내부회계 전문성과 재무보고의 질：기업수명주기에 따른 차별적 효과를 중심으로

This study examines how the expertise of internal accounting personnel influences the quality of financial statements across different stages of a firm’s life cycle. Internal accounting functions not only fulfill legal requirements but also serve as a crucial management tool that enhances the reliability of financial reporting, ensures the accuracy of financial information, protects assets, and supports the execution of business strategies. In Korea, the disclosure of detailed information on internal accounting has led to continuous research on the relationship between the expertise of internal accounting staff and accounting information, as well as its implications for various accounting decisions. Against this backdrop, this study empirically investigates the impact of internal accounting expertise on the quality of financial statements. The sample consists of non－financial firms listed on the KOSPI and KOSDAQ markets over a five－year period from 2018 to 2022. Internal accounting data are manually collected from the “Internal Accounting Operation Report” section of DART. The analysis shows that the professional experience of internal accounting staff affects the quality of financial statements differently depending on the firm’s stage of development. In the introduction stage, the positive effect of expertise is weakened, as firms entering new businesses face high capital－raising demands and may opportunistically exploit internal accounting expertise. In the growth stage, the effect is insignificant, since firms can finance investment needs through internal cash generation and investors focus more on growth potential than on reported earnings, reducing incentives to manipulate profits. In the maturity stage, the positive effect of expertise is strengthened, as investors become highly sensitive to reported earnings and monitoring effects intensify. Internal accounting expertise is therefore used to enhance the quality of financial statements and mitigate the risk of accounting failures. In the decline stage, however, the effect weakens again, as poor performance and limited growth prospects undermine the effectiveness of internal controls. Expertise may either fail to be properly utilized or be opportunistically employed to conceal weak earnings or adjust profits to support new investments. This study demonstrates that the impact of internal accounting expertise is closely tied to the firm’s life cycle stage, showing that the effectiveness of the same institutional mechanism varies depending on environmental factors. Accordingly, evaluating and operating internal accounting systems requires consideration of the firm’s developmental context. By incorporating environmental factors into the analysis, this study distinguishes itself from prior research that focused solely on institutional aspects. The findings provide important implications for the design of internal accounting policies and corporate accounting strategies, contributing to a more nuanced understanding of how internal accounting expertise shapes financial reporting quality.