论上市公司内部控制指数模型的构建

文章以内部控制目标的实现程度为基础构建上市内部控制指数。内部控制的目标有战略、经营、报告、合规和资产安全这五大目标。构建该指数关注的重点在于企业实现内部控制体系的有效性。文章构建的上市公司的内部控制综合评价模型即内部控制指数模型由内部控制基本模型和内部控制修正模型构成。     

2007年沪市公司内部控制自我评价研究——数据分析与政策建议

管理层对内部控制的自我评价能够释放企业内部控制有效性的信息,有助于企业外部相关利益者的决策。本文主要对2007年沪市公司披露内部控制自我评估报告的情况进行统计,分析企业内部控制自我评价对于实现内部控制三个基本目标——财务报告及相关信息真实完整目标、资产安全目标、合法合规目标——的效果和存在的问题,并对《企业内部控制评价指引(征求意见稿)》提出了相应的政策建议。     

两化深度融合条件下企业分阶段构建内部控制体系研究

随着我国市场经济的发展和现代企业制度的逐步完善,内部控制在企业生产运营中作用越来越重要。本文着重研究企业选择内部控制体系的决策问题,首先,分析了企业构建内部控制体系时的误区,总结内部控制体系的构建规律,即企业构建的内部控制体系一定要符合企业的管理基础和技术基础;其次,笔者把内部控制体系分为合法合规型,规则嵌入流程型以及内部控制和管理制度完全融为一体型等三个阶段,并分别阐述了三个阶段的特征和目标、对信息系统以及对企业管理的要求;最后,建立了一套包括企业内部和外部因素组成的过程导向的可行性分析体系,为企业构建内部控制体系提供了选择依据。     

内部控制自我评价初探

<正>任何企业都希望在一种有条不紊、高效率的方式下开展工作,实现经营目标。内部控制,是由企业董事会、监事会、经理层和全体员工实施的、旨在实现控制目标的过程。内部控制的目标是合理保证企业经营管理合法合规、资产安全、财务报告及相关信息真实完整,提高经营效率和效果,促进企业实现发展战略。要维持内部控制的有效性,就需要企业管理层不断复核和更新内部控制,并定期或不定期展开内部控制的评价工     

我国上市公司内部控制有效性的影响因素分析

内部控制已经成为我国上市公司的重要的组成部分,而内部控制的有效性也备受各方关注.本文从内部控制有效性的内涵出发,重点分析了公司治理结构、企业规模等内外部因素对我国上市公司内部控制有效性的影响.     

企业内部会计控制体系的构建

<正>内部控制制度是社会经济发展到一定阶段的产物,是一个不断发展、变化、完善的过程,它持续流动于企业之中,并随着企业经营管理的新情况、新要求适时改进。内部控制是由企业治理层、管理层和员工共同实施的旨在实现控制目标的过程。内部控制的目标是合理保证企业经营管理合法合规、资产安全、财务报告及相关信息真实完整,提     

我国企业内部控制审计目标的理论分析与现实选择

企业的内部控制审计是保障内部控制有效性的关键环节,对于企业的发展有着重要影响。随着我国企业内部控制审计的开展,出现了确定内部控制审计目标,如何实现审计目标的新问题。本文主要从内部控制审计的相关概念、内部控制审计目标的理论分析和现实选择等方面进行分析,力求促进我国企业内部控制审计工作的开展。     

探索商业银行合规文化建设途径——以农行广西分行为例

根据巴塞尔银行监督管理委员会制定的《合规与银行内部合规部门》,以及银监会发布的《商业银行合规风险管理指引》,加强银行合规建设应围绕以下两个目标展开:一是塑造良好的企业合规文化,二是建立科学、有效的合规风险识别、监测、评估和报告机制。目前,     

如何构建有效的企业内控制度

内部控制是单位治理层、管理层及员工共同实施的旨在实现控制目标的过程。内部控制目标是合理保证单位经营管理合法合规、资产安全、财务报告及相关信息真实完整,提高经营效率和效果,促进单位实现发展战略。随着我国经济规模的急剧增长,企业自主权的逐步扩大,一些企业的内控制度不够健全,缺乏有效性、可操作性和监督管理机制,企业的发展严重受阻。特别是在职务犯罪和损失浪费现象变得日益严重的今天,没有严密的内部控制制度和有效     

