국제회계기준 조기적용기업의 감사보수 및 감사시간에 관한 연구

The purpose of this study is to analyze the effect of IFRS transition on audit hours and audit fees of the early IFRS adopters. Specially, we analyse an effects of a major accounting change from K-GAAP to K-IFRS on fees paid to auditors and audit hours. In Korea, listed companies are obliged to prepare consolidated financial information under K-IFRS after 2011. The adoption of a new accounting standards is likely a huge step and there is no prior practice or guidance, especially if K-GAAP differ significantly from K-IFRS. This audit circumstances need for sufficient effort to auditors. The complexity of the transition can cause extra client risk and more time-consuming work. And prior research report that higher client risk and work will be associated with higher audit fees. In this context, our study of 58 early IFRS adopters focuses on the relation between IFRS's complex nature and audit fees and audit hours using regression analysis. According to the result, no significant correlation was observed between IFRS adjustment and audit fees. But we find significantly positive relation between K-IFRS adjustment and audit hours. This means that auditors are spend more effort on reviewing K-IFRS statements than K-GAAP, while there is no significant increases of audit fees. Overall, this result is correspond to prior research and should be important not only to the adopting firms but to accounting firms.