신외감법 도입이 회계이익의 질에 미치는 영향：표준감사시간제도, 내부회계관리제도, 과징금제도를 중심으로

[Purpose] The purpose of this study is to investigate the effects of the revised external audit law on earnings quality. The revised external audit law was adopted in Nov, 2018. The revised external audit law included a standard audit hours policy, internal accounting control system, and penalty system. Thus, this study analyzed whether there is a change in the degree of earnings quality before and after the implementation of the revised external audit law. [Methodology] Our sample consists of 815 listed firms in 2016 and 933 in 2019. Both 2017 and 2018 were excluded since the two years were transition period of introduction and unsettled system. We used Pae’s accrual model(2005) revised from modified Jones’ model(Dechow et al., 1995) to measure earnings quality. [Findings] The quality of earnings was improved after adoption of the revised external audit law. It indicated that the adoption of the revised external audit law resulted in the decrease of intentional accounting fraud and earnings management. This study also analyzed these effects in three industries such as order－made production industry, the high－tech industry, and regulation industry. The additional analysis result indicates that order－made production industry which tends to depend on management’s accounting estimation showed the improvement of earnings quality. [Policy Implications] There co－exist positive and negative perspectives related to the revised external audit law. Despite it, the result of this study demonstrates positive effects of the revised external audit law. Yet, since it’s still in the early stage of introduction, we should consistently pay attention to policy for the settlement of the system considering the size and the circumstance of firms. And the result of this study can be used for the improvement of the policy.