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Internal Audit And Financial Reporting Quality In The Public Sector, Steven M. Desimone
Internal Audit And Financial Reporting Quality In The Public Sector, Steven M. Desimone
Economics Department Working Papers
Using a unique set of hand-collected data, this study investigates the association of (1) the presence of an Internal Audit Function (IAF) and (2) the use of quality assurance programs for the IAF with financial reporting quality in public sector organizations. Specifically, I examine if the presence of IAFs and the use of quality assessments therein is associated with the presence of financial statement audit reportable conditions and restatements in municipalities in the U.S. Results indicate that both the presence of an IAF and use of external quality programs therein are positively associated with financial statement audit reportable conditions related …