내부회계관리제도에 대한 외부감사와 정보비대칭

[Purpose]This study investigates whether external audits of internal control over financial reporting(ICFR), mandated by KSOX, enhance the effectiveness of financial reporting by mitigating information asymmetry. [Methodology]We analyze Korean listed firms from 2011 to 2023, comparing the pre－ and post－KSOX periods and firms subject to review versus audit. Internal control weakness is proxied by revisions of preliminary earnings, and information asymmetry is measured using stock liquidity and return volatility. [Findings]We find that revisions of preliminary earnings are positively associated with information asymmetry. The implementation of KSOX itself does not significantly change this relationship. However, external audits of ICFR, compared with reviews, are more effective in mitigating information asymmetry, particularly among firms with internal control weaknesses. [Implications]These findings highlight that external audits of ICFR enhance the reliability of financial reporting by reducing both intentional misstatements and unintentional errors. From a regulatory perspective, our evidence supports the policy objective of KSOX in strengthening capital market efficiency by mitigating information asymmetry. Academically, the study demonstrates that preliminary earnings revisions serve as a valid proxy for internal control weakness, thereby providing a useful measure for future research.