감사위원회 품질과 내부회계관리제도의 도입이 회계투명성에 미치는 영향

This study is to test the effects on accounting transparency and to measure audit committee quality induced by introducing internal control system in the listed firms of Korea. We compare the degree of transparency by dividing sample firms into two groups including the firms in 2003 and 2004 year, and the firms in 2005 and 2006 year at the basis 2004 year when the firms introduced internal control system. The results are as the followings. First, the result of study provides empirical evidence that there exists a significant negative relation between the largest ACIND(audit committee independence) variable and accounting transparency. This means that the more the number of members of audit committee is large, the higher the degree of transparency of firms show. On the contrary, the degree of proficiency of audit committee and activities of audit committee variables do not show significant results which are conformed to previous studies. The empirical findings imply that enhancing accounting transparency by introduction of an audit committee has increased the number of independence and specialty members of audit committee . Second, discretional accruals are lower before the introduction of internal control system than after the introduction of the system but the difference is not significant. This result can be explained with inexperienced operation caused by the incipient state of internal control system, and a restrictive application to a review procedure not including audit procedure for the actual conditions of internal control system.