내부회계관리제도 비적정 검토의견 지적사유가 부채조달비용에 미치는 영향

An internal accounting management system (IAMS) is a system introduced to improve theaccounting transparency and secure the accounting credibility of a firm. A firm reporting anIAMS qualified review opinion indicates that it is being managed more inefficiently than a firmreporting a unqualified review opinion. Hence many previous papers have presented empiricallythat outside information users view more negatively a firm reporting an IAMS qualified reviewopinion than a firm reporting a unqualified review opinion. Based on previous papers, the thispaper analyzed to verify whether the next-term cost of debt is higher for a firm indicating anqualified review opinion due to IAMS structural problems than for a firm indicating an qualifiedreview opinion due to inadequate control of account. This paper also verified the impact on thenext-term cost of debt by major reasons and examined whether the reasons for IAMS qualifiedreview opinions affect the decision making of bond market participants. This study analyzed KRX-listed firms that have reported IAMS qualified review opinions from2006 to 2009 and from these chose 197 firms. The analysis results are as follows. First, of the firms reporting IAMS qualified reviewopinions, those reporting reasons by function had higher next-term cost of debt than thosereporting reasons by account. Second, next-term cost of debt was found to be higher for firmsthat received qualified review opinions because they failed to submit reports on the managementof IAMS to auditors or showed inadequate management, operation and documentation of IAMS. The results mean that the bond market participants perceive negatively firms reporting the twomajor reasons.