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Internal Control in Accounting Research: A Review and FutureResearch Agenda
Keryn Chalmers*
Swinburne Business School
Swinburne University of Technology, Australia
Email: kchalmers@swin.edu.au
David Hay
Auckland Business School
Auckland University, New Zealand
Email: d.hay@auckland.ac.nz
Hichem Khlif
Faculty of Economics and Management
University of Monastir, Tunisia
Email: hichemkhlif@gmail.com
* Corresponding author
Swinburne University of Technology
Level 3, AGSE Building
Cnr Wakefield and Williams Street HAWTHORN
VIC 3122 AUSTRALIA
Email: kchalmers@swin.edu.au
本文系统回顾了IC质量的内部和外部决定因素相关的主要研究问题，包括董事会和董事会下属委员会特征、所有权结构、外部审计、监管和市场特征以及国家文化。IC质量的经济后果研究，包括IC对管理决策、高管薪酬和管理层轮换、股票和债券市场以及其他利益相关者的影响的研究。另外本文还指出了，IC会计研究的局限性和未来研究方向。
1. INTRODUCTION
Research exploring the determinants and economic consequences of internal control (IC) quality has gained momentum in recent years. The purpose of our paper is to synthesize the accounting related literature on IC, identify areas of research on IC that are lacking, and discuss the implications of the review for policymakers. Our findings are also relevant for managers,investors, creditors and auditors. In order to do this, we extend prior reviews by focusing on US studies published from 2013 to 2016, and by reviewing studies conducted outside the US setting. In light of increasing global efforts to enhance IC, an updated literature review with an international perspective is warranted to inform the regulatory debate surrounding the enactment of disclosure and attestation rules to enhance the transparency and quality of IC of financial reporting and their relevance to stakeholders.
Prior reviews on IC reporting subsequent to SOX sections 302 and 404 (hereafter, SOX 302 and SOX 404 respectively) are US dominated and focus on the literature up to 2012. Schneider, Gramling, Hermanson & Ye (2009) limit their review to US, large sample size studies during 2005 to mid-2009. Key insights are that weaker IC is associated with smaller, riskier, and more complex firms. Weaker IC is also associated with weaker board and audit committee independence and expertise, increased cost of finance, less accurate earnings forecasts and higher audit fees. They suggest further research on the association between IC quality and earnings quality and cost of equity given the mixed findings in reviewed studies.
Kinney, Martin & Shephardson (2013) reflect on SOX and the production of IC audits using evidence from public and limited non-public archival data, analytical studies, and numerous personal experiences of audit practitioners. They are interested in understanding how the requirement for IC audits has changed the production of audits. The paper is a commentary rather than a literature review and calls for greater transparency and analysis of how control audits are conducted, and consideration of alternative means to provide IC effectiveness information to investors. Asare, Fitzgerald, Graham, Joe, Negangard & Wolfe (2013) focus primarily on literature examining auditors’ evaluation and reporting on IC using a framework considering auditor, client, task and environment attributes, and auditor-client interactions. In doing so they discuss empirical findings of US studies with their synthesis suggesting that auditors conduct more testing when clients have deficiencies in IC with this manifesting in higher audit fees and delays. Bedard and Graham (2014) discuss the cost-benefit aspects of management and auditor reporting on IC. They review a select number of pre-2013 studies investigating ineffective IC determinants (six studies), consequences (seven studies), and remediation (four studies). The review includes three non-US studies on consequences,conducted in Canada, Netherlands and Japan. They conclude that IC issues are more likely in smaller, more complex and financially distressed firms, auditor affiliation and audit quality influence IC quality and reporting, and effective IC are associated with lower cost of capital. Coates and Srinivasan (2015) review a decade of post SOX US literature on IC from accounting, finance and law disciplines concluding that SOX has delivered financial reporting benefits, but research on its net social welfare contribution remains inconclusive.

Please cite this article as:
Keryn Chalmers, David Hay, Hichem Khlif, Internal Control in Accounting Research: A Review and Future Research Agenda (2010), https://doi.org/10.1016/j.acclit.2018.03.002

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