關鍵查核事項的實質影響：以存貨管理為例

Abstract

本篇論文以存貨相關之關鍵查核事項為例，探討公司之存貨管理績效是否影響關鍵查核事項之揭露，以及關鍵查核事項是否影響公司未來之營運管理與資產減損政策。利用2016-2018年非金融業之台灣上市上櫃公司為樣本，實證結果發現(1)存貨持有水準較高以及存貨周轉率較低之公司，會計師較可能揭露存貨相關之關鍵查核事項，(2)被出具存貨關鍵查核事項的公司，下年度較不會利用過度生產囤積存貨，(3)被出具存貨關鍵查核事項的公司，下年度認列存貨減損的可能性較高、認列的減損金額較大。綜言之，本文提出實證證據支持關鍵查核事項可適當反映公司營運風險，且關鍵查核事項之揭露對公司未來營運管理有實質影響，本研究之發現對公司與投資大眾在評估存貨管理績效時有重要的參考意涵。

Using inventory as an example, this study examines (1) whether firms’ inventory management is related to auditors’ disclosure of inventory-related key audit matters (KAM), and (2) whether the disclosure of inventory-related KAM affects firms’ subsequent production policy as well as the reporting of inventory impairments. The sample includes all listed non-financial firms in Taiwan from 2016 to 2018. The empirical results are summarized as follows: First, I find that firms with poor inventory management (measured by higher levels of inventory holdings and lower inventory turnover) are more likely to have inventory-related KAM. Second, I find that firms having inventory-related KAM are less likely to overproduce inventory in the subsequent period. Third, I find that inventory-related KAM is positively associated with the likelihood as well as the magnitude of reporting inventory impairments in the subsequent period. Collectively, this study documents that auditors disclose KAM to reflect firms’ operating risk and that the disclosure of KAM has real effect on firm’s subsequent operations. The findings of this study have important implications for corporations and investors in evaluating companies’ inventory management performance.