주석 작성에 미치는 감사인의 영향과 신외감법 도입 효과: 주석유사도를 이용한 검증

This study investigates whether auditors have an effect on preparation of financial statement notes and whether the effect has decreased after the amendment of act on external audit of stock companies (New External Audit Act) implemented in 2018. By decomposing the notes into sentences and vectorizing them with the help of natural language processing techniques, we measure cosine similarity between two vector pairs. Based on the cosine similarity of sentences, we measure how similar the financial statement note is with other firms’ notes(cross-sectional similarity) and with its prior notes(longitudinal similarity). We find that the cross-sectional cosine similarities are larger among firms sharing the same auditors than total sample. Additionally, the decrease in longitudinal similarities when auditor changes shows that the auditor apparently affect preparing for financial statement notes. After the adoption of the New External Audit Act, the cross-sectional similarity among the same auditor group decreased. When auditor changes, the decrease in longitudinal similarity reduced compared to before the introduction of the New External Audit Act. These results shows that the introduction of New External Audit Act has reduced the impact of auditors in writing notes.