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The Effects Of Internal Control Reporting Regulation On Control Quality Compensation And Audit Effort
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Book Synopsis The Effects of Internal Control Reporting Regulation on Control Quality, Compensation and Audit Effort by : Derek Chan
Download or read book The Effects of Internal Control Reporting Regulation on Control Quality, Compensation and Audit Effort written by Derek Chan and published by . This book was released on 2018 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: New internal control reporting (ICR) requirements under the Sarbanes-Oxley Act of 2002 (SOX) imposed affirmative duties on managers and auditors to evaluate and attest to the effectiveness of internal controls. This paper studies the role of ICR regulation in alleviating accounting manipulation. My basic model with one firm emphasizes the strategic interaction between internal control and external audit in its detection, as well as the stewardship and valuation roles of accounting information in financial reporting. I investigate whether and why ICR requirements under SOX can enhance incentives for internal control quality and audit effort, and make predictions regarding their effects on audit failure rate, manager's expected compensation, audit fee and current owner's expected payoff. An extension to a multi-firm setting suggests that ICR regulation can improve social welfare in the presence of an endogenous norm of internal control quality.
Book Synopsis Direct and Indirect Effects of Internal Control Weaknesses on Accrual Quality by : Hai Lu
Download or read book Direct and Indirect Effects of Internal Control Weaknesses on Accrual Quality written by Hai Lu and published by . This book was released on 2016 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: Public disclosure about effectiveness of internal control systems is subject to much controversy in Canada, resulting in Canadian disclosures being made in Management Discussion and Analysis (MDamp;A). These disclosures are provided to investors without a definition of the weaknesses to be reported, without implementation effectiveness testing, no direct management certification and no external audit of such disclosures. Though the cost of such SOX North disclosures are lower than in the U.S setting, the credibility of these disclosures is far from assured, posing an important empirical issue for regulators interested in the cost versus benefit trade-off of various disclosure regimes. We use OLS regression and path analysis embedded in a structural model to examine the association between the strength of internal control and accrual quality in order to infer whether these disclosures are credible. The OLS regression finding of an overall negative net effect of internal control weaknesses on accrual quality is refined by recursive path analysis which shows that this overall negative effect is composed of a large negative direct effect of weaknesses on accrual quality and a smaller offsetting positive indirect effect of weaknesses on accrual quality via increased audit effort. The modest substitution effect implies that auditors cannot fully compensate for poor internal control by increased substantive work, which is per se evidence justifying some form of internal control disclosures for investors. Overall, our results suggest that lower cost SOX North disclosures are credible. This informs the cost-benefit debate facing regulators around the globe seeking alternatives to the costly U.S. model of internal control reporting.
Book Synopsis Strengthening Management Controls with Less Effort by :
Download or read book Strengthening Management Controls with Less Effort written by and published by DIANE Publishing. This book was released on 1993-06 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis How to Comply with Sarbanes-Oxley Section 404 by : Michael J. Ramos
Download or read book How to Comply with Sarbanes-Oxley Section 404 written by Michael J. Ramos and published by John Wiley & Sons. This book was released on 2004-03-29 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt: Designed specifically for Sarbanes-Oxley Section 404 compliance, How to Comply with Sarbanes-Oxley Section 404 features: A step-by-step approach to engagement performance Original material from a leading expert in auditing and accounting Practice aids, including forms, checklists, illustrations, diagrams, and tables In-depth explanations to help professionals understand how best to approach the internal control engagement Examples and action plans providing blueprints for implementing requirements of the Act Order your copy today!
Book Synopsis Standards for Internal Control in the Federal Government by : United States Government Accountability Office
Download or read book Standards for Internal Control in the Federal Government written by United States Government Accountability Office and published by Lulu.com. This book was released on 2019-03-24 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt: Policymakers and program managers are continually seeking ways to improve accountability in achieving an entity's mission. A key factor in improving accountability in achieving an entity's mission is to implement an effective internal control system. An effective internal control system helps an entity adapt to shifting environments, evolving demands, changing risks, and new priorities. As programs change and entities strive to improve operational processes and implement new technology, management continually evaluates its internal control system so that it is effective and updated when necessary. Section 3512 (c) and (d) of Title 31 of the United States Code (commonly known as the Federal Managers? Financial Integrity Act (FMFIA)) requires the Comptroller General to issue standards for internal control in the federal government.
