는 동기를 억제하고, 기업의 투자자 및 이해관계자들의 경제적 의사결정을 위해 보다 투명한 정보를 제공함으로써 기업의 대내외적인 공신력을 높여줄 수 있을 것으로 기대된다. The study examines empirically on the qualitative characteristics of the internal accounting control system and its attestation report of the external auditor required by the standard internal accounting control system, which is recently introduced as a part of a broader internal management control system designed to emphasize management's responsibility over financial reporting. Based on the assumption that internal accounting control system is an instrument of ensuring transparency of accounting information disclosure, this study attempts to show empirically how corporate value is affected by the reporting of material weaknesses of the internal accounting control system, which are the qualitative characteristics of internal control over financial reporting. In addition, this study shows how affected by disclosure of the qualitative characteristics of internal control over financial reporting on the results of the financial and non‐financial variables, which are the economic characteristics of corporations. Specifically, we defined the public notification of material weaknesses in the review report of internal control over financial reporting as the qualitative characteristics of internal control over financial reporting. We examined through Logit analysis how different earnings management was between companies reported material weaknesses and companies announced the review opinion of internal control over financial reporting. In addition, the relations between earnings management and corporate value was examined through multi-variate regression analysis. The relations between the qualitative characteristics of internal control over financial reporting and corporate value was tested through 2SLS model after earnings management was controlled. The sample of this study was 109 firms in the experimental group that had announced opinions on material weaknesses in the review opinions of internal control over financial reporting in their external audit reports in 2005~2007, and 109 firms in the control group of 218 firms. The results of this study are summarized as follows:First, with regard to the correlation between the qualitative characteristics of internal control over financial reporting and earnings management, the tendency of earnings management was lower in firms that reported the qualitative characteristics of internal control over financial reporting. Second, with regard to dependent variable external cumulative average residual (CAR), the degree of earnings management showed a significant negative correlation, suggesting that firms with a high corporate value was less likely to do earnings management. Third, the influence of CAR with the qualitative characteristics of internal control over financial reporting was insignificant but showed marginally significant. This means that the increase in corporate value is correlated with the public notification of opinions on material weaknesses in the external audit reports, which are qualitative characteristics of internal control over financial reporting. The contribution of this study may be summarized as follows:First, it has attempted to expand a research direction to study on the relations of corporate value with earnings management in the context of internal accounting control system that has been recently introduced to emphasize the management responsibility over the quality of the system. Second, from the corporate perspective, transparent disclosure on quality of internal accounting control system is a critical factor for corporate value providing more credible information to the accounting information users or investors. Therefore, it is expected that the evidence above can be used as a means to discourage manipulating earnings and to enhance the credibility and usefulness of financial reports for investors’ decision making by transparent information of internal control over financial reporting.

