감사위원회와 외부감사보수：도입 및 재임기간을 중심으로 = Audit Committee and Audit Fees：Focused on Audit Committee Adoption Period and Member Tenure

다국어 초록 (Multilingual Abstract)

[Purpose]We examine the effects of the audit committee adoption period and audit committee member tenure on audit fees. We also investigate the marginal effects of the audit committee member tenure on audit fees. Further, we analyze the moderating effect of complexity of information environment on the relationship between audit committee member tenure on audit fees.
[Methodology]Using 1,411 firm－year data for non－financial companies with audit committee listed on the Korea Stock Exchange market from 2001 to 2012, we perform the least square and two stage least squares regression analysis.
[Findings]We find the following test results. First, as the adoption period of an audit committee increases, the audit fees increase as well. Second, as the member tenure of an audit committee increases, the audit fees also increase. Third, the relationship between audit committee member tenure and audit fees forms an inverted U－shaped curve over time. Finally, the impact of the audit committee member tenure on audit fees is more powerful in firms with slightly complex information environment than in companies with highly complex information environment.
[Implications]Unlike previous research, this study considers not only the effect of audit committee adoption period on audit fees but also moderating effect of information environment on the association. Further Korean regulatory authorities could use these empirical test results as supporting evidence in improving tenure policy on audit committee members.

국문 초록 (Abstract)

[연구목적]본 연구에서는 감사위원회 도입기간이 외부감사보수에 미치는 영향을 분석하였다. 그리고 감사위원 재임기간과 외부감사보수 사이의 관계를 분석하고, 감사위원 재임기간이 외부감사보수에 미치는 한계효과를 검증하였다. 그리고 감사위원 재임기간이 외부감사보수에 미치는 효과가 기업의 정보환경 복잡성에 따라 차이가 있는지 검증하였다.
[연구방법]2001년부터 2012년까지 한국거래소 유가증권시장(KOSPI)에 상장된 비금융기업 중에 감사위원회제도를 도입한 1,411 기업－년 자료를 분석하였다. 감사위원회 도입기간과 감사위원 재임기간이 감사보수에 미치는 영향을 검증하기 위해, 회귀분석과 2단계 최소자승 회귀분석(2SLS regression)을 실행하였다.
[연구결과]감사위원회 도입기간이 길어짐에 따라, 외부감사보수가 높아지는 것으로 나타났다. 그리고 감사위원 재임기간이 길어짐에 따라 외부감사보수가 높아지며, 감사위원 재임기간이 외부감사보수 증가에 미치는 한계효과는 감소하는 것으로 나타났다. 또한 재무분석가수가 많아 정보환경의 복잡성이 낮을수록 감사위원 재임기간이 외부감사보수에 미치는 효과가 더 큰 것으로 나타났다.
[연구의 시사점]본 연구의 분석결과는 감사위원회 도입기간에 대한 효과를 검증했다는 점에서 선행연구와 차별화되는 학문적 의의가 있다. 또한 감사위원 재임기간이 길어짐에 따라 감사보수가 증가하지만 한계효과가 감소할 수 있다는 분석결과는 감사위원 임기와 관련된 제도방안을 마련하는 근거로 사용될 수 있다는 점에서 실무적 의의가 있다.

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