关于央企内控监督评价的思考--对风险、内控和合规“三合一”评价体系构建的分析

本文为提升中央企业内部控制有效性,结合国内外内部控制评价理论发展趋势,通过分析中央企业内控体系监督评价面临的形势要求,阐述了中央企业建立"以风险管理为导向、合规监管为底线、内部控制为抓手"的监督评价体系的必要性。针对中央企业普遍关注的重点业务、关键领域,利用进阶式的内控体系监督评价综合测试方式,提出一套适用于中央企业的内部控制、风险管理和合规监管"一体化"的内控体系监督评价标准,夯实中央企业内部控制体系管理基础,有效应对内外部各类风险挑战,保障高质量发展。     

IT internal control weaknesses and firm performance: An organizational liability lens

The information systems literature and the public press have called for organizations to more closely scrutinize their information technology (IT) controls; however, little more than anecdotal evidence exists on the business value of quality IT internal control, beyond regulatory compliance. In this paper, we (a) advance an organizational liability perspective to the question of IT internal control value; and (b) use the unique setting provided by the enactment of the Sarbanes–Oxley Act of 2002 (SOX) to investigate the relationship between IT internal control weaknesses (ICWs) and both accounting earnings (a contemporaneous measure of firm performance) and market value (a forward looking, risk-adjusted measure of firm performance). Using a data set that provides audited annual assessments of the effectiveness of both IT and non-IT internal controls for a cross-section of companies as mandated by SOX, we find that firms that report an IT ICW have lower accounting earnings compared to firms with strong IT internal controls. We also find that IT ICW moderates the association between accounting earnings and market valuation, with firms reporting weak IT internal controls having a lower earnings multiple. These results are sustained even after controlling for non-IT ICWs and firm-specific factors that are known determinants of ICWs, and are reinforced using an inter-temporal changes analysis in which we use each firm as its own control at a different point in time. Overall, our results provide empirical evidence which suggests that IT internal controls are a strategic necessity and that information systems risk is priced by the capital markets. The implications of these findings for theory and practice are discussed.     

Internal Audit Quality and Financial Reporting Quality: The Joint Importance of Independence and Competence

In light of the growing importance of internal audit functions (IAF) and the limited archival evidence on internal audit quality, we examine an interactive model of IAF quality (comprised of competence and independence) to better understand the determinants of IAF effectiveness as a financial reporting monitor. Our tests support the hypothesis that the joint presence of competence and independence is a necessary antecedent to effective IAF financial reporting monitoring. In sum, our results show that, the answer to “what is the effect of internal audit competence (independence) on financial reporting quality?” is “it depends on the independence (competence) of the internal auditor.” Our study extends the understanding of IAF quality determinants in the realm of financial reporting as it relates to ongoing discussions by researchers, standard setters, regulators, and practitioners.     

Does executive compensation incentivize managers to create effective internal control systems?

We examine the relation between CFO compensation and the effectiveness of internal control structures under SOX, Section 404. Given the growing evidence of an uncoupling of pay from performance, we conduct our analysis using a two-stage regression. In our first stage model, we decompose compensation into its fitted (i.e., explained by firms’ economic characteristics) and residual (i.e., unexplained) components. In our second stage model, we estimate a logit regression of internal control effectiveness on both the fitted and residual components of compensation. Overall, we find that internal control effectiveness is related to the fitted components of compensation, but unrelated to the residual components. These relations exist for aggregate compensation, as well as its individual components (i.e., salary, bonus, equity-based). Our findings suggest that fitted compensation increases the probability of effective internal controls. Conversely, residual compensation does not affect this probability, suggesting that it reflects pay without performance. Our findings inform regulators and standard setters of the often unforeseen costs of increased regulation.     

The Effectiveness of Internal Auditing: An Empirical Examination of its Determinants in Israeli Organisations

Internal auditing (IA) has become an indispensable control mechanism in both public and private organisations. Yet very few academic studies have been conducted on the effectiveness of IA. The current exploratory study aims to build a conceptual understanding of the effectiveness of IA in organisations. Towards this end it develops a scale to measure the effectiveness of IA and a model of its determinants. One hundred and eight Israeli organisations that employ IA participated in the study (a 37% response rate). Data on the effectiveness of IA were collected from the organisations’ general managers and data on the determinants from their internal auditors. The findings reveal good psychometric properties for the scale developed in this study. The correlation and regression analyses show support from top management to be the main determinant of IA effectiveness, with some effect also found for the organisational independence of IA. The effect of the predictors was consistent between the public and private sectors. The research model explained a large amount of variance of IA effectiveness. The findings are discussed in terms of how they can help guide and encourage the continuation of research on this issue.     