Book Synopsis Internal Control in Accounting Research by : Keryn Chalmers
Download or read book Internal Control in Accounting Research written by Keryn Chalmers and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2001, the US moved to regulate internal control reporting by management and auditors. While some jurisdictions have followed the lead of the US, many others have not. An important question, therefore, is the relevance of internal control to stakeholders. The more specific issue of the benefits of US-style regulation of internal control reporting is also topical. We review studies on the determinants of internal control quality and its economic consequences for stakeholders including investors, creditors, managers, auditors and financial analysts. We extend previous reviews by focusing on US studies published since 2013 as well as all non-US studies investigating IC quality including countries regulating IC disclosure as well as unregulated settings and both developed and developing economies. In doing so, we identify research questions where evidence remains mixed and new directions in which there are research opportunities.Three main insights arise from our analysis. First, evidence on the economic consequences of internal control quality suggests that the quality of internal control can have a significant effect on decision making by users of financial information. Second, the results of research on the empirical association between ownership structure, certain board characteristics and internal control quality is generally mixed. Empirical evidence concerning the association between audit committee characteristics and internal control quality generally supports a positive and significant association. Finally, while studies in non-US jurisdictions are increasing, opportunities remain to explore the determinants and consequences of internal control in other jurisdictions. Our review provides evidence for policy makers of whether there are benefits from requiring management and auditors to report on internal control over financial reporting.
Book Synopsis Strategic Interaction in Auditing by : Suil Pae
Download or read book Strategic Interaction in Auditing written by Suil Pae and published by . This book was released on 2001 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a model in which a firm's owner, an auditor, and outside investors strategically interact. The owner's investment in the quality of the firm's internal control system and the auditor's effort jointly affect the informativeness of the auditor's report on the firm's financial statements. If the auditor's legal liability to investors is large, an efficiency loss arises because the owner under-invests in the internal control system and the auditor over-invests effort. On the other hand, if the liability is small, an efficiency loss arises from the owner's over-investment and the auditor's under-investment. Regulators can improve the allocative efficiency by changing the auditor's legal liability. However, in our model, it is impossible to completely eliminate the efficiency loss by changing the auditor's liability alone, because there does not exist a damage award that induces both the owner and auditor to make socially optimal investments in the internal control system and audit effort. We also interpret recent changes in the regulatory environment in the context of our model.
Author :United States. Congress. House. Committee on Government Reform. Subcommittee on Government Management, Finance, and Accountability Publisher : ISBN 13 : Total Pages :82 pages Book Rating :4.F/5 ( download)
Book Synopsis Improving Internal Controls by : United States. Congress. House. Committee on Government Reform. Subcommittee on Government Management, Finance, and Accountability
Download or read book Improving Internal Controls written by United States. Congress. House. Committee on Government Reform. Subcommittee on Government Management, Finance, and Accountability and published by . This book was released on 2005 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Internal Control Audit and Compliance by : Lynford Graham
Download or read book Internal Control Audit and Compliance written by Lynford Graham and published by John Wiley & Sons. This book was released on 2015-01-12 with total page 420 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ease the transition to the new COSO framework with practical strategy Internal Control Audit and Compliance provides complete guidance toward the latest framework established by the Committee of Sponsoring Organizations (COSO). With clear explanations and expert advice on implementation, this helpful guide shows auditors and accounting managers how to document and test internal controls over financial reporting with detailed sections covering each element of the framework. Each section highlights the latest changes and new points of emphasis, with explicit definitions of internal controls and how they should be assessed and tested. Coverage includes easing the transition from older guidelines, with step-by-step instructions for implementing the new changes. The new framework identifies seventeen new principles, each of which are explained in detail to help readers understand the new and emerging best practices for efficiency and effectiveness. The revised COSO framework includes financial and non-financial reporting, as well as both internal and external reporting objectives. It is essential for auditors and controllers to understand the new framework and how to document and test under the new guidance. This book clarifies complex codification and provides an effective strategy for a more rapid transition. Understand the new COSO internal controls framework Document and test internal controls to strengthen business processes Learn how requirements differ for public and non-public companies Incorporate improved risk management into the new framework The new framework is COSO's first complete revision since the release of the initial framework in 1992. Companies have become accustomed to the old guidelines, and the necessary procedures have become routine – making the transition to align with the new framework akin to steering an ocean liner. Internal Control Audit and Compliance helps ease that transition, with clear explanation and practical implementation guidance.
