내부회계관리제도에 대한 인적자원투자와 재무보고의 품질

This study aims to investigate the association between the human resource investment for Internal Control over Financial Reporting (hereafter, ICFR) and the financial reporting quality (hereafter, FRQ). Despite the prior studies find out that the ICFR plays the important roles in the capital market and the stakeholders, only few research exists regarding as the personnel in charge of ICFR or the investment on them which should be premised for the effective operation of ICFR. Especially, the relationship between the investment on human resources in charge of ICFR and the reliability of financial reporting has not been actively researched yet. Therefore, with the purpose of filling this research gap, this study investigates the relationship between the investment on human resources in charge of ICFR and the reliability of financial reporting. In detail, this research examines whether the sufficient investment on human resources for ICFR relates to providing more reliable financial reporting which is goals of ICFR by analyzing the association between the relative extent of human resource investment for ICFR and the FRQ. For the purpose of analysis, the sample of this study covers non－financial firms having December fiscal year from year 2006 to 2010 listed in either the Korea Stock Exchange or KOSDAQ markets. In order to identify the investment level on the human resources in charge of ICFR, I hand－collect the number of personnel in charge of ICFR and their average experience months from the ‘ICFR Operation Report’ in the annual report. I measure the human resource investment for ICFR as the number of employees involved with ICFR implementation multiplied by the average experience of those. The FRQ is used in terms of the accruals quality. The empirical results are as follows. First of all, the human resource investment for ICFR is significantly associated with the higher FRQ. It means that there is positive relationship between the investment level on the human resource in charge of ICFR and the reliability of financial reporting as expected. This empirical result is consistent in the analysis not only after separating the personnel in charge of ICFR into ‘operating department’ and ‘auditing committee or board of directors’ but also among the firms without material weaknesses in their ICFR. The results above implies that the human resources investment for ICFR is the essential factor in the effective operation of ICFR and that it secures the reliability of financial reporting. Above the findings have following contributions and differentiation points from the prior research. First, this study has shown that the investment on human resources in charge of ICFR is positively and significantly related to restoring the reliability of financial reporting. In spite of the importance about the human resources who are involved with ICFR implementation, its related research had been infrequently conducted due to the insufficient data. As a result of empirical analysis of this study, it confirms that there is a positive association between the relative level of human resource investment for ICFR and the FRQ. In addition, it gives suggestion to the way of measuring the degree of effective operation of ICFR through internal human resources’ information of the firms without material weaknesses in their ICFR, and it also makes the additional contribution as it offers the grounds to infer the extent of individual firms’ reliability in the financial reporting through the publicly disclosed human resource information related to the ICFR. That is, the findings of this study have implications as it confirms that the public announcement of human resource in charge of ICFR compelled by Korean regulation authorities provide useful information for the economical decision making of accounting information users.