Asia-Pacific Journal of Business (아태비즈니스연구)

KNU The Institute of Management & Economy Research (강원대학교 경영경제연구소)
권호 표지
DOI QR코드

DOI QR Code

The Relationship between the Key Audit Matters and Value Relevance of Accounting Information in the Financial Industry

금융업 핵심감사사항과 회계정보 가치관련성의 관계

  • Ma, Hee-Young (Shinwha Accounting Corporation) ;
  • Kim, Eun-Hae (Department of Secretarial Office Management, Induk University)
  • Received : 2020.08.31
  • Accepted : 2020.09.21
  • Published : 2020.09.30
Download PDF
⟨ Previous Next ⟩

Abstract

Purpose - This study is to verify the impact of the documentation of key audit matters on the value relevance of accounting information in accordance with the revised accounting audit standards in 2017. Investors will be able to identify the company's significant financial risks through key audit matters and use them to make investment decisions. Design/methodology/approach - From 2011 to 2019, the final sample is 290, based on the December settlement of accounts listed on the securities market. Ohlson (1995) was used to verify the incremental link between net income and the book value as a determinant of corporate value. Findings - First, the key audit matters in the financial industry was found to have a negative (-) effect that was significant to the value relevance of accounting Information. In addition, the value of the interaction between the key audit matters and the net income is a significant (+) relationship with the share price and the value of the interaction between the key audit matters and the book value is a significant (-) relationship with the share price. This means that the key audit matters is the determining factor of corporate value, positively reflects the accounting information in net income and negatively reflects the accounting information in book value. Second, among the key audit matters, the fair value assessment of financial instruments and the adequacy of premiums reserve have a significant impact on the value relevance of accounting information. Research implications or Originality - The results of this study suggest that investors recognize key audit matters as information about the company's major financial risks and reflect them differently in the value relevance of accounting information.

Keywords

References

  1. 금융위원회 보도자료 (2017년 12월 20일자), "핵심감사제 전면 도입 등을 위한 회계감사기준 개정".
  2. 김정옥, 배길수 (2013), "감사인의 규모가 회계정보의 가치관련성에 미치는 영향", 회계학연구, 38(3), 81-123.
  3. 노순식, 박규일, 신권권 (2008), "장부가치와 회계이익의 상대적 주가관련성: 신용평가등급을 중심으로", 회계와 정책연구, 13(2), 259-281.
  4. 문상혁, 박종국 (2005), "기업지배구조와 이익지속성 및 가치 관련성", 회계정보연구, Association, 23(3), 1-28.
  5. 박홍조, 지현미 (2010), "기업설명회 개최가 회계정보의 가치관련성에 미치는 영향", 세무와 회계저널, 11(4), 419-436.
  6. 신유진, 김정옥(2020), "비정상감사시간 및 비정상감사보수와 회계정보의 가치관련성", 회계.세무와 감사 연구, 62(1), 1-38.
  7. 신혜정, 김수인 (2019), "핵심감사제도 도입이 미청구공사 잔액의 가치관련성에 미치는 영향", 회계저널, 28(2), 149-171. http://dx.doi.org/10.24056/KAJ.2019.03.007
  8. 이명곤, 장석진, 인창열 (2015), "감사품질이 회계이익과 영업활동현금흐름 및 발생액의 가치관련성에 미치는 영향", 글로벌경영학회지, 12(3), 465-488.
  9. 인창열, 이명곤 (2019), "핵심감사제의 도입효과에 관한 연구", 회계.세무와 감사 연구, 61(3), 101-146.
  10. 정현욱 (2015), "시장의 경쟁정도와 회계정보의 가치관련성: 순자산과 순이익 간의 상대적 가치관련성", 회계정보연구, 33(1), 237-256.
  11. 정현욱, 이현주 (2014), "산업전문감사인이 회계정보의 가치관련성에 미치는 영향", 세무와회계저널, 15(4), 173-210.
  12. 조세일보 (2020년 5월 11일자), "감사인 '핵심감사사항'으로 가장 많이 선정된 것은?", (주)미래에셋대우, "2019년 감사보고서".
  13. 최정호, 이재은 (2012), "감사인 품질관리에 대한 공적규제와 회계정보의 가치관련성", 회계학연구, 37(3), 1-39.
  14. 최진욱, 정남철 (2019), "감사보고서의 강조사항과 회계정보의 가치관련성", 회계정보연구, 37(2), 29-49. http://dx.doi.org/10.29189/KAIAAIR.37.2.2
  15. 한국공인회계사회, "2018 회계감사기준".
  16. 황호찬 (2009), "기업의 비재무적 정보가 기업 가치에 미치는 영향-회계가치 모형을 이용한 기업의 사회적 책임을 중심으로-", 회계정보연구, 27(3), 215-236.
  17. Almulla, M. and M. E. Bradbury (2018), "Auditor, Client, and Investor Consequences of the Enhanced Auditor' s Report", Working Paper.
  18. Barth, M. E., W. H. Beaver and Wayne R. Landsman (1998), "Relative Valuation Roles of Equity Book Value and Net Income as a Function of Financial Health", Journal of Accounting and Economics, 25, 1-34. https://doi.org/10.1016/S0165-4101(98)00017-2
  19. Christensen, B. E., S. M. Glover and C. J. Wolfe (2014), "Do Critical Audit Matter Paragraphs in the Audit Report Change Nonprofessional Investors' Decision to Invest?", Auditing: A Journal of Practice & Theory, 33(4), 71-93. https://doi.org/10.2308/ajpt-50793
  20. Klueber, J., A. Gold and C. Pott (2018), "Do Key Audit Matters Impact Financial Reporting Behavior?", Working Paper.
  21. Lennox, C. S., J. J. Schmidt and A. Thompson (2018), "Is the Expanded Model of Audit Reporting Informative to Investors? Evidence from the U.K.", Working Paper.
  22. Ohlson, J. A. (1995), "Earnings, Book Value, and Dividends in Equity Valuation", Contemporary Accounting Research, 11, 661-687. https://doi.org/10.1111/j.1911-3846.1995.tb00461.x