상장폐지기업의 감사인 교체가 감사품질에 미치는 영향

This study examined the effects on audit quality by looking at any difference in profit adjustment behaviors in the event of auditor change during the period (t=-3, -2, -1) before the risk situation of delist. And the study also analyzed the difference in audit quality of firms delisted from KOSDAQ and firms with delisted securities in the event of auditor change. The study findings are as follows: First, delisted firms, in comparison with continuously listed firms, were found to have adjusted income upward through discretionary accruals. This means that firms with the risk of delisting used discretionary accruals to avoid their lower performances such as poor sales performance, etc. In other words, if the present auditor was conservative, the auditor was replaced with a less conservative auditor to make opinion shopping. Second, concerning the components of real earnings management through real activities, the firms were found to have adjusted profit upward through relieved credit policies, customer price cut, etc. 2 and 3 years prior to delisting. One and 2 years before delisting, they were found to adjust sales cost and inventory for profit upward adjustment. Third, the effects of profit adjustment of firms with delisted securities and KOSDAQ-delisted firms on their audit quality were examined in this research. As a result, if an auditor was replaced in KOSDAQ-delisted firms, their credit policies and customer price cut were found for profit upward adjustment. And by reducing advertisement, R&D expenses, etc., they were also found to have tried to increase profit. This means that, firms changing an auditor in a year before delisting preferred profit upward adjustment based on real activities with lower risk of detection.