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Korean Academic Society of Business Administration
[ Article ]
korean management review - Vol. 46, No. 1, pp.235-265
ISSN: 1226-1874 (Print)
Print publication date 28 Feb 2017
Received 07 Mar 2016 Revised 10 Oct 2016 Accepted 09 Dec 2016
DOI: https://doi.org/10.17287/kmr.2017.46.1.235

The Effect of Audit Partner on Accounting Comparability

Hyejin Ahn* ; Jong-Hag Choi** ; Moon Ki Chung***
*(First Author) Ph.D. Candidate, School of Business Administration, Seoul National University ahnhyejin@gmail.com
**(Corresponding Author) Professor, School of Business Administration, Seoul National University acchoi@snu.ac.kr
***(Co-Author) Associate Professor, Business School, Sungkyunkwan University mkchung@skku.edu
감사파트너가 회계정보의 비교가능성에 미치는 영향
안혜진* ; 최종학** ; 정문기***
*서울대학교 경영대학 박사과정, 주저자
**서울대학교 경영대학 교수, 교신저자
***성균관대학교 경영대학 부교수, 공저자

Abstract

This study examines the effect of audit partner on accounting comparability. Given that an actual audit engagement is completed by an audit partner and other audit team members, the role of the individual audit partner is substantial in the auditing process. We focus on the effects at engagement partner level since the engagement-level analysis reflects audit style most concretely and accurately, and thus exhibits more direct effect of auditor’s characteristics on financial statement. We conjecture that if audit styles of engagements are similar to each other, the engagements are more likely to yield consistent and comparable accounting information. Consistent with this conjecture, we find that a pair of clients audited by the same audit partner exhibits greater comparability (measured by the similarity of discretionary accruals of the two firms, but not by the similarity of total accruals) than a pair of clients audited by two different partners. This finding suggests the importance of investigation at the audit partner-level effect. In addition, we find that accounting comparability between a pair of clients is only observed when they are audited by the same partner in Big 4 audit firms, but not when they are audited by the same partner in non-Big 4 audit firms. The finding implies that Big 4 partners use relatively similar audit approach for different clients but non-Big 4 partners are more likely to accept the accounting methods preferred by client firms rather than applying their unique styles to their clients. As a result, among non-Big 4 audit firms, the effect of an individual audit partner is relatively less prevalent. Overall, these results provide some evidence about the individual audit partner’s effect on accounting comparability and the variability of audit quality in Big 4 versus non-Big 4 audit firms.

초록

이 연구는 개별 감사파트너가 회계정보의 비교가능성에 미치는 영향에 대해 조사하였다. 감사업무가 특정 감사파트너와 감사팀에 의해서 이루어진다는 점을 고려할 때 감사파트너의 역할은 매우 중요하다고 할 수 있다. 따라서 감사파트너의 특성에 따라 감사받은 피감기업의 재무제표에 포함된 회계정보의 특성이 달라질 수 있다. 이런 견해에서 본 연구에서는 두 가지 가설을 분석하였다. 첫째, 동일한 감사파트너가 감사한 두 기업은 동일한 회계법인 소속이지만 다른 파트너가 감사한 두 기업보다 회계처리의 비교가능성이 더 높을 것이다. 각 감사파트너마다 고유한 스타일이 있으며, 이런 스타일이 적절한 회계처리방법의 선택에 반영될 가능성이 높기 때문이다. 둘째, 대형회계법인 소속 감사파트너의 경우 이런 성향이 더욱 높은지 조사하였다. 대형회계법인의 경우 보다 철저한 교육훈련과 감사기법을 사용하기 때문에 상대적으로 감사파트너가 다르더라도 유사한 방법을 적용하는 경향이 높을 수 있기 때문이다. 국내 자료를 이용해서 실증분석한 결과는 이런 예측과 일관된다. 특히 재량적 발생액을 사용해서 회계처리의 비교가능성을 측정한 경우 더 뚜렷하게 이런 성향이 관찰되었다. 이런 발견을 종합하면, 감사파트너와 회계법인의 특성이 회계처리에 영향을 미친다고 결론내릴 수 있다.

Keywords:

Accounting Comparability, Audit Partner, Auditor Type

키워드:

회계정보의 비교가능성, 감사파트너, 대형감사인

Acknowledgments

This paper is based on the Master‘s thesis paper of the first author completed at Seoul National University. The second author plays a role of academic advisor. We express sincere thanks to Arhum Choi, Sunhwa Choi, Seok Woo Jung and other seminar participants at Seoul National University for helpful comments and suggestions.

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• 저자 안혜진은 현재 서울대학교 경영대학 회계학 전공 박사과정에 재학 중이다. 서울대학교 경영대학을 졸업하였으며, 동 대학에서 경영학 석사를 취득하였다. 한국공인회계사로서 삼정회계법인에서 회계감사 및 컨설팅 업무를 수행하였다. 주요연구분야는 회계감사, 재무제표의 비교가능성 등이다.

• 저자 최종학은 서울대학교 경영대학 회계학 전공 교수로 재직 중이다. 서울대학교 경영대학 및 대학원 경영학과를 졸업하였으며, 일리노이대학에서 박사학위 취득 후 홍콩과기대학 조교수를 역임했다. 회계 분야 세계 저명 학술지들에 다수의 논문을 출판했으며, 현재 편집위원으로 활동하고 있다. 베스트셀러 ‘숫자로 경영하라’ 1, 2, 3권과 수필집 ‘마흔, 감성의 눈을 떠라’를 저술하였다. 주요연구분야는 회계감사, 기업지배구조, 공시 등이다.

• 저자 정문기는 현재 성균관대학교 경영대학 회계학 전공 부교수로 재직 중이다. 성균관대학교 무역학과(경제학사)와 서울대학교 대학원 경영학과(경영학 석사)를 졸업하였으며, 성균관대학교 대학원에서 경영학 박사를 취득하였다. 삼일회계법인과 PwC New Jersey (USA)에서 약 30년간 공인회계사로서 회계실무를 수행하며 Partner(전무) 및 품질관리실장을 역임하였고, 금융감독원 회계심의위원회 위원, 한국공인회계사회 감사·인증기준위원회 위원, 한국회계학회 부회장 등을 역임하였다. 주요연구분야는 회계감사, 재무회계, 세무회계 등이다.