상장법인 감사인 군(群)별 감사품질에 차이가 있는가?

초록

[Purpose] This study examines whether there are significant differences in audit quality amongdifferent auditor groups for listed companies. Specifically, it compares and analyzes thedifferences in discretionary accrual levels by auditor group over a five－year period from 2020to 2024 to determine how auditor characteristics and scale affect actual audit quality. [Methodology] Using a sample of listed companies over a five－year period (2020－2024),this study employs ‘discretionary accruals’ as a proxy to measure audit quality. The relationshipis empirically evaluated by analyzing and matching specific corporate size groups (e.g., GroupD, Group E) against categorized auditor groups (e.g., Groups A, B, C, D), including Big 4 andNon－Big 4 accounting firms. [Findings] First, listed companies audited by Big 4 accounting firms (Auditor Group A)demonstrated significantly lower discretionary accruals overall, indicating a generally high levelof audit quality. Second, within the specific context of small－sized companies (‘Company GroupD’), those audited by Big 4 firms showed significantly higher discretionary accrual levels comparedto companies audited by other auditor groups. Third, when matching company groups with auditorgroups, companies in ‘Company Group D’ that were audited by top－tier auditor groups (GroupsA, B, and C) exhibited significantly higher discretionary accrual levels. Fourth, for companiesbelonging to ‘Company Group E’, the discretionary accrual levels were significantly lower whenthey were audited by ‘Auditor Group D’. While Big 4 firms generally deliver superior auditquality on a macro level, Non－Big 4 auditors actually demonstrate higher audit quality whenit comes to smaller－sized listed company groups. [Implications] This study demonstrates that a larger accounting firm (Big 4) does notuniversally guarantee the highest audit quality for every type of business. It suggests that theauditor group offering the highest audit quality can vary depending on the size and classificationof the client company, providing practical insights for companies when selecting or being matchedwith optimal external auditors.

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