Book Synopsis Internal Controls by : Lynford Graham
Download or read book Internal Controls written by Lynford Graham and published by John Wiley & Sons. This book was released on 2007-09-10 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: "In the new age of philanthropy, donors expect charities to be models of accountability and transparency...Internal controls: Guidance for Private, Government, and Nonprofit Entities is a must read for CEOs and CFOs who want to gain a clear understanding of cost-effective ways to implement the controls necessary to protect their organizations." - Elizabeth Myatt, Chief Executive Officer, World Lung Foundation "If you were looking for the silver bullet to understand and audit internal controls, you just found it. This book will prove invaluable in planning the audit internal controls, you just found it. This book will prove invaluable in planning the audit because it specifically covers COSO and the new AICPA risk assessment auditing standards. " - George I. Victor, CPA, Partner in Charge of Quality Control, Holtz Rubenstein Reminick LLP "Author Lyn Graham gives practical, easy-to-understand guidance for documenting internal controls. I recommend this book for both my clients and our staff. It is very useful for auditors and clients alike." - David E. Adams, CPA, Partner, Geffen Mesher & Company "This book is an essential guide...and provides very practical advice about what to do(and what not to do) in making an investment in internal controls. The author's expensive experience as an audit firm partner and standard-setter are evident in the details provided. I also recommend this book to teaches of auditing and systems, as it provides a useful background to...how internal controls really should work in today's business environment." - Jean C. Bedard, CPA, PhD, Timothy B. Harbert Professor of Accountancy, Bentley College
Book Synopsis Internal Controls Quality and Audit Pricing Under the Sarbanes-Oxley Act by : Rani Hoitash
Download or read book Internal Controls Quality and Audit Pricing Under the Sarbanes-Oxley Act written by Rani Hoitash and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper extends prior research on audit risk adjustment by examining the association of audit pricing with problems in internal control over financial reporting, disclosed under Sections 404 and 302 of the Sarbanes-Oxley Act. While studies of auditors' responses to internal control risk provide mixed evidence, it is important to re-examine this issue using data on specific client problems not available prior to SOX. As a baseline, we first establish a strong association of audit fees with internal control problems disclosed in the first year of implementation of Section 404, consistent with prior research (e.g., Raghunandan and Rama 2006). We then address two issues on which prior results are contradictory. In a broadly-based sample of accelerated filers, we find that audit pricing for companies with internal control problems varies by problem severity, when severity is measured either as material weaknesses vs. significant deficiencies, or by nature of the problem. Also, while audit fees increase during the 404 period, our tests show less relative risk adjustment under Section 404 than under Section 302 in the prior year. Further examining intertemporal effects, we find that companies disclosing internal control problems under Section 302 continue to pay higher fees the following year, even if no problems are disclosed under Section 404. Overall, our findings provide detailed insight into audit risk adjustment during the initial period of SOX implementation.
Author :United States Government Accountability Office Publisher :Lulu.com ISBN 13 :0359536395 Total Pages :234 pages Book Rating :4.3/5 (595 download)
Book Synopsis Government Auditing Standards - 2018 Revision by : United States Government Accountability Office
Download or read book Government Auditing Standards - 2018 Revision written by United States Government Accountability Office and published by Lulu.com. This book was released on 2019-03-24 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt: Audits provide essential accountability and transparency over government programs. Given the current challenges facing governments and their programs, the oversight provided through auditing is more critical than ever. Government auditing provides the objective analysis and information needed to make the decisions necessary to help create a better future. The professional standards presented in this 2018 revision of Government Auditing Standards (known as the Yellow Book) provide a framework for performing high-quality audit work with competence, integrity, objectivity, and independence to provide accountability and to help improve government operations and services. These standards, commonly referred to as generally accepted government auditing standards (GAGAS), provide the foundation for government auditors to lead by example in the areas of independence, transparency, accountability, and quality through the audit process. This revision contains major changes from, and supersedes, the 2011 revision.
