ScholarWorks@숙명여자대학교

초록

[Purpose]In order to induce sufficient time for auditing, the KICPA provided average audit hours for auditors from 2011 to 2014. The average audit hours provided by the KICPA are the average of the past three years of the major accounting corporation. It is a kind of guideline, but any action has been taken even though the actual audit hours were not enough. Nonetheless, previous studies have shown that the provision of average audit hours contributed to the increase of audit time. In addition to these previous studies, this study is to more thoroughly clarify the effect of providing the average audit hours by analyzing how audit time changes when KICPA ends providing average audit hours. [Methodology]The study analyzed whether the increase in audit hours was significantly different between two periods(2012－2014 vs. 2015－2017) for the companies listed in the KOSPI and KOSDAQ markets from 2011 to 2017. [Findings]As a result of the empirical analysis, the increase in the audit hours was significantly smaller than that of the providing period after the end of providing the average audit hours, and the effect was larger at Non－Big 4. In particular, there was no difference in the degree of increase in the audit hours between the prior period of providing the average audit hours and the period after the end of the provision. This result shows that the audit time increased due to the provision of the average audit hours, but it returned to the pre－provision state after the end of the provision. [Implication]Although it is a guide, it is shown that the provision of average audit hours by the KICPA has an important influence on auditors, while the disclosure of audit hours has not had a significant effect on auditors. In this respect, it is very meaningful that regulatory bodies amended the act on external audit of stock companies so that KICPA sets standard audit hours and provides it to the auditors. It will also be necessary to consider setting standard audit hours for apartment house audits or nonprofit organization audits.

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