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Articles 1 - 5 of 5
Full-Text Articles in Accounting
Disciplinary Effect Of Internal Control Provisions Of Sox On Corporate Governance Structures, Beng Wee Goh
Disciplinary Effect Of Internal Control Provisions Of Sox On Corporate Governance Structures, Beng Wee Goh
Research Collection School Of Accountancy
This study examines whether the internal control provisions under the Sarbanes–Oxley Act (SOX) have a disciplining effect on the governance structures of firms. We find that audit committee members and outside directors of firms that disclose material weaknesses (MWs) under Section 302 of SOX are more likely to leave the firms compared to their counterparts in a matched sample of control firms without such weaknesses, and they lose more outside directorships than their counterparts in the control firms. These results are consistent with the notion that the labor market imposes reputational penalties for internal control failures. Although the MW firms …
External Stakeholders And Internal Controls In Churches, David Myers
External Stakeholders And Internal Controls In Churches, David Myers
Accounting Undergraduate Honors Theses
This paper deals specifically with churches, a subset of religious non-profit organizations chosen due to their near-ubiquity in the United States, specifically how an external organization can affect the internal control environment of a local congregation’s financial system.
Do External Financial Statement Auditors Sufficiently Adjust Their Audit Plans For Automated-Control Deficiencies?, Daniel D. Selby
Do External Financial Statement Auditors Sufficiently Adjust Their Audit Plans For Automated-Control Deficiencies?, Daniel D. Selby
Accounting Faculty Publications
Shelton (1999) found that experience, based on rank, mitigates the influence of less-than diagnostic evidence in going concern assessments. But, numerous studies (e.g., Abdolmohammadi and Wright 1987) question the external validity of studies that use rank to determine experience. I suspect that specialized domain experience is a better measure because all auditor ranks do not have procedural knowledge in going concern decisions but many auditors may have procedural knowledge in audit planning (AICPA 2008) and automated controls (Hunton et al. 2004). I investigate whether external financial statement auditors (henceforth auditors) sufficiently adjust their audit plans for material-automated-control-weaknesses. I determine the …
Cpas' Role In Fighting Fraud In Nonprofit Organization, Andrea Mcneal, Jeffrey E. Michelman
Cpas' Role In Fighting Fraud In Nonprofit Organization, Andrea Mcneal, Jeffrey E. Michelman
Jeffrey E Michelman
The article discusses the role of financial officers and certified public accountants in facilitating and ensuring effective internal controls in nonprofit organizations. Nonprofit boards frequently experience a high turnover of members, and individuals that volunteer are often untrained or unqualified to properly perform the oversight function. Moreover, most small nonprofits are cash based, which can compound any issues or weaknesses present in the control environment.
Improving Internal Control Over Financial Reporting: Coso’S Guidance Not Just For Public Companies Anymore, Jeffrey E. Michelman, Bobby E. Waldrup
Improving Internal Control Over Financial Reporting: Coso’S Guidance Not Just For Public Companies Anymore, Jeffrey E. Michelman, Bobby E. Waldrup
Jeffrey E Michelman
When the Committee of Sponsoring Organizations (COSO) released itsInternal Control—Integrated Framework (ICFR) in 1992, the event went largely unnoticed. The importance of this framework changed dramatically with the passage of the Sarbanes-Oxley Act of 2002 (SOX). Because SOX required all covered entities to base their assessment of internal control on a recognized framework, COSO was readily embraced. Unfortunately, smaller public and nonpublic companies have found the 1992 framework complicated to apply and to understand.