關鍵查核事項類別與權益資金成本間之關聯性探討

由於近幾年陸續發生企業舞弊案件及爆發全球金融危機，查核報告反應企業真實價值的能力受到質疑，為了改善審計攸關性所面臨的挑戰，以及提升查核報告的附加價值，使投資人可以藉著查核報告中企業的客製化資訊，對欲投資的企業有更深入、更全面的了解，提升其投資決策的有用性，英國財務匯報局(FRC)與國際審計與確信準則委員會(IAASB)陸續發布新式查核報告的審計準則，我國金融監督管理委員會為了與國際審計準則之改革接軌，由會計研究發展基金會參照國際審計準則ISA700之規定，於2015年9月至2016年12月，陸續發布五十七號至第六十二號審計準則。其中最重大的改革為於查核報告中新增關鍵查核事項段，關鍵查核事項大多涉及企業重大不實表達風險之項目，投資人若能利用關鍵查核事項段所提供的資訊，對企業的風險狀態更加了解，亦會影響到其對企業要求之權益資金成本。本研究利用簡易的修正股價盈餘成長模式所建構的隱含資金成本來衡量權益資金成本，並探討不同的關鍵查核事項類別對權益資金成本的影響是否有差異，亦藉此了解我國在實施新式查核報告的審計準則之後，對於財務報告使用者，尤其是投資人，是否有達到其政策效果。實證結果顯示特殊會計類營運能力方面及揭露方面之關鍵查核事項與權益資金成本呈顯著負相關，表示關鍵查核事項類別之揭露使投資人與企業之間的資訊不對稱程度降低，投資人會願意降低其所要求之必要報酬率，企業之權益資金成本會降低。

關鍵字

會計師查核報告；關鍵查核事項；權益資金成本；修正股價盈餘成長模式

並列摘要

As corporate fraud cases and the global financial crisis have occurred in recent years, the ability of reflecting the true value of enterprises of audit reports has been questioned. Improving the challenge to audit relevance and the added value of audit report have enabled investors not only to have an in-depth and more comprehensive understanding of the companies that they want to invest, but also to improve the usefulness of their investment decisions by referencing the individualized information of the companies in the audit report. Consequently, the Financial Reporting Council (FRC) and the International Auditing Standards Board (IAASB) issued the auditing standards for the new audit report in succession. In order to be in line with the reform of international auditing standards, the Financial Supervisory Commission Republic of China(Taiwan) (FSC) has implemented some reforms. The Accounting Research and Development Foundation issued the Auditing Standards No.57 to No.62 with reference to the International Auditing Standards ISA700 from September 2015 to December 2016. The most significant reform is the addition of the key audit matter section in the audit report. Most of the key audit matters involve risk of material misstatement of the enterprise. If investors can use the information provided in the key audit matter section, they will gain a greater understanding of the risk status of the corporation. As a result, the understanding to the corporation's risk of investors will also affect the corporation's cost of equity that was required by the investors. In this research, I use the implicit capital cost calculated by Modified Price Earnings Growth model to measure the cost of equity, and investigate whether there are differences in the impact of different categories of key audit matter on the cost of equity. In addition, I exploit the research to learn about whether the implement of the auditing standards of the audit report have achieved the policy effects to the users of the financial report, especially the investors. The empirical results of the study show that the types of the key audit matters in the particular field accounting, operating capacity and disclosure are significantly negative correlated with the cost of equity. It means that the disclosure of the types of key audit matters reduces the degree of information asymmetry between investors and corporation. Therefore, investors will be willing to declining the required rate of return requesting from the company. As a consequence, it may reduce the cost of equity of the corporations.