수주산업 회계투명성 제고방안에 관한 연구－대우건설 감리사례를 중심으로－

Daewoo E&C reported cumulative net income for the third quarter of 2013 at 168 billion won. However, Daewoo E&C reported an annual cumulative loss of 788 billion won in the fourth quarter, recognizing a net loss of around 1 trillion won in the fourth quarter. The Financial Supervisory Service began audit of violations of the accounting standards of Daewoo E&C. In the process, the company`s investors suffered an economic loss due to a stock price decline following accounting issues, including a sudden loss of earnings and an external auditor's refusal to comment on the financial statements. And these losses had a negative impact on the company's assessment of investor and industry transparency and reliability. In order to enhance the transparency of accounting in the order－taking industry, the financial authorities analyzed the causes of the accounting supervision separately from the accounting supervision and prepared measures for improvement. In order to prevent the recognition of arbitrary profit and expenses, the Company has decided to announce the change of the construction profit in the annotation of the financial statements and strictly control the change. The Company is forced to reevaluate estimated projected construction costs quarterly and to report to the internal audit organization. Major business sites, which account for more than a certain percentage of sales, have to disclose information such as progress and unbilled construction separately in the notes to the financial statements. In addition, the regulation added responsibility for the violation of the accounting standards of the company to the internal and external auditors, and introduced an accountability system to require external auditors to actively audit the company. The improvement measures led to the revision of the external auditing law, accounting standards and auditing standards of corporations. Some of these processes are lacking. However, it is estimated that it will make a great contribution to enhancing the transparency and credibility of financial system. This study is the accounting treatment of Daewoo E&C that served as the trigger of such measures. We examine the process and analyze the institutional changes and the limitations. This study is expected to be helpful for companies, stakeholders, auditors, and educational institutions in related industries.