내부회계관리제도 검토의견이 재무제표 감사의견에 미치는 영향

This study investigates whether the review result of internal control over financial statement affect audit opinion on financial statement. In Korea, the auditor has to review the internal control and attest the review opinion, which has some weaknesses that there are higher possibility of opinion shopping and not reporting the problem compared with audit. This study investigated how the review opinion of internal control over financial statement affect audit opinion on financial statement, when there is the weakness on internal control or there is the rejection of review opinion due to material limitation on review work. And this study also investigated whether there are different effects by the number of the weakness on internal control and by the reason of the non-unqualified review opinion. Specially, we use three factors as the reason of the non-unqualified review opinion; We divided the material weakness of internal control into two factor, company-overall and accounting specific. And we regard the rejection of the review opinion as third factor. As the result, there was the higher possibility for auditors of attesting the non-unqualified audit opinion on financial statement, when the auditor attested the non-unqualified review opinion on internal control. It verified that the problem of the internal control increases the uncertainty of financial statement, audit risk, and litigation risk and the auditor attests the non-unqualified audit opinion on financial statement to control these uncertainty and risks. The possibility of attesting non-unqualified audit opinion on financial statement was higher, as the number of the weakness on internal control was increased. And as the result of the effect by the reason of the non-unqualified review result, there was higher possibility for auditor to attest non-unqualified audit opinion on financial statement, when where was the material weakness related to accounting-specific or the material limitation of review work in internal control system; however the material weakness related to company-overall didn’t affect significantly on attesting the audit opinion on financial statement. This study suggest the empirical result for the standard of review on internal control mentioning that the review on internal control is integrated with auditor’s decision on the process, scope, time for audit on financial statement. And also this paper is differentiated from prior studies by showing the result according to segmentation of the review opinion, such as the number of weakness, the reason of non-unqualified.