비상장기업의 감사인교체 및 감사의견개선에 관한 연구 : 감사의견 종류 및 원인별 분석

This study analyses 60,338 annual data(from 2005 to 2016) of Korean non－listed manufacturing companies subject to the external audit requirement with a focus on whether firms that have received a modified opinion are likely to change their external auditor and receive clean opinions. Unlike previous studies, it looks into the trends behind the change of external auditors with a focus on the types of the auditor’s opinions and rationale behind them, as well as whether the change of the auditor leads to an improvement in the audit opinion. We find that companies that have received a modified opinion during the previous period are likely to change their external auditor, and that companies with worse audit opinions or uncertainties on the going concern assumption are more likely to change their external auditor. We also find that there is no significant difference of improvement in the audit opinion between modified opinions companies that change auditors and not change auditors, and companies with worse audit opinions or uncertainties on the going concern assumption are less likely to receive clean audit opinions. Additionally, companies that have received modified opinions during the previous year prefer Non－big 4 audit firms that are expected to provide lower audit quality service than Big 4 audit firms, which suggests that Korean non－listed companies with modified opinions change auditors to receive clean opinions such as opinion shopping.