DETERMINAN DAN KONSEKUENSI PELAPORAN KELEMAHAN MATERIAL PENGENDALIAN INTERNAL DALAM KONTEKS THE SARBANES OXLEY ACT OF 2002
ABSTRACT: The Sarbanes-Oxley
Act of 2002 (specifically sections 302 and 404) requires companies that file
annual finan-cial reports with the US Securities and Exchange Commission to
report on anagement’s responsibilities to establish and maintain adequate
internal controls over the company’s financial reporting process, as well as auditors’
assessment of the effectiveness of those controls (SEC 2012). Internal control
is broadly defined as a process, influenced by an entity’s board of directors, management
and other personnel, designed to provide reasonable assurance regarding the
achievement of objectives in the following categories: i) effectiveness and
efficiency of operations; ii) reliability of financial reporting; and iii)
compliance with applicable laws and regulations (COSO 1992). This study will
first present a discussion on how academic researchers have used data contained
in publicly available internal control reports to execute their research
analyses. Next, a review of the academic research investigating the determinants
as well as the consequences of internal control material weaknesses will be
presented, followed by a review of more recent studies examining the ability or inability of companies to
remediate internal control problems. Given the significant amount of regulatory
and public attention placed on the quality and reliability of a company’s internal controls
and financial reporting, an understanding of the determinants and consequences
of internal control failures is warranted for academics, regulators, and
practitioners.
Keywords: internal control
over financial reporting; internal control material weakness; Sarbanes-Oxley
Act; Section 404 of Sarbanes-Oxley; Section 302 of Sarbanes-Oxley
Penulis: Djoko Susanto
Kode Jurnal: jpmanajemendd120319
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