감사인 지정과 감사시간이 감사보수에 미치는 영향에 대한 연구 : 감사보수와 감사시간의 내생성 검증을 중심으로

The purpose of this study was first to test the difference between free-engaged auditors' audit fees and designated auditors' audit fees in general and second to test the association with a focus on audit hours as to what the most important factor is in determining designated audit fees. Here it attempted to test endogeneity between audit fees and audit hours in testing the association between free-engaged audit fees and designated audit fees, and audit hours and then to test the association between them after controlling for endogeneity if it existed. The main results of this study can be summarized as follows: First, it was found that designated auditors' audit fees were higher than free-engaged auditors' audit fees on average. And 2SLS controlling for endogeneity showed the same result. Second, it was found that there was no significant difference in audit fees between BIG4 auditors and NonBIG4 auditor in relation to auditor designation. This is the result inconsistent with the prediction that in relation to auditor designation, BIG4 auditors would receive higher audit fees than NonBIG4 auditors because of the difference in reputation. Third, designated auditors set high audit fees in consideration of the audit risk under officially a problem of the accounting system. It was found that Accounting Fraud Record Firms with the high audit risk were paying higher audit fees than those of other firms. And it showed the same result as those of 2SLS controlling for homogeneity. Fourth, it was found that audit fees increased as audit hours increased. 2SLS controlling for endogeneity showed the same result. But the result of 2SLS showed that the most determinant in making a contract about designated audit fees is audit hours spent to reduce the audit risk rather than the asset size of the firm, at least in Korea.