中美资本市场发展内部控制审计的殊途与异果
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摘要
美国在资本市场实施SOX法案404条款,面向小型公众公司推行内部控制审计制度,以提高财务信息质量,却遭遇棘手的审计成本高于审计效益的难题,以至于最终豁免了针对小型公众公司的内部控制审计安排。而中国则以平衡审计成本和审计效益的思路,在中小企业板尝试变通发展内部控制审计的新路径。本文采用描述性统计分析的方法,多维度论证我国中小企业板内部控制审计制度安排降低审计成本的效应,以及对财务信息质量的影响。结果表明,我国中小企业板通过创新内部控制审计制度安排,取得了不同于美国资本市场的发展效果,不仅从放宽业务类型和降低实施频率两个维度,有效地降低了中小型上市公司的审计费用,而且公司的财务信息质量也得到保证和一定程度的提升。研究结论揭示了我国在资本市场发展内部控制审计制度上探索新道路的成功经验。
In order to improve the quality of financial information,the United States implements the SOX Act 404 clause in the capital market and implements the internal control audit system for small public companies. However,it encounters a difficult problem that the audit cost is higher than the audit efficiency,which ultimately exempts the internal control audit arrangements for small public companies. China,on the other hand,tries to develop a new way of internal control audit in the SME board by balancing audit costs and benefits. This paper uses descriptive statistical analysis method to demonstrate the effect of internal control audit system arrangement on reducing audit cost and the impact on the quality of financial information. The results show that China' s SME board has achieved different development effects from the US capital market by innovating the internal control audit system. It not only reduces the audit costs of SMEs effectively from the two dimensions of relaxing business types and reducing the implementation frequency,but also guarantees and improves the quality of financial information of SMEs to a certain extent. The conclusion reveals the successful experience of exploring a new way in the development of internal control audit system in capital market.
In order to improve the quality of financial information,the United States implements the SOX Act 404 clause in the capital market and implements the internal control audit system for small public companies. However,it encounters a difficult problem that the audit cost is higher than the audit efficiency,which ultimately exempts the internal control audit arrangements for small public companies. China,on the other hand,tries to develop a new way of internal control audit in the SME board by balancing audit costs and benefits. This paper uses descriptive statistical analysis method to demonstrate the effect of internal control audit system arrangement on reducing audit cost and the impact on the quality of financial information. The results show that China' s SME board has achieved different development effects from the US capital market by innovating the internal control audit system. It not only reduces the audit costs of SMEs effectively from the two dimensions of relaxing business types and reducing the implementation frequency,but also guarantees and improves the quality of financial information of SMEs to a certain extent. The conclusion reveals the successful experience of exploring a new way in the development of internal control audit system in capital market.
引文
[1] Kinney W. R.,Shepardson M. Do Control Effectiveness Disclosures Require SOX 404(b)Internal Control Audits?[J].A Natural Experiment with Small U.S. Public Companies. Journal of Accounting Research,2011,29(2):413-447.
[2] Krishnan G.,Yu W. Do small firms benefit from auditor attestation of internal control effectiveness?[J]. Auditing:A Journal of Practice and Theory,2012,34:115-137.
[3] Holder A.,Karim K. E.,Robin A. Was Dodd-Frank justified in exempting small firms from Section 404b compliance?[J]. Accounting Horizons,2013,27:1-22.
[4] Schroeder J. H.,Shepardson M. L. Do SOX 404 Control Audits and Management Assessments Improve Overall Internal Control System Quality?[J]. The Accounting Review,2016,91(5):1513-1541.
[5] Nagy A. Section 404 compliance and financial reporting quality[J].Accounting Horizons,2010,24:441-454.
[6] Ashbaugh-Skaife H.,Collins D. W.,Kinney W. R.,et al. The effect of SOX internal control deficiencies and their remediation on accrual quality[J].The Accounting Review,2008,83:217-250.
[7]VCarter M. E.,Lynch L. J.,Zechman S. C. Changes in bonus contracts in the post-Sarbanes Oxley era[J].Review of Accounting Studies,2009,14(4):480-506.
[8] Raghunandan K.,Rama D. SOX Section 404 Material Weakness Disclosure and audit fees[J]. Auditing:A Journal of Practice&Theory,2006,25(1):99-114.
[9] Iliev P. The effect of SOX section 404:Costs,earnings quality,and stock prices[J].Journal of Finance,2010,45:1163-1196.
[10] Doogar R.,Sivadasan P. M.,Solomon P. I. The Regulation of Public Company Auditing:Evidence from the Transition to AS5. Journal of Accounting Research,2010,48(4):795-814.
