내부회계관리제도가 감사보수에 미치는 영향

This study examines the effects of mandatory adoption of internal accounting control system on audit fees. According to the results, the mandatory adoption of internal accounting control system is positively related with audit fees after controlling various factors which were documented to affect on audit fees. Also, through the analysis of the increased audit fees by firm size, the larger firms pay the more audit fees than the expected audit fees which are calculated in accordance with the estimate model of audit fee. However, the small firms under 100 billion won of total assets pay the less audit fees than the expected audit fees. Additionally, we retest the same analysis with the samples under 2 trillion of total assets because Korean Security Trade Law regulates that the public firms above 2 trillion of total assets should equip audit committee with more than 3 outside directors and compose more than two thirds outside directors out of total directors in a board, and Class-Action Securities Litigation would be enforced on the public firms above 2 trillion of total assets from 2005. Also, we retest with matching samples based on total assets to confirm whether the audit fees increase due to adoption of internal accounting control system or growth of total assets because audit fees are likely to be significantly affected by total assets. Finally, we retest using Price Index on behalf of total asset growth(GRWit) in order to reflect inflation in the model. All the results of additional tests are similar with those of the original test. This study concludes that the larger firms evaluate the economic benefit higher than the cost, on the other hand, the smaller firms evaluate the cost higher than the benefit from adoption of internal accounting control system in terms of audit fees.