Determinants and consequences of noncompliance with the 2013 COSO framework

The Securities and Exchange Commission (SEC) requires firms to use a “suitable framework” as a basis for evaluating the effectiveness of internal control over financial reporting. The COSO 1992 framework was the most commonly used suitable framework until it was superseded by the COSO 2013 framework. Because strict compliance with the updated framework was not enforced by regulatory authorities, a nontrivial number of firms did not comply in a timely fashion. We investigate determinants and consequences of noncompliance with the COSO 2013 framework following the supersession of the COSO 1992 framework. We find that noncompliance is positively associated with proxies for resource constraints, financial distress, and a weak internal control environment, and negatively associated with auditor industry specialization, board size, and audit committee accounting expertise. Further tests suggest that following supersession of the 1992 framework, investors view quarterly earnings surprises of the noncompliant firms to be less credible and that noncompliance increases regulatory scrutiny. Finally, we find some evidence that accounting conservatism increases after supersession of the 1992 framework for compliant firms relative to noncompliant firms, suggesting that noncompliance can delay the potential benefits of implementing the updated framework.     

Improving internal control quality as a corporate response to the Forbes Rich List

This study takes advantage of the Forbes Rich List as an external shock to examine its effect on internal control quality in mainland China. Using the difference-in-differences (DiD) method for a large sample of 17,910 firm-year observations from 2000 to 2014, we find that firms controlled by entrepreneurs included in the Forbes Rich List tend to have higher internal control quality than firms not controlled by entrepreneurs in the list. The listed entrepreneurs improve their firms’ internal control quality by means of reducing the information asymmetry between the firms and outsiders. Further tests show that the event effect is more pronounced when firms have higher misreporting costs and when listed entrepreneurs hold chairman positions than in other situations. Our results remain robust after applying the propensity score matching method, stacked DiD estimation, and an alternative measure of internal control quality. These findings enrich the literature on the effect of the Rich List and the determinants of internal control quality in emerging markets.     

The Effect of SOX Internal Control Deficiencies on Firm Risk and Cost of Equity

The Sarbanes-Oxley Act (SOX) mandates management evaluation and independent audits of internal control effectiveness. The mandate is costly to firms but may yield benefits through lower information risk that translates into lower cost of equity. We use unaudited pre–SOX 404 disclosures and SOX 404 audit opinions to assess how changes in internal control quality affect firm risk and cost of equity. After controlling for other risk factors, we find that firms with internal control deficiencies have significantly higher idiosyncratic risk, systematic risk, and cost of equity. Our change analyses document that auditor-confirmed changes in internal control effectiveness (including remediation of previously disclosed internal control deficiencies) are followed by significant changes in the cost of equity that range from 50 to 150 basis points. Overall, our cross-sectional and intertemporal change test results are consistent with internal control reports affecting investors' risk assessments and firms' cost of equity.     

Ownership,Internal Capital Market,and Financing Costs

The development of China’s financial markets lags behind its economic development, which has set constraints for firms to obtain external finance. In practice, Chinese firms employ an internal capital market to mitigate financial constraints. We provide a case study and empirical analysis to investigate both the determinants for the establishment of an internal capital market and its economic consequence. We find that private enterprises (PEs) have greater motivation to establish an internal capital market and to allocate capital by the market-oriented way. In addition, we find that the internal capital market can help firms reduce financing costs, especially in PEs.     

内部控制与现代审计

随着内部控制的逐渐完善,现代审计对内部控制的重视和信赖程度也将越来越高。在现代审计实践中,由于内部控制系统固有的局限性,使注册会计师审计对内部控制的依赖产生一定的风险。为了能够在审计过程中更好地利用内部控制,就要提高内部控制的有效性,逐渐完善内部控制制度,使审计风险降至最低。     

Internal control effectiveness,textual risk disclosure,and their usefulness: U.S. evidence

This paper investigates the impact of internal control effectiveness (ICE) on the level of textual risk disclosure (TRD; including aggregate risk disclosure and its tone of good news and bad news about risk). Our findings suggest that firms with an ineffective internal control system exhibit significantly lower levels of TRD than firms with effective internal controls. Besides, we show a significant change in TRD behavior provided by managers of firms with recurrent ineffective internal controls. Pursuant to agency theory, this behavior change is prompted to reduce the expected public uncertainty and agency problems. We also investigate the usefulness of ICE reporting and TRD to the market. Results suggest that firms reporting ineffective internal controls are likely to have higher investor-perceived risk than firms reporting effective internal controls. Furthermore, TRD improves firms' market liquidity, and such improvement is principally driven by good news rather than bad news about risk. Collectively, our results fill an apparent gap in the literature on the importance of ICE, as well as the usefulness of the external auditor's attestation on a firm's internal controls and management TRD.