산업전문감사인과 감사인 규모가 내부회계관리제도의 특성과 미래이익반응계수의 관계에 미치는 영향

This study investigates whether the effectiveness of internal accounting control systems is differentially evaluated in the capital market depending on the characteristics of external auditors. Specifically, we examine how the human resource characteristics of the IACS—such as the number of personnel, average tenure, and the presence of certified public accountants—interact with auditor attributes, including industry specialization, and auditor size (Big 4 vs. non-Big 4), to affect the informativeness of accounting information, measured by the Future Earnings Response Coefficient (FERC). Empirical results show when audits are conducted by industry-specialist or Big 4 auditors, the market reacts more favorably to the effectiveness of IACS operations. These findings indicate that investors place greater trust in internal control systems when they are complemented by high-quality, competent auditors, rather than when the systems merely exist in form. Overall, this study provides evidence that external auditors play a crucial governance role in enhancing the credibility and effectiveness of internal accounting control systems. By linking IACS performance with auditor quality, this research contributes to the understanding of how audit attributes improve financial reporting reliability and market confidence. Future research could extend this analysis to post-audit-opinion periods or incorporate qualitative dimensions of internal control quality for a more comprehensive evaluation.