타감사인의 의견활용과 지배회사 당기순이익의 적정성

초록

This study examines whether the matching levels of audit members of subsidiaries with those from control firms affect the timeliness and reliability of accounting information. As matching level increases, it is expected to have smoother audit procedures. It is true that regarding application of equity method, the use of different auditors may affect the validity of equity method valuation, but its related study is not much explored. Due to IFRS, consolidated financial statements will be main financial statements. Equity method is very similar to consolidated financial statements. Therefore, the empirical analysis of equity method valuation may suggest policy that would improve efficient use of consolidated financial statement as the main financial statement. This paper empirically tests whether smoother audit procedures resulting from the matching extent of audit members from subsidiaries and control firms affect timeliness and validity of accounting information. First, this paper tests whether the ratio of using different auditors affects the date of submitting audit report. Second, firms using different auditors will tend to use preliminary financial statements instead of confirmed financial statement, and we will study how this causes a big gap between parent-only net income and consolidated net income. The results in this paper demonstrate both hypotheses. In other words, the higher the matching levels of audit members of subsidiaries with those from control firms, the higher the timeliness and reliability of accounting information. The results of this study are meaningful that it proves the validity of policy to match the level of audit members of subsidiaries with those from control firms. In addition, this study shows political implication that the timeliness and reliability of the consolidated financial statement improves with consistency of audit members of control firms and subsidiaries, related to the policy of using consolidated financial statement as a main financial statements. It is hard to co-exist timeliness and reliability. In other words, timely information is hard to be reliable and vice versa. However, the results of this study meet both timeliness and reliability. It also provides additional evidence to research related to audit by using matching levels of audit members of subsidiaries with those from control firms.

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