연구논문 : 내부회계관리제도 운영실태평가보고서의 중요한 취약점이 부채조달비용에 미치는 영향

최성호 ( Sungho Choi ) 한국회계학회 2015 회계저널 Vol.24 No.5

내부회계관리제도는 재무정보의 신뢰성 확보를 목적으로 도입되었다. 경영자는 내부회계관리제도의 설계.구축 및 운영에 대한 실태보고서를 작성하여 매 회계기간 말 감사(위원회) 및 이사회에 보고해야 한다. 또한 외부감사인은 경영자가 작성한 내부회계관리제도 운영실태보고서와 그 근거문서의 적정성에 대한 검토업무를 수행하여 검토의견을 검토보고서에 표명해야 한다. 미국은 외부감사인이 내부회계관리제도에 대한 높은 수준의 확신을 얻기 위해 경영진이 작성한 내부회계관리제도 운영실태보고서와 근거문서뿐만 아니라 추가로 증거를 요구하여 감사절차를 수행하고 있는 반면, 한국은 경영자가 작성한 운영실태보고서와 근거문서를 대상으로 검토업무만을 수행하고 있다. 즉, 외부감사인이 내부회계관리제도에 대해 감사를 수행하는 경우 경영진이 제공한 자료 이외에도 추가로 증거자료를 확보하여 대상기업의 내부회계관리제도가 적정하게 구축 및 운영되고 있는지 평가할 수 있지만, 검토업무를 수행하는 경우는 경영진이 제공한 자료만을 대상으로 하기 때문에 경영진이 제공한 운영실태보고서가 실제 내부회계관리제도 구축 및 운영 사실과 다르게 허위 작성되었거나 실질과 다른 근거문서를 제공한 경우 외부감사인이 이를 평가하는데 한계가 있다. 따라서 한국에서 내부회계관리제도 검토의견이 유용한 정보로서 활용되기 위해서는 경영자가 제공한 운영실태보고서와 근거문서의 정확성이 전제되어야 한다. 한국은 이러한 제도적 특징으로 인해 감사인의 검토보고서에 표명된 검토의견에 앞서 경영자가 작성한 내부회계관리제도 운영실태보고서의 정보가 외부이해관계자의 투자의사결정시 더 중요할 수밖에 없다. 그럼에도 많은 국내선행연구들은 주로 감사인의 검토보고서에 대한 유용성을 검증하였다. 이에 본 연구는 경영자가 작성한 내부회계관리제도 운영실태보고서의 유용성을 채권시장참여자 입장에서 검증하고자 하였으며, 이를 검증하기 위해 2006년부터 2012년까지 한국거래소에 상장된 기업을 대상으로 하였다. 분석결과는 다음과 같다. 첫째, 내부회계관리제도 운영실태보고서에 중요한 취약점을 보고한 기업은 내부회계관리제도가 적정하게 운영되고 있다고 보고한 기업에 대해서 부채조달 비용이 유의하게 더 높았다. 이는 경영자가 작성한 내부회계관리제도 운영실태보고서에 중요한 취약점을 보고한 기업의 재무보고의 신뢰성이 상대적으로 약하다고 판단하여 채권시장참여자들이 투자의사결정에 부정적으로 반영한 것이다. 둘째, 경영자와 감사인 모두 내부회계관리제도가 적정하게 운영되고 있지 않다고 보고한 기업에 비해 경영자가 작성한 운영실태보고서에는 운영상 취약점이 없음을 보고하였으나 감사인이 검토결과 비적정검토의견을 표명한 기업은 부채조달비용이 유의하게 더 높았다. 이는 경영자가 내부회계관리제도의 운영상 취약점을 의도적으로 숨긴 것으로 처음부터 운영상 취약점을 경영자가 공시한 기업에 비해 외부이해관계자들이 더 부정적으로 인지하고 있다는 결과이다. 본 연구는 미국보다 내부회계관리제도 운영실태보고서의 정확성이 더 강조되고 있는 국내 상황에서 운영실태보고서의 유용성을 검증하였다는 점에서 의의가 있다. Internal Accounting Management Systems (IAMS) have been adopted by firms with the goal of securing financial information reliability. The manager must prepare a reports by the internal control over financial reporting officer on the design, establishment and operation of IAMS and submit it for internal audit (audit committee) and to the board of directors. The auditor must review the propriety of the internal control over financial reporting officer prepared by the manager and its source documents, and express his opinion in a review report. In the US, the auditor audits not only the internal control over financial reporting officer and its source documents but also performs the audit by requesting additional evidence as needed, whereas in Korea the auditor reviews only the manager prepared the internal control over financial reporting officer and source documents. In other words, when a given IAMS is being audited, the auditor can obtain evidence in addition to the materials provided by manager and evaluate whether the IAMS is properly established and operated. In contrast, since a review is done only on the materials provided by manager, if the internal control over financial reporting officer provided by manager is falsely written up, giving a misleading picture of the IAMS establishment and operating conditions, or the source documents provided are inaccurate, the auditor’s capacity to make an accurate assessment is impaired. In Korea, therefore, the use of the auditor’s IAMS review opinion as valuable information must be premised on the accuracy of the internal control over financial reporting officer and source documents. Because of this systemic peculiarity, information in the internal control over financial reporting officer prepared by manager is more important than the review opinion of the auditor expressed in the review report when outside stakeholders make investment decisions related to the firm. Despite this, many prior studies have focused mostly on investigating the usefulness of the auditor’s review report. This study therefore sought to examine the usefulness of the manager prepared the internal control over financial reporting officer from the position of bond market participants, and examined KRX-listed firms from 2006 to 2012 to do the examination. The analysis results are as follows. First, firms reporting material deficiencies in their internal control over financial reporting officer had significantly higher costs of debt than those reporting proper IAMS operation. This indicates a negative reflection on investment decision making by bond market participants who judged the reliability of financial reporting to be comparatively weaker for firms reporting material deficiencies in their internal control over financial reporting officer. Second, compared to firms whose manager and auditors both reported deficiencies in the internal control over financial reporting officer, firms where the internal control over financial reporting officer prepared by manager expressed no deficiencies while the auditor’s review report indicated deficiencies had significantly higher costs of debt. This indicates that outside stakeholders view more negatively the former, as firms whose manager purposefully hides IAMS operation deficiencies, than the latter, as firms in which manager openly admits operational deficiencies from the start. The significance of this study lies in its investigating of the usefulness of the internal control over financial reporting officer in Korea, where the accuracy of this report is more emphasized than in the US.

