감사인의 위험 인지가 사업보고서의 정정에 미치는 영향: 비정상감사보수와 비정상감사시간의 변화를 중심으로

This study empirically examines whether changes in abnormal audit fees and abnormal audit hours affect financial restatements. Using a sample of 8,900 firm-year observations from 2020 to 2024, we find that firms with financial restatements exhibit 0.22% higher abnormal audit fees and 0.46% higher abnormal audit hours, both statistically significant. Notably, year-over-year increases in abnormal audit hours show a significant positive relationship with financial restatements, while increases in abnormal audit fees show no significant relationship. This reflects the structural differences in audit contracts where fees are fixed at contract inception while hours can be flexibly adjusted in real-time during audit execution. This relationship is stronger for Big 4 auditors but insignificant for non-Big 4 auditors, confirming differences in risk detection capabilities across auditor size. Our study contributes to the audit literature by empirically demonstrating that abnormally increased audit hours have a significant effect on financial restatements, providing a new perspective on audit market research. The findings offer empirical evidence for financial regulatory policy development and capital market participants' investment risk assessment.