가결산 실적변경에 대한 정정공시와 감사지연

Most firms disclose their preliminary earnings before actual earnings are finalized to alleviate information asymmetry. However preliminary earnings can be revised after audit. In this case, if the firms do not disclose the fact that preliminary earnings are revised, most investors may be unaware of these correction until final earnings are announced. This can be caused information asymmetry and adverse selection among investors. Some firms announce the fact that their preliminary earnings are revised while others do not because corrective disclosure over preliminary earnings is not mandatory. However voluntary corrective disclosure is helpful to mitigate information asymmetry and contribute to decision-making. It can also affect auditors’ audit risk assessment. In this regard, this study examined the motivations of firms for voluntary corrective disclosure and what it means in terms of auditing. The analysis find that audit delays are significantly alleviated when there are voluntary corrective disclosures over preliminary earnings. This means that voluntary corrective disclosures have played a role in addressing stakeholder concerns, particularly auditors, about the firms’ internal control system. In other words, if there are no significant deficiency in the internal control system, the firms chooses voluntary corrective disclosure intentionally to differentiate itself from other firms. External stakeholders are concerned that company will revise its earnings after discretionary disclose firms’ preliminary earnings. If firms' earnings disclosures are not supported by their quality, the market will place low value on earnings disclosures. In this regard, this study sheds light on the fact that firms' preliminary earnings disclosure requires attention and effort to enhance disclosure quality in order to achieve the original purpose of resolving information asymmetry.