會計師關鍵查核事項之價值攸關性研究

The Effect of Key Audit Matters on Value Relevance of Accounting Information

我國金管會規定自2016年度起，上市（櫃）公司財務報告之查核適用新式查核報告。該項新規範透過改善原有規範的制式化問題，且緩解資訊不對稱所造成的利益衝突與負向經濟後果。本研究分別檢測關鍵查核事項的數量及內容是否具有價值攸關性。實證結果發現，當會計師揭露的關鍵查核事項數量愈多時，會產生較低的價值攸關性。更進一步分析，在12類關鍵查核事項中，營運相關、權益相關及內控相關的類型會產生較佳的價值攸關性；而繼續經營疑慮相關、稅賦相關、附註揭露相關、投資相關及減損相關的類型，則會產生較差的價值攸關性。此外，本研究亦透過企業是否設置審計委員會進行分組測試，以檢驗其在新規範之中所扮演的角色。因此，本研究的實務意涵為深入分析各類型關鍵查核事項對於市場報酬的影響，並且使投資大眾和監管機關能夠更細緻的留意會計資訊的價值攸關性，進而達到準則制定的目的。

As stipulated by Taiwan’s Financial Supervisory Commission, the financial audits of listed (OTC) companies should employ an extended audit report as from 2016. The new standard improves the formulation of the original standard and alleviates the conflict of interest and negative economic consequences caused by information asymmetry. This study examined a number of key audit matters and the value-relevance of their content. According to the empirical results, the more the key audit matters were disclosed by auditors, the lower their value-relevance would be. Further analysis showed that, among the 12 categories of the key audit matters, those related to operation, equity and internal control have a high value-relevance, while those related to concerns on going-concern, tax, note disclosure, investment and impairment have a low value-relevance. In addition, by grouping the enterprises according to whether they establish an audit committee, this study tested their role within the new standard. Therefore, the practical implications of this study were to analyze, in depth, the effects of various key audit matters on market returns and to help public investors and regulators to pay more attention to the value-relevance of accounting information, so as to achieve the purpose of standards.