내부회계관리제도와 기업지배구조: 주식소유구조와 이사회 특성 중심으로

김용식,황국재 한국회계정책학회 2010 회계와 정책연구 Vol.15 No.2

This study investigates the relationship between internal control over financial reporting and corporate governance focusing on ownership and board of directors' characteristics. The effects of corporate governance on disclosure of material weaknesses were tested in internal controls over financial reporting, using samples from companies listed on KOSPI and KOSDAQ between 2006 and 2007. Logistic regression was performed to test the effects of ownership and board of directors' characteristics on disclosure of the material weaknesses in internal controls over financial reporting. In the analysis of full samples (model 3), manager-controlled firms, in which the controlling owner was not the CEO, showed significantly more material weaknesses than owner-controlled firms, in which the controlling owner was the CEO. Moreover, in the variables of board of directors, board sizes of 6~8 persons and over 9 persons were significantly positively related to material weaknesses, and the activity and financial expertise of outside directors in a board of directors were negatively related to material weaknesses. An additional analysis was performed on firms which were matched in size across the year and industry to solve the problem of difference in the sample size between ICD firms and non-ICD firms. The additional analysis of matched samples (model 6) showed that while the signs of variables did not change, the statistical significance of the variables showed variances. In the variables of ownership, manager-controlled firms in which the controlling owner was not the CEO disclosed significantly more material weaknesses than owner-controlled firms in which the controlling owner was the CEO. In the variables of board of directors, the activity and financial expertise of outside directors were negatively related to material weaknesses. In control variables (model 3), firm size, profitability and operating cash flow were negatively related to material weaknesses, and closeness to debt covenant constraints and auditor size were positively related to material weaknesses. In the result of matched firms (model 6), control variables showed the same significance as that of the full samples, except for profitability. Additionally, the effects of ownership ratio of the controlling owner and the CEO on disclosure of material weaknesses in internal controls over financial reporting were tested. As a result of additional testing (model 8), it was found that controlling owner's ownership ratio was significantly negatively related to material weaknesses, and CEO's ownership was positively related to material weaknesses, although it was not statistically significant. Finally, the effects of the number of blockholders on disclosure of material weaknesses in internal controls over financial reporting were test. As a result, it was found that the number of blockholders was negatively related to material weaknesses, though not statistically significant. 본 연구는 내부회계관리제도와 기업지배구조의 관련성을 분석하였다. 기업지배구조 중에서 주식소유구조와 이사회의 특성에 초점을 맞추어 내부회계관리제도에 대한 중요한 취약점이 보고될 확률에 어떠한 영향을 미치는지 알아보았으며, 내부회계관리제도 모범규준 및 검토기준이 본격적으로 시행된 2006년과 2007년에 유가증권상장법인과 코스닥상장법인을 포함한 상장기업을 대상으로 분석하였다. 연구 결과, 주식소유구조 관련 변수에서는 지배주주와 대표이사가 일치하는 오너경영기업이 전문경영기업에 비해 중요한 취약점이 보고될 확률이 낮다는 것을 확인하였다. 이사회 관련 변수에서는 이사회 규모와 중요한 취약점을 보고할 확률과의 비선형 관계를 확인하였으며, 이사회 수가 6~8명 구간과 9명 이상 구간에서 이사회 규모가 증가할수록 중요한 취약점이 보고될 확률이 증가하였다. 이사회내에 사외이사 중 재무전문가가 많을수록, 사외이사의 이사회 참석율이 높을수록 중요한 취약점이 보고될 확률이 낮아지는 것으로 나타났다. 통제 변수에서는 기업규모가 작을수록, 수익성이 낮을수록, 채무위험이 높을수록, 영업현금흐름이 부(-)일수록, 그리고 외부감사인이 Big 4와 제휴된 유명감사인일수록 중요한 취약점이 보고될 확률이 높아진다는 것을 확인하였다. 추가분석을 통하여, 지배주주지분율이 높을수록 중요한 취약점이 보고될 확률이 낮아지는 것으로 나타났다. 전문경영자지분율의 부호는 지배주주지분율과 반대인 양(+)의 부호를 보였지만 통계적으로 유의하지 않았다.

공기업 내부회계관리제도가 경영효율성에 미치는 영향

유순미(Soonmi Yu) 한국관리회계학회 2021 관리회계연구 Vol.21 No.2

[연구목적] 공공기관의 내부통제는 주로 경영진이 요구되는 법률적 준수사항을 파악하고, 업무절차나 영업활동이 해당 법규나 회사내규에 따라 이루어지도록 통제절차를 설계 · 운용함으로써 관련법규 및 규정을 잘 준수하고 있는지에 초점을 맞추고 있다. 본 연구는 내부통제의 목적 중 재무보고의 신뢰성에 초점을 맞추어 공기업 외부감사인의 내부회계관리제도 검토의견이 경영효율성에 미치는 영향을 검증하였다. [연구방법] 만일 공기업의 내부회계관리제도가 효과적으로 운영되고 있다면 경영진이 기업 목적을 달성하기 위해 필요한 경영방침을 설정하고 일상적인 업무지침에 필요한 규정을 제정함으로써 업무가 효율적으로 이루어져 업무중복, 자원 낭비와 비능률을 예방할 수 있을 것이다. [연구결과] 분석 결과, 공기업 내부회계관리제도 검토의견은 경영효율성에 영향을 미치지 않는 것으로 나타났다. 이것은 공기업 내부회계관리제도가 형식적으로 운영될 수 있다는 것을 의미한다. 따라서 공기업 내부회계관리제도의 운영현황에 대해 검토할 필요가 있다. 회사의 대표자는 실질적인 인력조직을 갖추어 내부회계관리제도를 내실 있게 운영하고, 이를 이사회 및 감사(위원회)가 모니터링 역할을 하며, 외부감사인도 이에 대해 감사수준의 인증을 함으로써 재무보고에 대한 내부통제의 실효성을 확보하는 일이 시급하다 할 것이다. [연구의 시사점] 최근 개정된 신외감법으로 인하여 일반기업에서는 내부회계관리제도에 대한 기준이 강화되고 있는데 반해 여전히 소극적으로 운영되고 있는 공기업의 내부회계관리제도를 점검하고 운영실태를 검증함으로써 공기업 내부회계관리제도와 관련된 법규의 변화의 필요성을 제시하였다는 점에서 시사점이 있을 것으로 판단된다. [Purpose] This study examines the effect of external auditors’ review opinions on internal control over financial reporting on operating efficiency by focusing on the reliability of financial reporting among the objectives of internal control. [Methodology] If the internal control over financial reporting of a public enterprises is being operated effectively, the management will set the management policy necessary to achieve the corporate purpose and enact the necessary regulations for the daily work guideline so that the operations can be carried out efficiently, preventing duplication and waste of resources Inefficiency can be prevented. [Findings] As a result of the analysis, it was found that the review opinion of the internal control of financial reporting of a public enterprises did not affect the operating efficiency. This means that the internal control over financial reporting may be operating ineffectively. It will be urgent to secure the effectiveness of internal control over financial reporting through certification of audit procedure. [Implications] This study tried to check and verify the operation status about internal control over financial reporting in public enterprises. It is judged to have implications for regulatory authorities in that it suggested the need for changes in laws and regulations related to the internal control over financial reporting in public enterprises.

