신외부감사법 도입 효과에 관한 문헌 연구: 정책적 시사점을 중심으로

[Purpose]The purpose of this study is to systematically review research papers related to the effects of the New External Audit Act introduced in 2018, in order to establish the foundation for evidence－based policy decisions and identify areas for future research. [Methodology]From 2019 to 2023, an analysis of literature was conducted, focusing on empirical research papers published in journals indexed by the Korea Research Foundation and research results presented at seminars, related to the periodic auditor appointment system, standard audit hour system, internal accounting control system audit, auditor registration, and the strengthening of audit committee authority in accordance with the New External Audit Act. [Findings]The introduction of the New External Audit Act generally improves the financial reporting quality of businesses and reduces the cost of capital. Additionally, it was analyzed that it enhanced the independence and expertise of auditors, leading to improved audit quality. However, some studies did not find significant effects of the New External Audit Act. Furthermore, there was an apparent substantial increase in audit fees and audit hours, which added to the burden on businesses. [Implications]This study highlights the need for ongoing accounting reforms to advance the capital market while emphasizing the importance of managing the burden on businesses at an appropriate level. Furthermore, it put an emphasis on the need for various follow－up research to verify the policy effects of the New External Audit Act, including the auditor registration system for listed companies, to facilitate evidence－based policy decision－making.