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• W1806015614 abstract "ABSTRACTThis paper examines whether corporation governance structure has influence on internal audit report lag (IARL). The study studies a sample of 1244 observations from Year 2008 to Year 2011, obtained from Shenzhen Stock Exchange in China. Regression analysis indicates that firms, with fewer directors but more supervisors and members in audit committees as well as less frequent supervisory board meeting, are more likely to reduce IARL. In contrast, this study also demonstrates factors such as the independence of board of supervisors and board of directors, the meeting frequency of board of directors and duality of CEO, hardly exert influence on the IARL. The contribution of this paper is mainly to empirically analyze the influence of corporation governance structure on IARL to improve the timeliness of internal control information disclosure.JEL: M42KEY WORDS: Internal Control Audit Report Lag (IARL), Corporation Governance Structure, Influence(ProQuest: ... denotes formulae omitted.)INTRODUCTIONInternal control is a key part of corporation governance and the management is responsible for its design and implementation. Auditor issues internal control audit report, which provides judgments towards the effectiveness of internal control. The timely issuance of corporate internal control report is subjected to the completeness of the audit. Prior studies have provided empirical evidence, reporting that the timeliness of audit is the most influential factor in the timely report of financial statements (Owusu-Ansah, 2000, Leventis et al., 2005). Bamber et al. (1993) find that over 70 percent of companies will not announce earnings until the publication of annual audit report, which demonstrates the significance of a timely audit, earnings information and the role of the annual audit in determining the timing of information releasing. Besides, the audit report lag is an essential signal for newly emerging and developed capital market where the audit report disclosed in annual reports is the only reliable source of information available to investors. Internal control audit delay directly affects the timeliness of accounting information, which, in turn, frustrates investors' confidence in capital market. The disclosure of internal control audit makes it possible for the public investors to access the non-financial information. Thus, the timeliness of internal control audit report is of significant help for investors to make decisions based on financial and non-financial information, which, to some extent, strengthens investors' confidence in capital market. On the other hand, the timeliness of internal control audit report will reduce the rate of managers' performing adverse selection and moral hazard resulted from information asymmetry, thus protecting the benefits of investors. Hakansson (1977) explains that the timeliness of public disclosures (e.g. audit opinions and earnings information) is of importance because delays compromise the ideal of equal access to information among investors. Givoly & Palmon (1982) also find that the issuance of audit report is positively associated with the timely disclosure of earnings information. Moreover, Knechel & Payne (2001) reveal that the unexpected lag of audit report is possibly relevant to lower quality of information.Ministry of Finance of the People's Republic of China and China Securities Regulatory Commission jointly issued Notification about 2012 Main Board Listed Companies Implementation of Internal Control Standards, and this notification requires that: (a) central and local state-owned listed companies should implement internal control standards and disclose internal control evaluation report as well as internal control audit report related to financial statements from the beginning of Year 2012; (b) non-state-owned listed companies, with total market value above 5 billion at the end of 31 December 2011 and average profit above 3 billion from Year 2009 to Year 2011, should disclose audited financial statements together with internal control evaluation report and internal control audit report related to financial statements at the same time from the beginning of Year 2013; and (c) other companies, not including the above-mentioned two kinds of companies, should disclose audited financial statements with internal control evaluation report and internal control audit report related to financial statements from the beginning of Year 2014. …" @default.
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• W1806015614 title "The Influence of Corporation Governance Structure on Internal Control Audit Report Lag: Evidence from China" @default.
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