내부회계관리제도의 검토결과가 회계정보의 가치관련성에 미치는 영향

This study verifies how the unqualified review reports of internal accounting control systems affect the value relevance of accounting information, focusing on the listed companies of KOSPI and KOSAQ from 2005 until 2007. The results of the concrete analysis are the following. First, as the abnormal earnings and the equity of the companies given unqualified review reports show the less value relevance than those of the companies given qualified review reports, it is indicated that the lower reliability of the financial statements of the companies given unqualified review reports also reflects the negative effects on the stock market. Secondly, while the value relevance of the abnormal earnings is lower when listed non－small companies are given unqualified review reports, there was no difference in the case of listed small companies. Thirdly, while the value relevance of the abnormal earnings and the equity of are lower when the companies that have the material are given unqualified review reports, there was no difference in the case of the companies for which the scope was limited. The purpose of this study is to show that unqualified review reports may make a negative effect on the stock markets as the value relevance of the accounting information of the companies which have the unqualified review reports is less than those which have qualified review reports. We also suggest a sound reason why the application of the management’s assessment standards should be excluded by proving that small companies show no difference in the value relevance of accounting information between qualified review reports and unqualified ones.