비정상 감사보수 및 비정상 감사시간을 활용한 감사품질 사례연구

This paper measures audit quality with audit fees and hours and analyzes that 1) whether it is low the audit quality of the company having accounting fraud problem (ad hoc analysis) and 2) a company have accounting fraud in the future the audit quality of which is evaluated as low (lexical analysis). First, we investigated whether audit quality as a prior indicator was low by analyzing audit quality of the firm of lawsuit related to accounting that was estimated to have problems in quality of financial reporting or audit quality. Then, abnormal audit fees and hours were used as measurement of audit quality. Turbotek Co., Ltd., among the firms that had window dressing accounting, were filed of lawsuit by minority shareholders, and were decided of compensation for damages as the plaintiff won the case, was selected to be the case in this study by considering newspapers. As for Turbotek Co., Ltd. that was filed of compensation for damages due to window dressing accounting by adjusted accounting of trading securities, the abnormal audit hours were lower than the mean of the industry and the abnormal audit fees were higher than the mean during the period of window dressing accounting, as expected. There results may indicate that when abnormal audit fees are higher economic dependency relationship increases and independency is damaged, while when abnormal audit hours are lower efforts of auditors are less invested and audit quality is lower. Second, we identified usefulness of abnormal audit hees and hours as prior indicators in finding out problematic firms by examining audit quality and economic situations after audit for a firm that was expected to be low in financial reporting quality and audit quality. For doing this, VK corporation was selected among the firms reporting prior period error corrections between 2002 and 2008 because it had high abnormal audit fees and low abnormal audit hours. As for VK corporation, the financial reporting quality was lower, and when compared to the mean of the industry, the abnormal audit hours were lower and the abnormal audit fees were higher. Also, there were follow-up problems because it went bankrupt and was delisted one year after the error reporting. Given the results of the analysis of the two firms, abnormal audit fees and hours could serve as sufficient proxies showing differentiation in audit quality, presenting supplementary explanation on the possibility of abnormal audit fees and hours as proxies showing audit quality, with the results of analysis using large sample.