Book Synopsis How Does Disclosure of Internal Control Quality Affect Management's Choice of that Quality by : Ping Zhang
Download or read book How Does Disclosure of Internal Control Quality Affect Management's Choice of that Quality written by Ping Zhang and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We utilize a single period model to investigate the tradeoffs that management might make when faced with the necessity of disclosing the quality of the internal control over financial reporting (henceforth ICOFR) and the outcomes that would result from such tradeoffs. Our analysis indicates that requiring reporting on internal control effectiveness can lead to higher control quality if management's performance-related compensation is dominated by stock options. However, if management's performance-related compensation is mainly in the form of cash bonuses, then the required disclosure leads to lower control quality. Attempts by management to bias reported information can reduce internal control quality when internal control quality is not disclosed, but have no impact on control quality when internal control is disclosed.
Book Synopsis The Impact of Audit Frequency on the Quality of Internal Control by : Russell M. Barefield
Download or read book The Impact of Audit Frequency on the Quality of Internal Control written by Russell M. Barefield and published by . This book was released on 1975 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Managing Organizational Culture for Effective Internal Control by : Jan A. Pfister
Download or read book Managing Organizational Culture for Effective Internal Control written by Jan A. Pfister and published by Springer Science & Business Media. This book was released on 2009-07-07 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: In times of economic and financial crises, the content of this book rings true. Drawing from interviews with executives, senior managers and/or auditors from renowned companies (eBay, Google, Hewlett Packard, Intel, Levi Strauss & Co., Microsoft, Novartis and many others) and theory from fields of sociology and social psychology, this research study provides an understanding of how "tone at the top" imprints on an organization and why that imprint works. More specifically, it discusses how managers' principles and practices can actively shape an open-minded culture that enhances effective internal control.
Book Synopsis Changes in Internal Controls and Auditor Effort Around the Initiation of a Chief Accounting Officer (CAO) Position by : Daniel Russomanno
Download or read book Changes in Internal Controls and Auditor Effort Around the Initiation of a Chief Accounting Officer (CAO) Position written by Daniel Russomanno and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: I examine whether the addition of a Chief Accounting Officer (CAO) to the top management team improves firms' internal controls and allows a reduction in efforts by the firms' external auditors. I find firm size, auditor quality, and acquisition or restructuring activity significantly increases the likelihood of a firm having a CAO position. After controlling for factors associated with the decision to create the CAO position, I find that firms that establish a CAO position on their top management team improve their internal control system more than firms without a CAO position on their top management team. In addition, CAO firms realize a reduction in auditor fees following the addition of a CAO position on their top management team. Overall, these findings suggest that the introduction of a CAO position to the top management team substantively improves the quality of firms' internal control over financial reporting and a reduction in the auditors' assessment of the firms' control risk.
Book Synopsis Internal Control by : K. H. Spencer Pickett
Download or read book Internal Control written by K. H. Spencer Pickett and published by John Wiley & Sons. This book was released on 2002-03-14 with total page 385 pages. Available in PDF, EPUB and Kindle. Book excerpt: An entertaining introduction to a very serious and complex issue Internal control is no longer the exclusive domain of highly trained accountants on the internal auditing staff. Corporate boards, CEOs, and employees at virtually every level are now seen as responsible for designing, implementing, and monitoring these controls; few, however, have the training and background needed to fulfill this complex responsibility. Through the entertaining story of a manager's visit to the Caribbean, Internal Control: A Manager's Journey illustrates how control can be managed throughout an organization. In each chapter, Operations Manager Bill Reynolds learns the key concepts and techniques of internal control and discovers how to design, document, install, and monitor an innovative, efficient internal control policy. He discovers that effective internal control is based on risk assessment and should encourage innovation. He also learns important techniques for preventing, detecting, and correcting fraud. This unconventional, extraordinarily useful guide is peppered with practical examples and workable solutions that can be used to institute improved control and accountability in any company of any size. It's the ultimate resource for CEOs, CFOs, operations managers, and anyone involved in the design, implementation, review, or reporting of internal controls.