내부회계관리 운영인력의 특성이 이익의 질에 미치는 영향

정진향,마희영 한국기업경영학회 2012 기업경영연구 Vol.19 No.4

Such large-scale accounting frauds as Enron and WorldCom in the early 2000s revealed the limitations of supervision by external audit and increased the demand that a corporation should set up its own supervision function. In the United States, Sarbanes-Oxley Act was enacted in 2002 to reinforce the responsibilities of the manager and external auditor for internal control. In South Korea, Act on External Audit of Stock Companies was revised in December, 2003 and led to the implementation of the internal accounting control system in the fiscal year starting on January 1, 2004. In June, 2005, the steering committee of the internal accounting control system under Korea Listed Companies Association established the “model criteria for the internal accounting control system,” demanding that the board of directors and auditors should set up and run an internal accounting control system and asking external auditors to attach a review report on the operational state of the internal accounting control system to the audit report. As a type of internal control system to effectively control corporate management activities, the internal accounting control system concerns a corporation’s financial report process. That is, its goal is to have corporations write and announce reliable accounting information by checking and adjusting accounting information regularly in order to control its error and wrongdoing for themselves (Lee Ho-yeong et al., 2011). This study set out to empirically analyze the effectiveness of the internal accounting control system and examine whether the system, which was introduced to increase the reliability of accounting information, would fulfill its purpose by considering the characteristics of the operational personnel. In other words, it analyzed the effects of the size (number), mean career (months), and certified public accountant certificate of the personnel in charge of internal accounting control on the quality of accounting information or that of profit. The quality of accounting profit was measured with real earning management by Roychowdhury (2006). The study results will contribute to the examination of institutional supplementation to run the internal accounting control system more effectively by investigating the personnel characteristics to influence the effectiveness of the internal accounting control system. Empirical analysis covered data from 2005 to recent 2010 over a period of six years for which data on the operational personnel of internal accounting control were obtainable. The final sample included 2,100 companies listed in the stock market, settled accounts at the end of December, and did not operate in the finance sector. The interested variables were size and professionalism related to the personnel characteristics of the internal accounting control system. They were specifically the size, mean career, and certified public accountant certificate of the operational personnel. The control variables influencing the quality of profit include corporate size, debt ratio, return on assets, Big 4, the largest shareholders’ ownership, and industry and year dummy. The dependent variable was the measurement of real earning management by Roychowdhury (2006). The empirical analysis results show that there were significant negative relations between the size of the personnel in charge of internal accounting control and real earning management, which indicates that as there are more staffs in charge of internal accounting control, the corporation manages internal accounting control better and thus decreases in earning management and increases in quality of profit. In addition, real earning management also had significant negative relations with the mean career of internal accounting personnel, which can measure the degree of professionalism based on field experiences, and certified public accountant certificate, which tells whether they have professionalism about accounting knowledge. When the p... 내부회계관리제도(internal control over financial reporting)는 기업의 재무보고 과정에 대하여 기업 스스로 모니터링을 함으로써, 회계정보의 신뢰성을 제고하고자 2005년에 도입된 제도이다. 본 연구는 내부회계관리제도의 시행이 회계정보의 질(financial reporting quality)에 미치는 효과를 분석하고자 한다. 유가증권시장 상장기업이 대상이고 분석기간은 2005년부터 2010년까지의 총 6년간이었으며, 추출된 표본기업의 수(firm-year)는 2,100개이다. 관심변수는 내부회계관리제도의 인력특성에 관한 것으로 운영 인력의 규모와 전문성(평균 경력 및 공인회계사 보유여부)이다. 이익의 질에 영향을 미치는 통제변수로 기업규모, 부채비율, 총자산이익률, BIG4여부, 최대주주 지분율, 산업더미 및 연도더미를 추가적으로 포함하였고 종속변수로는 Roychowdhury(2006)의 실제이익조정(real earings management)의 측정치를 사용하였다. 실증분석 결과 첫째, 내부회계관리 담당인력의 규모는 실제이익조정과 유의한 음(-)의 관계로 나타났다. 둘째, 내부회계관리 인력의 평균 경력과 실제이익조정은 유의한 음(-)의 관계를 보였다. 셋째, 내부회계관리 담당자 중 공인회계사 자격증을 보유여부와 실제이익조정은 유의한 음(-)의 관계를 보였다. 이러한 실증분석 결과는 내부회계 담당인력이 많을수록, 내부회계를 담당하는 종업원의 경력이 오래될수록, 내부회계담당자 중 공인회계사가 포함되어 있을 때 실제이익조정이 제한되어 회계이익의 질이 제고되는 것으로 해석할 수 있다

