인터넷 종목토론실 게시글이 회계 감사보수와 감사시간에 미치는 영향

[Purpose] This study investigates whether investor information activities observed in online stock message boards affect audit fees and audit hours. Specifically, it examines how the volume of postings and the proportion of accounting－related postings are incorporated into auditors’ risk assessments and resource allocation decisions. [Methodology] The analysis is based on 10,077 firm－year observations of KOSPI and KOSDAQ listed firms from 2018 to 2023. Investor activities were measured using a full crawl of Naver stock message boards, while audit fee and audit hour data were obtained from the TS2000 database. Multiple regression models were estimated, controlling for firm characteristics, auditor attributes, and year and industry fixed effects. [Findings] The results show that both posting volume and the proportion of accounting－related postings are positively associated with audit fees and audit hours. These effects are particularly pronounced among KOSDAQ firms, suggesting that in markets with greater information asymmetry, informal information environments exert stronger influence on auditor decision－making. [Implications] This study extends audit research by demonstrating that online investor communications serve as meaningful external signals rather than mere noise, and that such signals are reflected in auditors’ decisions. By introducing a qualitative measure of accounting－related postings and identifying market－ specific effects, the findings provide new academic insights and practical implications for audit planning and risk management.