감사위원회의 역할과 효과에 대한 문헌검토 : 감사위원회 모범규준을 중심으로

초록

[Purpose]This study provides a literature review and guidance for future research on the role and effect of the audit committee (AC). In Korea, the new “Act on External Audit of Stock Companies” was enacted and enforced in November of 2018, which transfers the power to appoint new auditors from management to the AC, significantly mitigating the threat of management’s influence over the auditor selection process. In response to the rising need for guidelines for the AC, the Korea Institute of Corporate Governance and Sustainability has drafted the “Audit Committee Best Practice” which we use as the main themes within the topic of AC to conduct the literature review given its focus on practice. [Methodology]We provide a synthesis of the literature review based on seven classifications: (1) characteristics of the AC using the expertise, independence, and activities of the AC; (2) diversity of the AC; (3) training for the members of the AC; (4) compensation for the AC; (5) the relation between the AC and internal control system; (6) the relation between the AC and external auditors; and (7) disclosure of AC activities. [Findings]We find that there exist gaps between the current literature on AC and areas for future research, which will provide opportunities for future research. Specifically, we find that there are voids in the literature on the topics of AC in relation to its diversity, training for its members, compensation schemes, its relation to the internal control system, and disclosure of its activities. [Implications]We provide the following contributions to the AC literature. First, academics may refer to this research to develop new research ideas and to fill the void in prior literature covering topics of AC effectiveness. Second, this research would be helpful to standard－setters, management, and external auditors by summarizing findings from prior research based on thematic classifications suggested by “Audit Committee Best Practice”, which has its focus on practice.

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