최대주주와 외부감사인의 변경이 내부회계관리제도 검토의견 개선에 미치는 영향

김용식 ( Yong Shik Kim ),황국재 ( Kook Jae Hwang ) 한국회계학회 2015 회계학연구 Vol.40 No.1

본 연구의 목적은 내부회계관리제도의 취약점을 공시한 기업의 최대주주와 외부감사인의 변경이 취약점에 대한 검토의견을 개선하는데 미치는 영향을 살펴보는데 있다. 우선 최대주주의 변경과 관련하여 살펴보면, 내부회계관리제도의 취약점을 공시한 기업의 최대주주가 변경되지 않고 연속성을 유지한 경우 검토의견이 개선될 가능성이 높았으며, 최대주주가 연속되는 기업 중 대주주지분율이 증가하는 경우 검토의견이 개선될 가능성이더 높았다. 추가분석을 통해 최대주주가 연속되는 경우 변경된 기업에 비해 재무구조의 향상 효과가 내부회계관리제도 취약점의 개선에 추가적인 영향을 미친다는 것을 확인하였다. 또한 최대주주가 연속되는 기업은 내부통제 검토 등과 같은 비감사서비스를 제공받음으로써 실질적으로 내부통제를 개선시키고, 이에 따라 외부감사인은 잠재적 배상책임에 대한 위험이 낮아짐으로써 개선된 검토의견을 제시하였다. 외부감사인의 교체와 관련하여 살펴보면, 내부회계관리제도의 취약점을 공시한 기업이 외부감사인을 하향 교체할수록 검토의견이 개선될 가능성이 높았다. 추가분석을 통해 외부감사인을 하향 교체한 기업의 재무비율의 향상 효과 등의 실질적인 내부통제의 개선 효과가 존재하지 않는다는 것을 확인하였다. 또한 외부감사인을 하향 교체하고 검토의견이 개선된 기업이 낮은 감사보수를 지불한다는 결과는 해당 기업의 외부감사인이 형식적인 감사절차만을 수행할 가능성을 높인다. 본 연구는 최대주주와 외부감사인의 변경이 내부회계관리제도의 취약점을 공시한 기업에 대한 검토의견을 개선시키는데 어떠한 영향을 미치는지 살펴보았으며, 최대주주의 연속성이 내부회계관리제도의 취약점에 대한 검토의견을 개선시키는 중요한 역할을 한다는 것을 확인하였다. 반면에, 외부감사인의 하향교체를 이용한 내부회계관리제도 검토보고서에 대한 의견구매(opinion shopping)의 가능성을 확인하였다. The purpose of this study investigates whether the largest shareholder and the auditor``s change would remediate internal control review opinion over deficiencies of the previous year. The sample of this study are composed of the companies listed in KOSPI and KOSDAQ which disclosed internal control deficiencies in the previous year. There are many studies that documented the difference of corporate governance between the companies with and without remediation of internal control deficiencies after Ashbaugh et al.(2008). These studies usually focused on independence and expertise of BOD and audit committee and documented that internal control deficiencies are likely to be remediated as the independence and the financial expertise of BOD and the financial expertise of audit committee are higher (Goh 2009; Johnstone et al. 2011; Choi and Jeon 2012), and as the size of BOD and audit committee are greater (Hammersley et al. 2012; Choi and Jeon 2012). A few studies that analysed whether the change of CFO affect remediation of internal control deficiencies documented that internal control deficiencies are likely to be remediated as CFO is replaces by a person who have more experience of financial practice (Li et al. 2010; Johnstone et al. 2011). Meanwhile, the recent studies are concentrated on whether auditors affect remediation of internal control deficiencies. Ettredge et al.(2011) documented that internal control deficiencies are likely to be remediated as auditor is replaced by industry expertise. Hammersley et al.(2012) also documented that the companies without remediation of internal control deficiencies are likely to change auditors and pay more audit fees than those with remediation of internal control deficiencies, which suggests that the companies that disclose internal control deficiencies are likely to change auditor to remediate internal control deficiencies. We document as follows. First of all, we find that the companies that did not change the largest shareholder are positively related to the remediation of internal control review opinion, and increase of the largest shareholder``s ownership among the companies with the continuity of the largest shareholder are incrementally positively related to the remediation of internal control review opinion. Additionally, we find that the firms with the same largest shareholder significantly improve the debt ratio and substantially remediate internal control deficiencies through non-audit service related to internal control review. We also find that the downward change of auditor from Big 4 to Non-big 4 is positively related to remediation of internal control review opinion. Additionally, we do not find the incremental effect of financial ratios, so we conclude that the downward change of auditor is intended to prevent from disclosing internal control deficiencies again. Finally, the companies which disclose the remediation of internal control review opinion among the downward change of auditor pay lower audit fees, which suggests that their auditors would perform the formal audit procedures for internal control review. From the results of financial control variables, internal control deficiencies are likely to be remediated as debt ratio and operating cash flow reduce and the companies are listed in KOSPI. One of the reasons why operating cash flow of the companies with remediation of internal control review opinion reduces is because they pay the additional expenses related to the design and the operation of internal control to remediate internal control deficiencies. Additionally, we test whether the difference of accounting quality proxied discretionary accruals between the companies with and without remediation of internal control review opinion. We find that the companies with remediation of internal control review opinion have better accounting quality than those without remediation of internal control review opinion. Taken together, the remediation of internal control review opinion is significantly related to the continuity of the largest shareholder and the downward change of auditor. The continuity of the largest shareholder is expected to be the driving force which is able to perform their goal continuously and the same largest shareholder effectively supervise CEO to improve internal control and financial condition through efficiently using internal resource. However, the downward change of auditor is likely to be intend to disclose the remediation of internal control review opinion regardless of substantial improvement of internal control. The implications of this study are as follows. First, continuity of the largest shareholder is likely to play a key role of the remediation of internal control deficiencies. The companies with the same largest shareholder is likely to improve the financial structure such as debt ratio and internal control through proper audit procedures with more audit input and non-audit service related to internal control review. Second, the downward change of auditor to prevent from disclosing internal control deficiencies is likely to mislead investors to remediate internal control deficiencies through the formal audit procedures even though these companies did not improve internal control substantially and reduced efficiency of assets capacity. Regulators therefore should enforce the auditors and the companies not to commit opinion shopping on internal control review reports. The results of the study imply that continuity of the largest shareholder would play a key role of the remediation of internal control deficiencies. On the other hand, there would be the possibility of opinion shopping on review report of internal control over financial reporting through the downward changes of auditors.

