Corporate Governance and Internal Control over Financial Reporting: A Comparison of Regulatory Regimes

Hoitash, Udi; Hoitash, Rani; Bedard, Jean C.

doi:10.2308/accr.2009.84.3.839

Cited by 501 publications

(365 citation statements)

References 29 publications

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“…Two o f these limitations are the use o f cross sectional data from annual reports o f a small community which limits the generalisability of our findings, and the assumption made in the empirical part of paper that the members o f the board of directors uniformly affect the decisions to disclose performance information in the annual report. Regarding the latter, the expertise o f non-executive board members may influence a firm 's corporate disclosure practices (Hoitash et al, 2009). In addition, powerful actors on the board may form dominant coalitions which control the decision-making processes at strategic level (Zajac and W estphal, 1996;Carpenter and W estphal, 2001;Golden and Zajac, 2001).…”

Section: Resultsmentioning

confidence: 99%

Board and auditor interlocks and voluntary disclosure in annual reports

Braam

Borghans

2014

Journal of Financial Reporting and Accounting

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This paper explores the role o f the interlock ties o f the board o f directors and the external auditors in facilitating cross-firm diffusion of voluntary disclosure practices. Using data from 149 companies listed on the Dutch stock exchange, we investigated the relationship between a firm 's voluntary disclosure o f financial and non-financial performance measures in its annual report and the incidence o f disclosure of these performance indicators in annual reports of other companies to which the firm is related via the interlock ties of the executive and supervisory board members and its auditor. To cover a firm 's financial and non-financial aspects of performance, we classified the incidence in the annual report of the different performance m easurement items within the four Balanced Scorecard perspectives o f Kaplan and N orton (1992 and 1996). Our results suggest that firms with board members who also sit on the boards of directors of other firms have a higher probability of voluntarily reporting similar financial and non-financial disclosures in their com panies' annual reports. The experience o f the CEO is relevant for information disclosure about customers, while members o f the supervisory board, especially the chairman, seem to promote additional information about learning and growth. Finally, the experience o f the auditor matters for disclosure of financial performance indicators in the annual report.

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Section: Resultsmentioning

confidence: 99%

Board and auditor interlocks and voluntary disclosure in annual reports

Braam

Borghans

2014

Journal of Financial Reporting and Accounting

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“…Similarly, the findings of Hoitash et al (2009) showed that the better internal controls complying with the COSO standards led to the better implementation of the corporate governance principles. The result once again showed the importance of the link between organizational structure and risk management.…”

Section: Barjaktarević L Pindžo R đUlić K Vjetrov Amentioning

confidence: 99%

Implementation of the ERM concept in Serbia: Comparative analysis: Real sector and financial sector

