정상․비정상 외환손익 규모에 대한 감사인의 대응: 감사인사업위험과 감사절차위험 성격에 대한 조사

Auditors respond to audit risks by increasing audit hours and audit fees, and their audit plans are modified little upon risk changes during the audit process. This study examines the auditor's behaviors toward audit risks from the predictable or unpredictable foreign exchange (FX) gain/losses. Because volatility and complexity of FX transactions can be used for earnings management, auditors would recognize their magnitude as audit risks. Results of this study indicate that there is no significant difference in audit hours, audit fees, and hourly audit fees depending on the magnitude of FX gain/losses. On the other hand, when the normal FX gain/losses is large, audit hours increase and hourly audit fees decrease. When the abnormal FX gain/losses increases, the audit hours decrease and hourly audit fees increase. However, both have no significant relations with audit fees. This result may indicate that the auditor does not perceive only FX gain/losses as the audit risk, but differently recognize its normal portions as audit risks predictable according to client characteristics which is planned to be covered by increasing audit hours, while its abnormal portion, not predictable in the planning stage, is little responded by the auditors; rather they decrease audit hours. This could be interpreted that auditors respond to normal and abnormal FX gain/losses similarly with “audit process risks” and “auditor business risks”, respectively, to which auditors differently respond by increasing audit hours and audit fee premium, respectively.