내부회계제도의 효과적인 운용을 위한 인적자원 투자와 감사보수와의 관계

이준일,최선화,최종학 韓國公認會計士會 2010 회계·세무와 감사 연구 Vol.51 No.-

본 연구는 내부회계관리제도의 효과적인 운용을 위한 인적자원 투자가 감사보수와 관련되어 있는지를 실증적으로 검증하였다. 내부회계관리제도가 효과를 발휘하기 위해서는 내부회계관리제도 즉 내부통제의 운용을 담당하는 인원이 충분해야 한다. 본 연구에서는 내부통제 담당 인력이 회사의 전체 종업원수에서 차지하는 비율을 내부회계관리제도의 효과적인 운용정도를 나타내는 대용치로 사용하였다. 만약 내부회계관리제도가 효과적으로 운영된다면, 감사보수와 관련되어 두가지 반대되는 예측이 가능하다. 첫째, 감사인의 감사를 실시할 때 효과적인 내부회계관리제도에 의존할 수 있을 것으므로 입증을 위한 감사노력이 줄어들어 감사보수가 낮아질 수 있을 것이다. 둘째, 그 반대로 내부통제에 많은 투자를 하는 기업은 감사품질에 더욱 많은 주의를 기울이는 기업일 것이므로 엄격한 감사의 실시에 큰 관심을 보일 수 있다. 그 결과 감사인이 더욱 열심히 고품질의 감사업무를 수행하여 감사보수가 오히려 증가할 것으로 예측할 수 있다. 본 연구에서 2003년부터 2008년까지의 2,764개 기업-연도 자료를 이용하여 관련성을 검증한 결과, 후자의 예측을 뒷받침하는 증거가 발견되었다. 회사내 전체 인력비중 뿐만 아니라 회계/자금 부서, 전산처리 부서, 기타 부서로 분류한 결과도 부서마다 동일한 현상이 발견되었다. 그러나 동일한 부서에서 근무한다 하더라도 내부통제 관련 업무에 종사하지 않는 인력의 비율은 감사보수와 유의적인 관련성을 가지고 있지 않았다. 이런 발견은 내부회계관리제도에 대한 인적자원 투자의 효과를 실증적으로 보여준다는 측면에서 여러 시사점이 있다고 할 수 있다. This paper investigates whether human resource investment in internal control over financial reporting influences the audit fees. If more employees are assigned to perform internal control-related tasks within a firm, it is more likely that the system is well staffed and regularly monitored. Therefore, the internal control would play an important role in preventing firms from committing accounting irregularities or errors. If this is the case, two conflicting predictions can be made with respect to the audit fees. First, auditors would rely on the effective internal control system. In such a case, we expect that audit fees would decrease in the human resource investment in internal control. It is because auditor would exert less audit effort for the firms that invest more human resource in the internal control system due to decreased audit risk. Second, in contrast, the firms that invest more human resources in internal control is likely to be the firms which care about thorough internal control as well as external audit. In such a case, the auditor effort will increase and as a result, audit fee will increase. The section 302 of the Sarbanes-Oxley Act (SOX) requires chief executive officers (CEOs) and chief financial officers to certify the financial statements, including the effectiveness of the internal control over financial reporting, and to disclose any material changes in internal control. Furthermore, Section 404 of SOX requires auditors to attest to managements’ report on the internal control assessment. These suggest that U.S. regulators believe that adequate internal control is very important to assure the quality of financial information. Following SOX, Korea issued regulations on internal control in 2002, which is called K-SOX. Firms are required to disclose the number of employees who are responsible for the internal control system from year 2002. Starting from year 2005, auditors are required to review the internal control and disclose whether there exists any weakness in internal control for the firms. However, it is not clear whether the internal control plays an effective role in reducing accounting frauds or errors since there has not been much empirical study on this issue in Korea. This study examines the effect of the internal control on the audit fee. This study uses 2,764 firm-year observations for the period of 2003-2008. The data on the number of employees who are responsible for the internal control-related tasks are available from 'Report on the Operation of Internal Control System', which is a part of annual report. Korean regulators requires to disclose the number of employees handling the internal control related tasks in audit committee, board, accounting, finance, information technology system, and other internal control related departments separately. We hand-collect the data from the annual report. This enables us to examine the effect of human resource investment in internal control on audit fees. We are not aware of any other countries that require to disclose the similar information on the number of IC personnel. Thus, Korean data provide unique setting to examine the issue and provide valuable inputs to Korean regulators, academics, and practitioners as well as those in other countries. The degree of human resource investment in internal control is measured by either (i) the proportion of employees who are responsible for internal control-related tasks (IC personnel) out of total number of employees of the firm or (ii) the natural logarithm of one plus the number of employees who are responsible for internal control-related tasks to the natural logarithm of total number of employees. We find that the proportion of IC personnel to total employees (measured in both ways) is significantly associated with audit fees with positive sign. It implies that the more a firm has internal control-related human resource investment, the higher audit fees. It supports the second prediction of the paper. For the department level analyses, we find that the proportions of IC personnel working in accounting/finance, information technology, and other internal control-related departments are mostly associated with audit fees with positive sign. In contrast, the proportions of employees working in the same departments but do not engage in internal control-related tasks are not associated with audit fees. These findings highlight the importance of the human resource investment in the internal control and provide valuable insights into the issue related to internal control to regulators, academics, firms, as well as other information users.