Barjaktarović¹,

Pindžo²,

Đulić³

et al. 2017

Bankarstvo

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RezimeRad analizira nivo razvijenosti funkcije upravljanja rizicima, sa fokusom na ERM (Enterprise Risk Management -Upravljanje rizikom u poslovanju preduzeća) koncept, u kompanijama u Srbiji. Značaj rada je u proširivanju svesti, kako naučne javnosti tako i privrednih subjekata o potrebi uvođenja risk menadžment funkcije u cilju uspešnijeg rukovođenja preduzećima u realnom sektoru, a uvažavajući dobra iskustva poslovnih banaka u uspostavljanju iste. Istraživanje, sprovedeno u 2015. godini, je potvrdilo da su kompanije u Srbiji sklonije tradicionalnom pristupu upravljanju rizikom, da vlasnička struktura i veličina kompanije utiče na upoznatost sa ERM konceptom i njegovom primenom, kao i da u kompanijama u Srbiji još uvek ne postoje dobro razvijena organizaciona struktura kao ni sistem internih kontrola koji bi doprineli boljoj implementaciji samog ERM koncepta. SummaryThe paper analyzes the level of development regarding risk management, with a special focus on ERM (Enterprise Risk Management) implementation in the Serbian companies. The aim is to raise the awareness regarding the successful risk management implementation in the companies in Serbia, using the bank sector as the benchmark and the example of good practice. The research was conveyed in 2015 and it confirmed the general trend that the companies in Serbia were more inclined to use traditional methods regarding risk management, that the ownership structure influenced the level of ERM awareness in the companies and finally that the Serbian companies lacked the supporting organizational structures and adequate systems of internal controls which would contribute to the successful ERM implementation.Keywords: ERM concept, risk, banks, enterprises, business environment. JEL: D81, G31 UvodRazličiti globalni trendovi poslovanja, motivisani ostvarivanjem što većeg profita, su rezultirali potrebom za upravljanjem različitim rizicima poslovanja, bez obzira na industrijsku granu u kojoj kompanije posluju. Prepuštanje posla stručnim ljudima uticalo je na razvoj korporativnog upravljanja i razdvajanja funkcije vlasništva od funkcije upravljanja, što je dovelo do stvaranja funkcija koje direktno odgovaraju vlasnicima kapitala, kao što su upravljanje rizicima i interna revizija."Risk menadžment" ili upravljanje rizikom je, u širem smislu, umetnost donošenja odluka u nepredvidivom okruženju. Upravljanje rizikom podrazumeva optimizaciju troškova rukovođenja rizikom i treba da je utemeljeno u poslovnoj filozofiji, kulturi i klimi organizacije. Ta funkcija je centralni deo strateškog menadžmenta i korporativnog upravljanja bilo kog privrednog subjekta. (Vaughan E. i Vaughan T., 1995.) Fokus dobrog upravljanja rizikom je na identifikaciji i mitigaciji (regulisanje) rizika. Ciljevi upravljanja rizikom su: (1) da privredni subjekt može da preživi gubitke i posle toga ostvari rast odnosno maksimizira profit, (2) da efikasno posluje u rizičnom okruženju, i (3) da usklađuje poslovanje sa zakonskim propisima. Upravljanje rizikom je dinamičan, neprekidan i stalno razvijajući ...

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“…The audit committee member must also have the ability and knowledge of how to analyze a financial report. Zhang et al (2007), Hoitash et al (2009), andSharma et al (2009) state that the audit committee with only a few accounting and financial expertise with no finance and accounting background is related with a weaker internal control of the company.…”

Section: Audit Committeementioning

confidence: 99%

The Influence of Board of Commissioners and Audit Committee Effectiveness, Ownership Structure, Bank Monitoring, and Firm Life Cycle on Accounting Fraud

Kusumawati¹,

Hermawan²

2013

JAKI

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Financial statement fraud has cost market participants, including investors, employees, creditors, and pensioners. Capital market participants expect active and vigilant AbstrakKecurangan pelaporan keuangan menimbulkan kerugian bagi pelaku pasar, antara lain investor, pegawai, kreditur. Kecurangan ini juga merupakan ancaman yang serius bagi para pelaku pasar modal. Pelaku pasar modal mengharapkan laporan keuangan yang transparan, berkualitas, dan dapat dipercaya integritasnya. Penelitian ini bertujuan menguji pengaruh efektifitas peran dewan komisaris dan komite audit, struktur kepemilikan, peran monitoring bank, dan siklus hidup perusahaan terhadap probabilita terjadinya kecurangan pelaporan keuangan. Pengujian hipotesis dilakukan dengan menggunakan metode regresi logistik dengan menggunakan data sanksi yang dikenakan pada perusahaan yang melakukan kecurangan pelaporan keuangan, yang diperoleh dari Bapepam-LK dari tahun 2005 sampai dengan 2011. Hasil penelitian ini menunjukkan bahwa efektifitas peran komite audit dan struktur kepemilikan keluarga berpengaruh negatif terhadap probabilita terjadinya kecurangan pelaporan keuangan. Hal ini mengindikasikan efektifitas komite audit dan kepemilikan yang dikendalikan oleh keluarga dapat mengurangi probabilita terjadinya kecurangan pelaporan keuangan.Kata Kunci : fraud, corporate governance, efektifitas komite audit, struktur kepemilikan, pengawasan bank, siklus hidup perusahaan.

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Corporate Governance and Internal Control over Financial Reporting: A Comparison of Regulatory Regimes

Cited by 501 publications

References 29 publications

Board and auditor interlocks and voluntary disclosure in annual reports

Board and auditor interlocks and voluntary disclosure in annual reports

Implementation of the ERM concept in Serbia: Comparative analysis: Real sector and financial sector

The Influence of Board of Commissioners and Audit Committee Effectiveness, Ownership Structure, Bank Monitoring, and Firm Life Cycle on Accounting Fraud

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