감사품질과 재무분석가의 이익예측정확성－감사인의 규모와 산업별 전문화를 중심으로－

By reviewing whether analysts' earnings forecasts accuracy may be different depending on the type of auditors, this study investigates whether the type of auditors vary audit quality from the viewpoint of information users. From the analysis of 172,223 analysts' earnings forecasts data from 2000 to 2006 provided by FnGuide.com, this study indicates that analysts' earnings forecasts had been more accurate when audit information was issued by Big 4 and the level of specialization in each industry which is calculated from the subject firms' assets and the number of firms was high. These results remained consistent even after controlling firm characteristics variables which may affect the properties of analysts’ earnings forecasts. This means that the difference of audit quality resulting from the type of auditors may affect the reliability of accounting information. This study is meaningful in that it proves that audit quality affects decision making of accounting information users by measuring audit quality affecting accounting information reliability from the viewpoint of information users. In addition, since this study shows that earnings forecasts accuracy may be affected by the type of auditors, it helps analysts improve earnings forecasts accuracy by helping them exert more efforts and attentions when accounting information was issued by small audit firms or less industry specialized auditors. The improvement of analyst’ earnings forecasts accuracy is useful not only to investors but to analysts.