기업의 경제적 특성과 지배구조가 내부회계관리제도의 품질에 미치는 효과

김용식,황국재,김유찬 韓國公認會計士會 2007 회계·세무와 감사 연구 Vol.46 No.-

내부회계관리제도는 회계의 투명성 확보를 위한 근본적인 통제절차로서, 최근 실무계와 학계에서는 효과적인 내부회계관리제도 구축을 위한 다각도의 노력이 이루어지고 있다. 이러한 맥락에서 본 연구는 내부회계관리제도 품질의 결정요인을 규명하고, 이에 대한 제언을 모색하고자 한다. 모범규준과 검토기준의 적용을 받는 2006년의 대형 상장법인 464개를 대상으로 실시한 실증분석 결과, 규모가 크고 수익성이 좋은 기업일수록 취약점이 보고될 가능성이 낮아지는 것으로 드러났다. 또한 외부감사인이 유명감사인이거나, 채무위험이 높을수록 취약점이 보고될 가능성이 높아지는 것으로 나타났다. 소유구조의 영향력을 검정한 결과, 지배주주와 외국인 투자자의 경우 지분율이 증가함에 따라 취약점이 보고될 가능성이 낮아지는 것으로 나타났다. 경영자 지분은 취약점이 보고될 가능성과 “U”형태의 비선형관계를 보였다. 즉, 일정수준의 지분까지는 지분의 증가에 따라 취약점이 보고될 가능성이 감소했지만, 일정수준 이상의 지분을 넘어서게 되면 반대로 지분의 증가에 따라 취약점이 보고될 가능성은 증가했다. 본 연구는 내부회계관리제도를 효과적으로 관리⋅운영할 책임이 경영자에게 있다는 점을 강조하고, (1)경영자에 대한 감시메커니즘과 (2)이해관계의 일치를 유도할 수 있는 소유구조의 중요성을 확인하였다. Internal control over financial reporting has long been recognized as an fundamental process for reliability of financial statements. In this context, it is said that the high quality of internal control over financial reporting is an impetus for enhancement of a firm value. In this paper, we examined the determinants of material weakness in internal control system. In addition to the economic factors of firms, we focused on the role of corporate governance for the quality of internal control over financial reporting. The variables of economic factors included firm size, profitability, auditor size and closeness to debt covenant constraints. Also, the variables of corporate governance included the ratio of independent board of directors, the introduction of audit committee, managerial ownership, foreign investors' ownership and controlling owner's ownership. We hypothesized that material weaknesses would be negatively related to firm size, profitability, the ratio of independent board of director, the introduction of audit committee, foreign investors' ownership, and controlling owner's ownership, and positively related to auditor size and closeness to debt covenant constraints. Especially, we hypothesized that the relationship between material weaknesses and managerial ownership would be represented by "U" shaped non-linearity. Based on logistic regression, we tested three models. We constructed the relationship between economic factors and quality of internal control on Model 1, and the relationship between corporate governance and quality of internal control on Model 2. Finally, we constructed Model 3 to reflect the effects of all variables, including both economic factors and corporate governance indicators. The results were consistent with our hypotheses that the material weaknesses were negatively related to firm size and profitability and positively related to auditor size and closeness to debt covenant constraints. In regard to corporate governance, we provided the evidence that the material weaknesses were negatively related to controlling owner's and foreign investors' ownership. We also found the "U" shaped non-linear relationship between material weaknesses and managerial ownership. Focusing on the role of managerial responsibility for effective internal control system, this study emphasized (1) the control environment to monitor manager's action choice and (2) the ownership structure to achieve goal congruence. However, this paper has several limitations. First, the samples size is not enough to represent all firms. It is necessary to interpret these results more cautiously. Second, the portion of the firms with material weakness are low, which may result from review over internal control rather than from audit. In the future research, it is needed to reconsider which is more relevant to investigate internal control by independent auditors, review or audit.

