Audit committee quality， auditor independence， and internalcontrolweaknesses.pdf

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1、JournalofAccountingandPublicPolicy26(2007)300–327www.elsevier.com/locate/jaccpubpolAuditcommitteequality,auditorindependence,andinternalcontrolweaknessesaa,b,*aYanZhang,JianZhou,NanZhouaSchoolofManagement,StateUniversityofNewYorkatBinghamton,Binghamton,NY13902-6000,UnitedStatesbLubinSchoolof

2、Accounting,WhitmanSchoolofManagement,SyracuseUniversity,NY13244-2450,UnitedStatesAbstractInthispaperweinvestigatetherelationbetweenauditcommitteequality,auditorindependence,andthedisclosureofinternalcontrolweaknessesaftertheenactmentoftheSarbanes-OxleyAct.Webeginwithasampleoffirmswithinternal

3、controlweak-nessesand,basedonindustry,size,andperformance,matchthesefirmstoasampleofcontrolfirmswithoutinternalcontrolweaknesses.Ourconditionallogitanalysesindi-catethatarelationexistsbetweenauditcommitteequality,auditorindependence,andinternalcontrolweaknesses.Firmsaremorelikelytobeidentifiedw

4、ithaninternalcontrolweakness,iftheirauditcommitteeshavelessfinancialexpertiseor,morespecif-ically,havelessaccountingfinancialexpertiseandnon-accountingfinancialexpertise.Theyarealsomorelikelytobeidentifiedwithaninternalcontrolweakness,iftheirauditorsaremoreindependent.Inaddition,firmswithrecentau

5、ditorchangesaremorelikelytohaveinternalcontrolweaknesses.Ó2007ElsevierInc.Allrightsreserved.*Correspondingauthor.Tel.:+16077776067;fax:+16077774422.E-mailaddresses:yzhang@binghamton.edu(Y.Zhang),jzhou@binghamton.edu(J.Zhou),nzhou@binghamton.edu(N.Zhou).0278-4254/$-seefrontmatterÓ2007Elsevier

6、Inc.Allrightsreserved.doi:10.1016/j.jaccpubpol.2007.03.001Y.Zhangetal./JournalofAccountingandPublicPolicy26(2007)300–327301Keywords:Internalcontrolweakness;Auditcommitteefinancialexpertise;Auditorindependence;Sarbanes-OxleyAct1.IntroductionTheSarbanes-OxleyAct(hereafterSOX)of2002wentintoeffect

7、onJuly30,2002toaddresstheincreasingconcernofinvestorsabouttheintegrityoffirms’financialreporting,duetoscandalsinvolvingoncewell-respectedcom-panies,suchasEnronandWorldComandauditors,suchasArthurAnder-sen.OneimportantaspectofSOXisthatithastwosectionss