국제회계기준 도입 자문서비스와 국제회계기준 재무제표 감사품질

As all listed companies are required to adopt IFRS from 2011, most of listed companies had received IFRS advisory service from accounting firms since 2007 when the adoption of IFRS was announced. Companies need to set up appropriate accounting systems and procedures to apply IFRS because the adoption of IFRS means a fundamental change of accounting paradigm. This study is initiated by the idea that the audit of the first IFRS financial statements has a difference when IFRS advisory service has been provided by the incumbent auditor. As such, whether an auditor has provided IFRS advisory service or not is included in regression models as an independent variable. We examine the effects of IFRS advisory service provided by the incumbent auditor on IFRS financial statements audit in aspects of audit quality, audit hour and audit fee. We use discretionary accruals as a proxy for audit quality. All listed companies in Korea adopted IFRS from January 1, 2011 except IFRS early-adopters. Most of listed companies had received IFRS advisory service from accounting firms. Some companies received this IFRS　advisory service from the incumbent auditor. This study investigates differences in IFRS financial statements audit when IFRS advisory service was provided by the incumbent auditor. Results show that the absolute value of discretionary accruals is decreased when the incumbent auditor has provided the advisory service and imply that audit quality is enhanced. Also, IFRS advisory service provided by the incumbent auditor has a positive and significant coefficient on audit hour and audit fee. Our results indicate that auditors provided higher-quality audit service by spending more time and efforts on their audit when they had provided IFRS advisory service. The result of this study implies that those who have not provided IFRS advisory service need to spend more time and efforts to perform sufficient and appropriate audit procedures, while it shows that audit quality is enhanced when the incumbent auditor provided IFRS advisory service.