주감사인 비율과 연결재무제표 감사의 효과성 및 효율성

초록

All companies listed on the KOSPI and KOSDAQ market are required to prepare and disclose their financial statements in accordance with the International Financial Reporting Standards (IFRS) from 2011. The most fundamental change of all is that the consolidated financial statements serve as the primary financial statements of a parent company owning one or more subsidiaries. The essential qualities that make consolidated financial statement useful are the qualities of reliability and timeliness. Under this circumstance, this study aims to seek ways to ensure the reliability and timeliness of consolidated financial statements from an audit point of view. The more effective the audit process, the more reliable the information of consolidated financial statements. In the same manner, the more efficient the audit process, the more timely the disclosure of consolidated financial statements. In this regard this study investigates whether the audit quality of consolidated financial statements improves as the audit coverage ratio by principal auditors increases. And it also analyzes whether the audit coverage ratio by principal auditors promotes early submission of consolidated financial statements audit report. High audit coverage ratio by principal auditors facilitates information sharing between the principal auditors and the internal auditors regarding related entities, a diversity of accounting-related issues, audit risk, etc. Thus, the audit coverage ratio by principal auditors is considered to be a key factor that affects the effectiveness and efficiency of auditing. The empirical analysis shows a partially positive correlation between audit quality and audit coverage ratio by principal auditors. The result also confirms that the preparation of consolidated financial statements is advanced as the audit coverage ratio by principal auditors increases. In other words, the higher the audit coverage ratio by principal auditors, the more effective and efficient the auditing of consolidated financial statements. In addition, we find significant movements of stock returns at the preparing date of consolidated financial statements. It is suggesting that the consolidated financial statements are informative to the market participants and improvements in reliability and timeliness of consolidated financial statements are necessary. Preceding studies mainly focused on the effectiveness of the consolidated financial statements audit. This study, on the other hand, provides empirical evidence that the audit coverage ratio by principal auditors affects not only the effectiveness but also the efficiency of consolidated financial statements audit. A parent company and each of its subsidiaries have appointed its own auditors until now and therefore the division of responsibilities between principal auditors and other auditors has been commonly observed. In this present situation, the results of this study suggest that participants in the capital markets, client firms and supervisory institutions need to improve the auditor appointment system altogether.

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