内部控制与风险管理专题论文(二)

美国的内部控制研究大多和公司治理联系并基于多方利益相关者代理理论(multi-stakeholder agency theory本次向大家推荐三篇经典的内部控制文章。第一篇是经典的财务报告内部控制缺陷决定因素的文章,第二篇是关于内部控制实质性缺陷修正和盈余质量的关系,第三篇分析了基于美国萨班斯法案302条款的内部控制缺陷披露的经济后果。具体如下:


Determinants of weaknesses in internal control over financial reporting

Jeffrey Doyle, Utah State University

Weili Geb, University of Washington

Sarah McVayc, New York University

Abstract: We examine determinants of weaknesses in internal control for 779 firms disclosing material weaknesses from August 2002 to 2005. We find that these firms tend to be smaller, younger, financially weaker, more complex, growing rapidly, or undergoing restructuring. Firms with more serious entity-wide control problems are smaller, younger and weaker financially, while firms with less severe, account-specific problems are healthy financially but have complex, diversified, and rapidly changing operations. Finally, we find that the determinants also vary based on the specific reason for the material weakness, consistent with each firm facing their own unique set of internal control challenges.

Source: Journal of Accounting and Economics, 2007, 44(1-2), 193-223


Material Weakness Remediation and Earnings Quality: A Detailed Examination by Type of Control Deficiency

Jean C. Bedard, Bentley University

Rani Hoitash, Bentley University

Udi Hoitash, Northeastern University

Kimberly Westermann, Florida International University

Abstract: This paper investigates remediation of Sarbanes-Oxley Section 404 material weaknesses (MWs). Prior research examines full remediation of all MWs or broad categories thereof. We build on these studies by investigating remediation of specific types of MW, thus measuring progress in improving controls made by companies that have not fully remediated all problems. Specifically, we investigate whether specific MW types differ in remediation likelihood and in the association of remediation with earnings quality. Results show that remediation rates of specific MW types vary, and that remediation of specific types is differentially associated with availability of company resources and corporate governance quality. We also find that remediation of some MW types is significantly associated with changes in abnormal accruals (e.g., entity-level problems in reconciliation and information technology, along with account-specific problems in revenue and tax). Finally, results show that problems remaining unremediated for two years are significantly associated with increased abnormal accruals, regardless of type.

Source: Auditing: A Journal of Practice and Theory, 2012, 31(1), 57-78



Market Reactions to the Disclosure of Internal Control Weaknesses and to the Characteristics of those Weaknesses Under Section 302 of the Sarbanes-Oxley Act of 2002

Jacqueline S. Hammersley, University of Georgia

Linda A. Myers, Texas A&M University

Catherine Shakespeare, University of Michigan

Abstract: We examine the stock price reaction to management’s disclosure of internal control weaknesses under §302 of the Sarbanes Oxley Act and to the characteristics of these weaknesses, controlling for other material announcements in the event window. We find that some characteristics of the weaknesses—their severity, management’s conclusion regarding the effectiveness of the controls, their auditability, and the vagueness of the disclosures—are informative. We also find that the information content of internal control weakness disclosures depends on the severity of the internal control weakness. Moreover, in a sub-sample uncontaminated by other announcements in the event window, we find negative price reactions to the disclosure of internal control weaknesses and material weaknesses.

Source: Review of Accounting Studies, 2008, 13(1), 141-165


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