감사위원회가 이익조정에 미치는 영향

The Audit Committee System of Korea was first introduced by the Commercial Code, as amended in 1999. The Audit Committee System was first introduced in the US and installed to monitor the operational and financial status of the company by the executive. The Audit Committee System of Korea was expected to be the most effective institution for the advancement of corporate governance. However, this new system has been criticized for reasons that lack of preparation for system introduction. The results of previous studies on the effects of the introduction of the audit committee system are showing a mixed pattern with positive results and negative results. This study is to find out how the establishment and the volunteer establishment of an audit committee affect real earnings management(RM) in a company using the empirical analysis. Prior studies have investigated that managers employ discretionary accruals and manipulate investment activity. This study examines real earnings management, using the adjusted Jones model and Kothari model. The study was conducted on the listed companies having the fiscal year ending in December except banking companies. The test samples consist of year－firm 3,491 selected from the Korea Stock Exchange(KSE) listed companies over 2002－2010. The results of the study are as follows：First, firms that establish an audit committee decrease real earnings management. Second, the firms with voluntary audit committee formation have a negative effect on real earnings management. This study shows the interesting results through the empirical analysis. But there are still measurement errors regarding test variables and estimated variables.