ScholarWorks@숙명여자대학교

초록

The Standard Audit Hours (SAH) system, introduced in 2019 to enhance auditor independence and audit quality, provides a benchmark for determining appropriate level of audit hours by reflecting firm size and industry characteristics. The purpose of this study is to examine the validity of the SAH estimation process and to propose policy recommendations to enhance its effectiveness. To this end, we adopt a multifaceted approach that includes time-series analyses of actual audit hours, a comprehensive review of relevant academic literature and regulatory developments, and in-depth interviews with key stakeholders, including such as corporations, audit firms, and regulatory authorities. Based on this review, we identify key issues related to the role and estimation methodology of SAH, the SAH table by group and industry, the application of adjustment factors, and other relevant components. In response, we propose several improvements to address these issues. The primary recommendations are as follows. First, this study highlights the need to reconcile differing stakeholder perspectives on the role of SAH and to establish more realistic criteria for applying adjustment factors. Second, to alleviate practical challenges stemming from the overly complex SAH estimation model, we recommend simplifying the model―even if doing so requires considerable time―and providing flexible provisions and FAQs to minimize confusion. Third, we propose the introduction of flexible regulations that reflect the adoption of digital audit technologies, efforts to improve corporate governance and enhance accounting transparency, and significant financial changes. The aforementioned recommendations were reported to the SAH Review Committee and presented at a public hearing on the SAH revision held in November 2024, serving as foundational input for the deliberation process. However, not all recommendations could be immediately incorporated due to practical constraints and concerns about system stability and stakeholder acceptance. Accordingly, this study also offers long-term considerations for future policy improvements and implementation. The results of this study are expected to serve as a useful reference for regulators engaged in revising SAH regulations and to provide valuable insights for academia and other stakeholders in the capital markets.

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