감사품질이 회계이익과 영업활동현금흐름 및 발생액의 가치관련성에 미치는 영향

초록

An auditor provides audit opinion about whether firm's financial statements have been adequately presented according to the Generally Accepted Accounting Principle (GAAP) through auditing. In this sense, an auditor's audit quality is an immediate factor that determines the reliability of a financial statement. Audit quality is the level of quality of auditing, and generally is defined by the joint probability of an auditor's expertise and independence. Here, an auditor's expertise refers to the probability of finding fraud and error in a financial statement, and independence refers to the probability of reporting the found fraud and error. Therefore, it means higher the audit quality, the higher the expertise and independence, and ultimately leading to an improved reliability of accounting information. If capital market participants are aware of such differences in audit quality, they will assess the reliability of accounting information that has been audited by an auditor with high audit quality to be more reliable and the accounting information will be served as more useful information when assessing the value of the firm. In this context, this study analyzed the impact on the value relevance of financial statements caused by differences in audit quality. Specifically, the study observed whether the value relevance of representative accounting information, earnings and its components cash flow and accrual, is changed according to audit quality. For this purpose, the study used the firm value estimated by market value, Tobin's Q, dividend discount model and residual income valuation model. In addition, the hypothesis was tested by using size of auditors, audit fee, audit time and auditor industry specialization as the proxies for audit quality. If capital market participants are assumed to perceive the reliability of accounting information to improve with higher audit quality, it is expected that interacting variables of earnings / audit quality, cash flow / audit quality, and accruals / audit quality will show significant positive coefficients. The contributions of the study are as follows. First, it will provide an additional perspective on audit quality as the study analyzed the influence of audit quality on accounting information's value relevance. Second, the study's another significance is that the influence of audit quality on accounting information's value relevance has been comprehensively considered by using a variety of substitute variables concerning firm value and audit quality.

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