내부회계관리제도의 중요한 취약점이 사업보고서 정정에 미치는 영향

This study investigates the relation between material weaknesses in internal control over financial reporting (ICFR) and annual report corrections. In particular, using auditors’ ICFR audit or review opinions, the study examines whether weaknesses in ICFR increase the likelihood of annual report corrections. The analysis focuses on listed firms from 2019 to 2024, the period during which ICFR audits became mandatory. Logistic regression is employed, with the occurrence of annual report corrections as the dependent variable and the auditor’s ICFR audit or review opinion as the main explanatory variable. The results show that firms receiving qualified ICFR audit or review opinions are more likely to correct to their annual reports compared with firms receiving unqualified opinions. Furthermore, firms with qualified ICFR opinions exhibit a longer time lag between the initial disclosure of the annual report and its subsequent correction. Additionally, this relation is stronger for firms subject to mandatory ICFR audits than for those subject only to reviews. The findings indicate that auditors’ ICFR audit or review opinions function as a critical indicator of the reliability of corporate disclosures.