[11] Wang D.,Zhou J. The Impact of PCAOB Auditing Standard No. 5 on Audit Fees and Audit Quality[J].Accounting Horizons,2012,26(3):493-511.
[12] Biddle G. C.,Hilary G.,Verdi R. How Does Financial Reporting Quality Relate to Investment Efficiency?[J].Journal of Accounting and Economics,2009,48(2-3):112-131.
[13] Dechow P.,Sloan R.,Sweeney A. Detecting Earnings Management[J].The Accounting Review,1995,70:193-225.
[14]雷英,吴建友,孙红.内部控制审计对会计盈余质量的影响———基于沪市A股上市公司的实证分析[J].会计研究,2013(11):75-81.
[15]徐晶,胡少华.内部控制审计能够提高盈余质量吗?[J].财经问题研究,2015(3):81-88.
(1)美国6次针对非快速申报人(non-accelerated filers)适用内部控制审计规制的延迟分别发生在:2004年2月24日,2005年3月2日,2005年9月22日,2006年12月15日,2008年6月26日,2009年10月13日。
(2)内容参见FEI在2005年的调查报告《Comments of the Committee on Corporate Reporting Submitted to the SECRoundtable on Implementation of Internal Control Reporting Provisions》。
(3)我们仅考虑上市公司内部控制审计或鉴证业务,而未考虑其他类型的业务,如内部控制审核、专项报告等。
[2] Krishnan G.,Yu W. Do small firms benefit from auditor attestation of internal control effectiveness?[J]. Auditing:A Journal of Practice and Theory,2012,34:115-137.
[3] Holder A.,Karim K. E.,Robin A. Was Dodd-Frank justified in exempting small firms from Section 404b compliance?[J]. Accounting Horizons,2013,27:1-22.
[4] Schroeder J. H.,Shepardson M. L. Do SOX 404 Control Audits and Management Assessments Improve Overall Internal Control System Quality?[J]. The Accounting Review,2016,91(5):1513-1541.
[5] Nagy A. Section 404 compliance and financial reporting quality[J].Accounting Horizons,2010,24:441-454.
[6] Ashbaugh-Skaife H.,Collins D. W.,Kinney W. R.,et al. The effect of SOX internal control deficiencies and their remediation on accrual quality[J].The Accounting Review,2008,83:217-250.
[7]VCarter M. E.,Lynch L. J.,Zechman S. C. Changes in bonus contracts in the post-Sarbanes Oxley era[J].Review of Accounting Studies,2009,14(4):480-506.
[8] Raghunandan K.,Rama D. SOX Section 404 Material Weakness Disclosure and audit fees[J]. Auditing:A Journal of Practice&Theory,2006,25(1):99-114.
[9] Iliev P. The effect of SOX section 404:Costs,earnings quality,and stock prices[J].Journal of Finance,2010,45:1163-1196.
[10] Doogar R.,Sivadasan P. M.,Solomon P. I. The Regulation of Public Company Auditing:Evidence from the Transition to AS5. Journal of Accounting Research,2010,48(4):795-814.
[11] Wang D.,Zhou J. The Impact of PCAOB Auditing Standard No. 5 on Audit Fees and Audit Quality[J].Accounting Horizons,2012,26(3):493-511.
[12] Biddle G. C.,Hilary G.,Verdi R. How Does Financial Reporting Quality Relate to Investment Efficiency?[J].Journal of Accounting and Economics,2009,48(2-3):112-131.
[13] Dechow P.,Sloan R.,Sweeney A. Detecting Earnings Management[J].The Accounting Review,1995,70:193-225.
[14]雷英,吴建友,孙红.内部控制审计对会计盈余质量的影响———基于沪市A股上市公司的实证分析[J].会计研究,2013(11):75-81.
[15]徐晶,胡少华.内部控制审计能够提高盈余质量吗?[J].财经问题研究,2015(3):81-88.
(1)美国6次针对非快速申报人(non-accelerated filers)适用内部控制审计规制的延迟分别发生在:2004年2月24日,2005年3月2日,2005年9月22日,2006年12月15日,2008年6月26日,2009年10月13日。
(2)内容参见FEI在2005年的调查报告《Comments of the Committee on Corporate Reporting Submitted to the SECRoundtable on Implementation of Internal Control Reporting Provisions》。
(3)我们仅考虑上市公司内部控制审计或鉴证业务,而未考虑其他类型的业务,如内部控制审核、专项报告等。