감사인 교체와 회계정보의 가치관련성

[Purpose]This study is performed with the hypothesis that auditor change would not be related to value relevance. [Methodology]The hypothesis of this study is based on mixed research results related to auditor change. This study analyzed how the auditor change affects the value relevance of earnings and the value relevance of equity using the Ohlson(1995) model. From 2011 to 2018, we intend to analyze 5,153 corporate years. [Findings]Investors do not improve audit quality due to auditor change, but rather, it is judged that the quality of the accounting information is lowered. Therefore, it is judged that investors decrease the weight given to earnings and increase the weight given to equity when the auditor changes. We conducted additional tests by dividing auditor change by three type. As a result of the test, it is found that the auditor’s same level change (Big4 → Big4 or non－Big4 → non－Big4) and downward change (Big4 → non－Big4) decrease the value relevance of earnings and increase the value relevance of equity. It is found that the auditor's upward change (non－Big4 → Big4) do not have an additional effect on the value relevance of earnings and the value relevance of equity. [Implications]This study is considered to have a contribution point in that it presents data that can predict the effect of the introduction of ‘Auditor Design Rules’. In other words, this study is expected to have policy implications in that it tests the effect of the introduction of ‘Auditor Design Rules’ on accounting information in relation to the decision of investors.