사업보고서 정정과 외부감사인의 위험평가

This study investigates whether external auditors consider corrections in annual report descriptions and attachments when assessing audit risk, including audit fees and audit effort. Specifically, The study analyzes the relationship between annual report corrections (including corrections of descriptions and attachments) and audit fees and hours. Based on an analysis of 13,622 listed company-years from 2011 to 2019, annual report corrections exhibited a significant positive relationship with both audit fees and audit hours in the following year. This suggests that auditors perceive annual report corrections as indicators of high information asymmetry and declining disclosure quality, and incorporate these factors into their risk assessments. In addition, the study suggests that among the types of annual report corrections, auditors assess risks more actively for description corrections than for attachment corrections. Furthermore, this study suggests that revisions to annual reports are negatively associated with financial reporting quality, serving as a key indicator of information risk for companies. This study has the following policy implications. First, this study examines auditors’ risk response behavior, suggesting that they consider corrections in annual reports as audit risk factors. Second, this study provides empirical evidence that supervisory authorities’ inspections of annual reports and their subsequent responses play a crucial role in capital market oversight, as indicated by the observed negative relationship between annual report corrections and financial reporting quality.