신외감법의 도입 효과：기업 실무자 평가를 중심으로

[Purpose] The purpose of this study is to investigate how the new External Audit Act amended in 2017 affects business practice and whether it has achieved its intended purposes. [Methodology] To this end, we conduct a survey on the impact of five new regulatory changes：(1) periodic external auditor designation, (2) mandatory audit of internal control for financial reporting, (3) standard audit hours, (4) strengthened penalties for companies and external auditors, and (5) the expanded audit committee responsibilities. Specifically, this study evaluates these changes in relation to (ⅰ) enhancing corporate accounting capabilities, (ⅱ) strengthening auditor independence, and (ⅲ) reinforcing the monitoring role of external audits. [Findings] Key findings indicate that mandatory audit of internal control for financial reporting and the periodic designation of external auditors were considered the most effective policies, leading to increased investments in financial and human resources. Respondents noted improvements in internal control systems and greater awareness of accounting and disclosure responsibilities as positive outcomes. However, challenges were also identified, including a limited understanding of company operations by designated auditors, unrealistic standardized audit hours, and a significant financial burden associated with internal control implementation. [Policy Implications] As the first empirical investigation of the amended Act’s practical implications from the perspective of practitioners, this study contributes to the existing literature on the effectiveness of the new regulatory changes and provides valuable insights for future policy refinements of the Act.