제조원가명세서 공시와 감사보고 시차

[Purpose] This study examines the relationship between the voluntary disclosure of the schedule of manufacturing cost and audit report lag, and verifies whether there is a difference depending on the foreign ownership in their relationship. [Methodology] The sample of this study consists of 3,329 firm－years listed on the Korea Exchange from 2011 to 2018. For the empirical analysis, the methodology of Kim et al.(2016) was applied to whether or not to disclose the schedule of manufacturing cost, and the audit report lag is defined as the number of days between client’s fiscal year－end and the audit report date. [Findings] The analysis results are as follows. First, the disclosure of the schedule of manufacturing cost and the audit report lag were significant in the positive (＋) direction. It is inferred that the effect of increasing the inherent risk by including the contents of voluntary disclosure in the financial statements is relatively greater than the effect of reducing information asymmetry due to the voluntary disclosure, and thus the audit report lag has increased. Second, the relationship between the disclosure of the schedule of manufacturing cost and the audit report lag according to the foreign ownership ratio showed a significant positive direction only in the group with the foreign ownership ratio greater than the median. It can be inferred that foreign investors demand more reliable accounting information from investment firms, so firms put more effort into auditing, which leads to an increase in the audit report lag. [Policy Implications] This study is meaningful in that it directly examined how the voluntary disclosure of the schedule of manufacturing cost affects the audit report lag in terms of auditing. Voluntary disclosure of the schedule of manufacturing cost was acting as a determinant of the audit procedure by increasing the firm’s inherent risk. It is expected to provide implications for supervisory authorities, auditors, and audited firms.