내부회계관리제도의 효과성 검증: 타인자본비용을 중심으로

손성규,정기위 韓國公認會計士會 2010 회계·세무와 감사 연구 Vol.52 No.-

그동안의 선행연구에서는 내부회계관리제도의 도입에 대한 효과를 재량적 발생액, 회계오류, 감사시차, 감사시간과 감사보수등을 통하여 검증하였으나 결과가 일관되지 않았다. 본 연구에서는 내부회계관리제도의 도입에 대한 효과를 타인자본비용을 사용해 검증하였다. 본 연구에서의 타인자본비용은 t+1년도의 1분기 타인자본비용을 사용하였다. 검증결과 내부회계관리제도 도입 이후 연도에 도입한 기업의 타인자본비용이 도입하지 않은 기업의 타인자본비용보다 유의하게 낮았으며 도입한 기업의 도입 이후 연도와 도입 이전 연도의 분석에서는 도입 이후 연도가 도입 이전 연도보다 타인자본비용이 유의하게 낮게 나타났다. 이는 내부회계관리제도의 도입으로 인한 내부통제제도의 운용 및 감독의 강화로 재무제표의 신뢰성이 강화되어 투자자들은 내부회계관리제도를 도입한 기업과 도입 이후 연도에 낮은 이자비용을 적용하고 있다는 것을 의미한다. 그리고 내부회계관리제도 검토결과 중대한 취약점 보고 혹은 검토범위 제한을 받은 기업은 그렇지 않은 기업보다 타인자본비용이 유의하게 높은 것으로 나타났다. 이는 중대한 취약점 보고 혹은 검토범위제한을 받은 기업들은 그렇지 않은 기업보다 부도위험등에 따른 위험 프리미엄을 반영하여 높은 자본비용을 요구했기 때문이라고 해석할 수 있다. 따라서 내부회계관리제도의 도입이 어느 정도 효과성을 나타나고 있다는 것을 검증하였다. The accounting scandal in the U.S. in early 2000's leads to the enactment of SOX(Sarbanes-Oxley) which emphasized the importance of internal control system in section 404. SOX affected accounting system in Korea and led to pass the new accounting legislation in April 2004. One of the acts in new accounting legislation is the internal control over financial reporting system(ICOFR) which is similar to Section 404 of SOX. In ICOFR, manager should evaluate the internal control system of company, issue a evaluation report of internal control system and get a authentication by CEO or CFO. Auditor also should issue a opinion about company's internal control system as well as evaluate the manager's evaluation report of internal control system. Auditor should issue a report about company's internal control system attached to a annual audit report. Therefore, we could think that internal control system was strengthened after the enactment of ICOFR. There were many studies which found the effectiveness of ICOFR. But their results were controversial : Sohn and Chung(2009) and Cho and You(2006) found that ICOFR was effective but Ahn and Choi(2008) and Choi and Moon(2009) found that it was not. In this study, we used the cost of debt capital(interest expense / non current debt) which is used as a proxy of information asymmetry. If the ICOFR was effective, the reliability of financial statement would be enhanced and the company could reduce the cost of debt capital. Investors would demand lower interest rate because they could reduce risk premium such as risk of bankruptcy. In empirical results, cost of debt capital of company which adopted ICOFR was significantly lower than that of company which did not adopt. And the cost of debt capital of year after the ICOFR reduced significantly compared to year before ICOFR. This is because reliability of company which adopted ICOFR increased due to the strengthened control of internal control and managers could reduce the information asymmetry between managers and investors. And, the company which received a qualified opinion(material weakness and scope limitation) had a higher cost of debt capital than company which received a unqualified opinion. Investors were not confident of reliability of company which got a qualified opinion because of the risk such as bankruptcy and credit. Therefore, they required more risk premium. In summary, we found that cost of debt capital reduced significantly after the ICOFR and company which adopted the ICOFR was significantly lower than that of company which did not adopt the ICOFR. Also, investors demanded a higher risk premium of company which received a qualified opinion. Therefore, we conclude that the ICOFR is effective.

내부회계관리제도에 대한 인적자원 투자와 기업의 운영효율성

신보선 ( Bosun Shin ),최승주 ( Seungju Choi ),한종수 ( Jongsoo Han ) 한국회계학회 2021 회계학연구 Vol.46 No.4

본 연구는 내부회계관리제도를 담당하는 인적자원에 대한 투자가 기업의 운영효율성에 미치는 효과를 살펴본다. 분석결과, 전체 종업원 수 대비 내부회계담당인력 규모가 큰 기업일수록 높은 수준의 운영효율성을 보이는 것으로 나타났다. 내부회계관리제도에 대한 인적자원 투자수준이 높은 기업일수록 기업 내부의 의사결정 용도로 생산되는 내부 보고서(internal management report)의 질이 높아져 더욱 높은 수준의 운영효율성을 가지는 것으로 보인다. 또한 내부회계담당인력에 대한 투자증대를 통해 작년대비 인력규모를 증가시킨 기업일수록 운영효율성이 향상되는 것으로 나타났다. 이는 현재 동일한 수준의 내부회계담당인력을 보유한 기업들이라 할지라도 추후 이루어지는 내부회계담당인력에 대한 투자규모에 따라 미래의 기업 운영효율성이 달라질 수 있음을 보여준다. 특히 내부회계담당인력의 규모와 해당 인력규모의 증대가 운영효율성에 미치는 긍정적 효과는 소규모 기업일수록 더욱 큰 것으로 나타났다. 이는 내부통제 수준 이외에 운영효율성에 영향을 미치는 다른 시스템적 요인들이 상대적으로 미비한 소규모 기업일수록 운영효율성 수준을 결정하는 데에 있어 내부회계담당인력이 상대적으로 더욱 중요한 역할을 한다는 점을 시사한다. 본 연구는 지금까지의 내부회계관리제도 관련 선행연구들이 재무제표의 신뢰성 확보라는 주목적에 대한 검증에 초점을 맞추었던 것과 달리 기업내부의 운영효율성이라는 기업경영 측면의 효과를 실증적으로 확인한다. 이를 통해 내부회계관리제도의 비용-효익에 대한 논쟁에 있어 해당 제도가 가져오는 효익 측면의 증거를 추가적으로 제시한다는 점에서 의의가 있다. 특히 최근 내부회계관리제도에 대한 인증수준이 검토(review)에서 감사(audit)로 강화되는 등 점차 관련 비용이 증가하는 상황에서, 본 연구가 기업의 내부회계관리제도에 대한 부정적인 인식을 완화시키고 기업들로 하여금 담당인력에 대한 투자를 자발적으로 증가시킬 수 있는 유인을 제공할 수 있을 것으로 기대한다. In this paper, we examine whether human resource investment in internal control affects firm operating efficiency at both the firm and individual department level. We find that operational efficiency, derived from frontier analysis, is positively associated with the level of human resource investment in internal control. We also find that the increase in investment in internal control personnel leads to an improvement in operational efficiency. Our cross-sectional analysis indicates that the positive association between the human resource investment in internal control and firm's operational efficiency is more pronounced for smaller firms. Unlike prior studies mainly focusing on the effect of internal control on firm's financial reporting quality, this paper focuses on the positive effect of internal control on corporate operation. Thereby, our study documents that effective internal control system not only enhance the decision making of the external information users as documented in prior studies, but also help internal users, such as management, make better decision. Our findings also informs the debate over the costs and benefits of the internal control reporting requirements, which is relevant and timely given that recent amendment of the External Audit Act, effective November 2018, raised the level of assurance auditors provide on firm's internal control.